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

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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: elora
Question 144

An engagement supervisor reviewed a staff internal auditor's documentation and noted that several edits should be made. The internal audit activity uses an electronic workpaper database and does not maintain paper files for its system of record. A system error prevents the engagement supervisor from adding her electronic signature to any workpaper in the database Given this situation which is the most appropriate response to provide evidence of supervisory review?

Options:

A.

The engagement supervisor should print sign and date each workpaper after the review is complete and scan the document into the database as evidence of review

B.

Because the engagement supervisor called the help desk to correct the IT problem, he should upload the support-request ticket from the help desk to serve as evidence of the review

C.

The engagement supervisor should ask another manager-level internal auditor not associated with the project to sign the workpaper on his behalf

D.

The engagement supervisor should instruct the staff internal auditor to add a note in the workpaper on his behalf indicating that the workpaper was reviewed and feedback was provided

Discussion
Question 145

During an audit of the accounts receivable (AR) process, an internal auditor noted that reconciliations are still not performed regularly by the AR staff, a recommendation that was made following a previous audit. Monitoring by the financial reporting function has failed to detect the shortcoming. Both the financial reporting function and AR report to the controller, who is responsible for implementing action plans. Which of the following supports the internal auditor's decision to combine both observations into one reported finding?

Options:

A.

The observation was made during the same audit, and the action plan has a common owner.

B.

The observation relates to the same control activity within a common process.

C.

The observation has a common control, and it was noted in a prior audit.

D.

The observation has a common process, and the action plan for the observation has a common owner.

Discussion
Question 146

An internal auditor e assessing the design of a control and has identified a potential significant weakness. The auditor shared his concern with management however management does not agree that the weakness is significant. What should the internet auditor do next?

Options:

A.

Perform additional audit work to better articulate the risk

B.

Report the finding that management has accepted a level of risk that is unacceptable.

C.

Proceed to testing how effectively the control is opening.

D.

Because the design weakness has been identified no additional audit work is needed

Discussion
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Question 147

Which of the following actions best describes an internal auditor's use of test data to determine whether an organization's new accounts payable system avoids processing questionable invoices for payment?

Options:

A.

Creating an automated tool that monitors the computer program on a daily basis for potential issues that need corrective actions.

B.

Using an automated system that assists internal auditors with automating the risk analysis of the computer program for invoicing

C.

Embedding tools in the computer program to analyze the review processes of invoices for potential issues that may hamper payments

D.

Adding invoices to the computer program to assess the reliability and effectiveness of the review process and whether controls work.

Discussion
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