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

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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: georgiana
Question 120

Which of the following is a primary reason for an internal auditor to use a risk and control questionnaire when auditing financial processes?

Options:

A.

To gain an understanding of the control environment

B.

To collect as much financial data as possible before engagement fieldwork begins.

C.

To test the effectiveness of financial controls in an efficient and relatively inexpensive way

D.

To facilitate the quantification of financial data obtained

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Question 121

An audit observation states the following:

"Despite the rules of the organization there is no approved credit risk management policy in the subsidiary. The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor credit history"

Which of the following components are missing in the observation?

Options:

A.

Cause and effect.

B.

Effect and criteria

C.

Condition and cause

D.

Criteria and condition.

Discussion
Question 122

Which of the following statements is true regarding engagement planning?

Options:

A.

The engagement objectives are the boundaries for the engagement, which outline what will be included in the review

B.

The risk-based objectives of the engagement can be determined once the scope of the engagement has been formed

C.

For a consulting engagement, planning typically occurs after the engagement objectives and scope have already been determined

D.

For an assurance engagement, once the scope is established and testing has begun, the scope cannot be modified.

Discussion
Question 123

Which of the following is critical to the success of an effective interview?

Options:

A.

Present audit evidence and information to support the internal auditor’s line of questioning.

B.

Establish credibility, trust, and rapport.

C.

Develop flowcharts and review them with the interviewee.

D.

Observe the process and discuss it with the interviewee.

Discussion
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