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IIA Updated IIA-CIA-Part2 Exam Questions and Answers by seb

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IIA IIA-CIA-Part2 Exam Overview :

Exam Name: Practice of Internal Auditing
Exam Code: IIA-CIA-Part2 Dumps
Vendor: IIA Certification: CIA
Questions: 495 Q&A's Shared By: seb
Question 124

Management requested internal audit consulting services. During fieldwork significant control issues were identified by the internal audit team. Which of the following is an appropriate response from the chief audit executive?

Options:

A.

End the consulting engagement and report the results to management as planned

B.

Report the significant control issues to senior management and the board and recommend corrective action

C.

Mutually agree with the engagement client on corrective actions

D.

Focus on the consulting engagement and schedule an assurance engagement next to address the control issues

Discussion
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Question 125

When forming an opinion on the adequacy of management's systems of internal control, which of the following findings would provide the most reliable assurance to the chief audit executive?

• During an audit of the hiring process in a law firm, it was discovered that potential employees' credentials were not always confirmed sufficiently. This process remained unchanged at the following audit.

• During an audit of the accounts payable department, auditors calculated that two percent of accounts were paid past due. This condition persisted at a follow up audit.

• During an audit of the vehicle fleet of a rental agency, it was determined that at any given time, eight percent of the vehicles were not operational. During the next audit, this figure had increased.

• During an audit of the cash handling process in a casino, internal audit discovered control deficiencies in the transfer process between the slot machines and the cash counting area. It was corrected immediately.

Options:

A.

1 and 3 only

B.

1 and 4 only

C.

2 and 3 only

D.

2 and 4 only

Discussion
Question 126

According to IIA guidance, which of re following actions should the internal auditor take immediately after having considered fraud scenarios and identified and prioritized fraud risks?

Options:

A.

Determine which controls if any are in place to mitigate the fraud risks

B.

Follow protocol for internal reporting and investigating fraud allegations

C.

Research frauds that nave occurred t\ similar organizations

D.

Incorporate the fraud risk assessment into the engagement plan

Discussion
Question 127

The internal audit activity has requested that new vendor information be summarized once per week in a single report, and that all invoices each week for these vendors be automatically flagged in the invoice processing system. Which of the following computerized audit techniques is the internal audit activity most likely applying?

Options:

A.

Enabling continuous auditing.

B.

Employing generalized audit software.

C.

Facilitating electronic workpapers.

D.

Using machine learning.

Discussion
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