Iia passguarantee cia Iia-cia-part2 Updated Exam by Clay q324 vce pdf

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Exam Name:	Internal Audit Engagement
Exam Code:	IIA-CIA-Part2 Dumps
Vendor:	IIA	Certification:	CIA
Questions:	747 Q&A's	Shared By:	clay

Question 80

An internal auditor determines that certain information from the engagement results is not appropriate for disclosure to all report recipients because it is privileged. In this situation, which of the following actions would be most appropriate?

Options:

Disclose the information in a separate report.

Distribute the information in a confidential report to the board only

Distribute the reports through the use of blind copies.

Exclude the results from the report and verbally report the conditions to senior management and the board.

Discussion

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Question 81

It is close to the fiscal year end for a government agency, and the chief audit executive (CAE) has the following items to submit to either the board or the chief executive officer (CEO) for approval. According to IIA guidance, which of the following items should be submitted only to the CEO?

Options:

The internal audit risk assessment and audit plan for the next fiscal year.

The internal audit budget and resource plan for the coming fiscal year.

A request for an increase of the CAE's salary for the next fiscal year.

The evaluation and compensation of the internal audit team.

Discussion

Question 82

Which of The following best describes a risk that is deemed "unacceptable" to the organization?

Options:

A risk where likelihood and impact are high

A risk where inherent risk exceeds its residual risk

A risk where inherent risk exceeds the tolerance level

A risk where residual risk exceeds the tolerance level

Discussion

Question 83

An organization buys crude oil on the open market and refines it into a high-quality gasoline. The price of crude oil is extremely volatile. Which of the following is the most appropriate risk management technique to protect the organization against these price fluctuations?

Options:

Enter into long-term gasoline purchase agreements with end customers.

Trade crude oil derivatives at financial markets in order to benefit from price fluctuations

Purchase crude oil-related derivatives such as futures or options

Stock as much raw materials as possible and consider Investing into additional facilities