New IIA-CIA-Part2 Test Materials & Valid IIA-CIA-Part2 Test Engine [Q16-Q31]

Rate this post

New IIA-CIA-Part2 Test Materials & Valid IIA-CIA-Part2 Test Engine

IIA-CIA-Part2 Updated Exam Dumps [2023] Practice Valid Exam Dumps Question

Q16. Which of the following information is most appropriate for the chief audit executive to share when coordinating audit plans with other internal and external assurance providers?

Objectives scope and timing at a high level to support coordination while adhering to confidentiality requirements

The area and timing of the audit engagement to ensure confidentially and avoid conflict of interest.

All plan information, including risk assessments, planned tests and past results to maximize the opportunity for coordination with internal and external providers.

No information should be shared with internal and external provider as it could introduce bias into the engagement results.

Q17. Which of the following statements is not true about the oversight and review of working papers by the chief audit executive (CAE)?

The CAE has ultimate responsibility for reviewing working papers and remains accountable for the achievement of objectives and the quality of work.

The need for CAE review depends on the proficiency and experience of the internal auditor and the complexity of the task.

The CAE is responsible for all significant professional judgments made during the audit process and should therefore personally review working papers to ensure conclusions were professionally arrived at.

The CAE, although having overall responsibility for reviewing work completed, can delegate such task to appropriately experienced internal audit staff.

Q18. Which of the following is least likely to help ensure that risk is considered in a work program?

Risks are discussed with audit client.

All available information from the risk-based plan is used.

Client efforts to affect risk management are considered.

Prior risk assessments are considered.

Q19. An organization has developed a large database that tracks employees, employee benefits, payroll deductions, job classifications, and other similar information. The internal auditor reviews the retirement benefits plan and determines that the pension and medical benefits have been changed several times in the past ten years. The auditor wishes to determine whether there is justification to perform further audit investigation. The most appropriate audit procedure would be to:

Review the trend of overall retirement expense over the last ten years. If the retirement expense increased, it would indicate the need for further investigation.

Use generalized audit software to select a monetary-unit sample of retirement pay, and determine whether each retired employee was paid correctly.

Review reasonableness of retirement pay and medical expenses on a per-person basis stratified by which plan was in effect when the employee retired.

Use generalized audit software to select an attributes sample of retirement pay, and perform detailed testing to determine whether each person chosen was given the proper benefits.

Q20. Which of the following is a red flag associated with improper asset valuation?

Unusual increase in gross margin.

Unusual decrease in the number of days’ purchases in inventory.

Recurring positive cash flows from operations.

Allowance for bad debts that is increasing in percentage terms.

Q21. After issuance of the engagement final communication for an audit of an organization’s accounts payable function, which of the following should be sent satisfaction surveys?
I. Manager of disbursements.
II. Controller.
III. Chief operating officer.
IV. Audit committee members.

I only

I and II only

II and III only

II, III, and IV only

Q22. The human resources (HR) department was last reviewed three years ago and is due for an assurance engagement after undergoing recent process changes. Which of the following would the most effective option identify the HR department’s risks and controls?

Meet with the chief operating officer 10 obtain Information about the MR department

Review the previous internal audit report and locus on key audit observations and action plans

Review the organization’s risk strategy and risk appetite framework

Discuss the department’s present strategies ‘and objectives with the head of the HR department

Q23. Which of the following computerized audit tools or techniques should be used if the internal auditor wants to extract specific files and records in the database?

An expert or decision support system

Generalized audit software

A system utility program

An integrated test facility

Q24. An organization decides to create an internal audit function and hires a new chief audit executive (CAE).
Which of the following should the CAE first consider when developing the internal audit process?

Requirements of the external auditors to ensure an efficient coordination of audit effort.

Sufficient resources to adequately meet the needs of the annual audit plan.

Alignment of internal audit objectives with the organization’s strategic plan.

An appropriate training plan for audit staff.

Q25. When interrogating an individual who is suspected of fraud, it is appropriate to:

Tell the individual that any information disclosed in the interrogation will not be disclosed outside of the company.

Start the interview with questions to which the interviewer already knows the answer.

Discontinue questioning once the individual has confessed to the fraud.

Prepare a list of questions prior to the interrogation and strictly adhere to the list.

Q26. Under what circumstances would internal audit not become involved when intentional misconduct is suspected?

Management is involved in wrongdoing.

Management is running a parallel investigation.

Management does not believe a trusted employee could be guilty.

Management does not maintain strong internal controls.

Q27. An internal auditor provided the following statement about division A’s performance during the month: “Because supplies of raw material X were scarce, division A’s profits declined by 15 percent.” Which of the following can be validly concluded from the auditor’s statement?
I . Division A’s production level declined by 15 percent.
II . Division A could have sold more products than it produced.
III . Division A usually sells all of the products that it produces.

I only

II only

III only

I and II only

Q28. Which of the following is correct with respect to roles within an enterprise-wide risk management process?
1. The board provides oversight to the risk management process.
2. Executive management owns the risk management framework.
3. Senior management is assigned ownership of risks.
4. Internal audit modifies the risk assessment determined by management.

1 and 2 only

3 and 4 only

1, 2, and 3 only

1, 2, 3, and 4

Q29. Which of the following is the primary purpose of financial statement audit engagements?

To assess the efficiency and effectiveness of the accounting department.

To evaluate organizational and departmental structures, including assessments of process flows related to financial matters.

To provide a review of routine financial reports, including analyses of selected accounts for compliance with generally accepted accounting principles.

To provide an analysis of business process controls in the accounting department, including tests of compliance with internal policies and procedures.

Q30. Which of the following factors is least essential to a successful control self-assessment workshop?

Voting technology.

Facilitation training.

Prior planning.

Group dynamics.

Q31. Which of the following best describes how an internal auditor would use a flowchart during engagement planning?

To prepare for testing the effectiveness of controls

To plan for evaluating potential losses

To prepare a sampling plan for the engagement

To evaluate the design of controls

IIA-CIA-Part2 Sample with Accurate & Updated Questions: https://www.pdf4test.com/IIA-CIA-Part2-dump-torrent.html

Free certification test prep

New IIA-CIA-Part2 Test Materials & Valid IIA-CIA-Part2 Test Engine [Q16-Q31]

Leave a Reply Cancel reply