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

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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: roux
Question 136

Which of the following statements about internal audit's follow-up process is true?

Options:

A.

The nature, timing, and extent of follow-up for assurance engagements is standardized to ensure quality performance.

B.

The actions of external auditors and other external assurance providers is not encompassed by internal audit's follow-up process.

C.

Internal auditors have responsibility for determining if management and the board have implemented the recommended action or otherwise accepted the risk.

D.

The follow-up process must be complete and documented in the working papers in order to conclude the engagement.

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Question 137

According to the Standards, which of the following is true regarding the auditor's inclusion of management's satisfactory performance in the final audit report?

Options:

A.

Acknowledgement of satisfactory performance is encouraged but not required.

B.

There are no standards to address the inclusion of satisfactory performance.

C.

Satisfactory performance should only be acknowledged with the advice of corporate counsel.

D.

Auditors must include satisfactory performance with the approval of the board.

Discussion
Question 138

A chief audit executive (CAE) reviews the supervision of an internal audit engagement Which of the following would most likely assure the CAE that the engagement had adequate supervision?

Options:

A.

The engagement supervisor has an open door pokey for audit team members to discuss concerns

B.

The supervisor reviews weekly progress reports from the audit team members

C.

The supervisor reviews and initials internal audit workpapers for the engagement

D.

The supervisor meets periodically with management in the reviewed area to get feedback during the engagement.

Discussion
Question 139

An internal auditor completed a review of expenses related to the launch of a new project. The auditor sampled 45 transactions approved by a senior project manager and identified 30 with questionable vendor documentation. Which of the following is the most appropriate conclusion for the auditor to include in the audit report?

Options:

A.

The organization incurred excessive cost overruns that resulted in significant financial and legal risk to the project.

B.

The organization experienced a potential conflict of interest

C.

The organization had weaknesses in its review process which allowed questionable transactions with some vendors

D.

The organization allowed the project to launch without assurance that all transactions were regularly approved

Discussion
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