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

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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: anabia
Question 88

An organization has a health and safety division that conducts audits to meet regulatory requirements. The chief health and safety officer reports directly to the CEO. Which of the following describes an appropriate role for the chief audit executive (CAE) with regard to the organization's health and safety program?

Options:

A.

The CAE has no role to play, because the chief health and safety officer reports to a senior executive.

B.

The CAE should coordinate with, and review the work of, the chief health and safety officer to gain an understanding of whether risks related to health and safety are managed properly.

C.

The CAE should give periodic reports directly to the regulator regarding health and safety issues, as it is the appropriate regulatory oversight body.

D.

The CAE should hire an independent external specialist to conduct an annual assessment and provide assurance over the effectiveness of the health and safety program and the reliability of its reports.

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Question 89

Which statistical sampling approach would an internal auditor typically utilize if she wishes to test for fraud and the expected deviation rate is very low?

Options:

A.

Stratified sampling

B.

Attribute sampling

C.

Discovery sampling

D.

Haphazard sampling

Discussion
Question 90

An internal auditor recommended that an organization implement computerized controls in its sales system in order to prevent sales representatives from executing contracts in excess of their delegated authority levels A follow-up review found that the sales system had not been modified, but a process had been implemented to obtain written approval by the vice president of sales for all contracts in excess of S1 million The chief audit executive (CAE) would be justified in reporting this situation to the organization's board under which of the tollowing circumstances'?

1. In the opinion of the CAE the level of residual risk assumed by senior management is too high

2. Testing of compliance with the new process finds that all new contracts in excess of $1 million have been approved by the vice president of sales

3. The cost of modifying the sales system to include a preventive control is less than S100.000

Options:

A.

1 only

B.

3 only

C.

1 and 3 only

D.

1, 2, and3

Discussion
Question 91

An organization s inventory is stored m multiple warehouses. During an inventory audit which of the following activities would most benefit from the use of computerized audit tools?

Options:

A.

Verifying the existence of inventory items in each warehouse

B.

Assigning the tolerable deviation rate to determine the sample size

C.

Valuating the obsolete Inventory from all the warehouse locations

D.

Confirming that the purchased items are recorded In the correct period

Discussion
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