IIA-CIA-PART2 VALID EXAM ONLINE & IIA-CIA-PART2 TEST PAPERS

IIA-CIA-Part2 Valid Exam Online & IIA-CIA-Part2 Test Papers

IIA-CIA-Part2 Valid Exam Online & IIA-CIA-Part2 Test Papers

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Tags: IIA-CIA-Part2 Valid Exam Online, IIA-CIA-Part2 Test Papers, IIA-CIA-Part2 Real Exam Questions, IIA-CIA-Part2 Exam Preview, Questions IIA-CIA-Part2 Exam

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IIA-CIA-Part2 (Practice of Internal Auditing) certification exam is a globally recognized certification offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part2 Exam is designed to test the candidate's knowledge and skills in the practice of internal auditing, with a focus on the core principles and techniques used by internal auditors worldwide. The IIA-CIA-Part2 certification is highly valued in the industry, as it demonstrates that the holder has a deep understanding of the internal audit process and is capable of providing valuable insights and recommendations to organizations.

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IIA-CIA-Part2 exam is a part of the Certified Internal Auditor (CIA) program and is aimed at individuals who have completed the IIA-CIA-Part1 exam. IIA-CIA-Part2 exam consists of 100 multiple-choice questions and is conducted in a computer-based format. IIA-CIA-Part2 Exam is divided into four sections, namely Managing the Internal Audit Activity, Planning the Engagement, Performing the Engagement, and Communicating Engagement Results.

IIA Practice of Internal Auditing Sample Questions (Q383-Q388):

NEW QUESTION # 383
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?

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

Answer: A


NEW QUESTION # 384
While reviewing the workpapers and draft report from an audit engagement, the chief audit executive (CAE) found that an important compensating control had not been considered adequately by the audit team when it reported a major control weakness. Therefore, the CAE returned the documentation to the auditor in charge for correction. Based on this information, which of the following sections of the workpapers most likely would require changes?
Effect of the control weakness.
Cause of the control weakness.
Conclusion on the control weakness.
Recommendation for the control weakness.

  • A. 1, 2, and 4.
  • B. 2, 3, and 4.
  • C. 1, 2, and 3.
  • D. 1, 3, and 4.

Answer: D

Explanation:
The sections of the workpapers most likely to require changes after considering an important compensating control would include the effect of the control weakness, the conclusion on the control weakness, and the recommendation for the control weakness. The effect might be mitigated by the compensating control, leading to a different conclusion and potentially altering the recommendation.
IIA Reference:
IIA Standard 2310: Identifying Information requires that sufficient, reliable, relevant, and useful information must be obtained to support the engagement results. If a compensating control was not adequately considered, the conclusion and recommendations related to the control weakness might need to be revised to reflect a more accurate assessment.
The Practice Guide on Evaluating Internal Controls suggests that all relevant controls, including compensating controls, should be considered when forming conclusions and making recommendations.


NEW QUESTION # 385
In which of the following cases is it appropriate for an audit report to not contain management's response either within the report or as an attachment?

  • A. There was insufficient time to obtain management's response during the draft reporting process.
  • B. An internal audit report contains no observations.
  • C. Internal controls were found to be properly designed and operating effectively although operations are deemed inefficient.
  • D. Management's response to an audit report is generally not a requirement.

Answer: B


NEW QUESTION # 386
An internal auditor uses a data query tool in the purchasing process to review the vendor master file for authorizations Which of the following describes the control objective likely being tested?

  • A. Response
  • B. Effectiveness
  • C. Mitigation.
  • D. Efficiency

Answer: B

Explanation:
In internal auditing, reviewing the vendor master file for authorizations is a test to ensure that only authorized vendors are in the system, which directly relates to the effectiveness of control measures in place. This means verifying that the controls are effective in preventing unauthorized or fraudulent vendors from being added, thereby safeguarding the organization against potential risks such as fraud, unauthorized transactions, or compliance violations.References:
* Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2120 - Risk Management.


NEW QUESTION # 387
Which of the following would be a red flag that indicates the possibility of inventory fraud?
I.The controller has assumed responsibility for approving all payments to certain vendors.
II.
The controller has continuously delayed installation of a new accounts payable system, despite a corporate directive to implement it.
III.
Sales commissions are not consistent with the organization's increased levels of sales.
IV.
Payments to certain vendors are supported by copies of receiving memos, rather than originals.

  • A. I, II, and IV only.
  • B. I, III, and IV only.
  • C. II and III only.
  • D. I and II only.

Answer: A


NEW QUESTION # 388
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