New 2022 Realistic Free IIA IIA-CIA-Part2 Exam Dump Questions & Answer [Q214-Q232]

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New 2022 Realistic Free IIA IIA-CIA-Part2 Exam Dump Questions and Answer

IIA-CIA-Part2 Practice Test Engine: Try These 600 Exam Questions

IIA IIA-CIA-Part2 Exam Syllabus Topics:

Topic	Details
Topic 1	Describe coordination of internal audit efforts with the external auditor, regulatory oversight bodies Determine engagement objectives, evaluation criteria, and the scope of the engagement
Topic 2	Identify significant risk exposures and control and governance issues Interpret the types of consulting engagements
Topic 3	Prepare workpapers and documentation of relevant information to support conclusions and engagement results Determine the level of staff and resources needed for the engagement
Topic 4	Determine engagement procedures and prepare the engagement work program Establishing a Risk-based Internal Audit Plan
Topic 5	Complete a detailed risk assessment of each audit area, including evaluating and prioritizing risk and control factors Plan the engagement to assure identification of key risks and controls Proficient
Topic 6	Identify a risk management framework to assess risks and prioritize audit engagements based on the results of a risk assessment Communicating and Reporting to Senior Management and the Board
Topic 7	Interpret administrative activities Use computerized audit tools and techniques Recognize that the chief audit executive communicates the annual audit plan to senior management
Topic 8	Identify sources of potential engagements Describe policies and procedures for the planning, organizing, directing

NO.214 According to the Standards, which of the following would have the least direct interest in the draft report of a compliance review of the purchasing function?

Purchasing staff.

Purchasing manager.

Director of finance.

Audit committee.

NO.215 When creating the internal audit plan, the chief audit executive should prioritize engagements based primarily on which of the following?

The last available risk assessment.

Requests from senior management and the board.

The longest interval since the last examination of each audit universe item.

The auditable areas required by regulatory agencies.

NO.216 A bank uses a risk analysis matrix to quantify the relative risk of auditable entities. The analysis involves rating auditable entities on risk factors using a scale of 1 to 10, with 10 representing the greatest risk. A partial list of risk factors and the ratings given to three of the bank’s departments is provided below:

Which of the following statements regarding risk in the department is true?

As compared to departments A and C, department B has a stronger control system to compensate for the greater complexity of the department’s transactions and dollar value of its assets.

The internal audit activity should schedule audits of department B more often than audits of department C because of the relative control strength of department C as compared to department B.

The nature of department A’s control structure may be justified by the nature of the department’s assets and the complexity of its transactions.

The relative ranking of the departments in order of their risk, from greatest to least risk, is: A; C; B.

NO.217 When conducting audit follow-up of a finding related to cash management routines, an internal auditor would expect to find that all of the following changes have occurred except:

The steps being taken are resolving the condition disclosed by the finding.

Inherent risk has been eliminated as a result of resolution of the condition.

Controls have been implemented to deter or detect a recurrence of the finding.

Benefits have accrued to the entity as a result of resolving the condition.

NO.218 According to the International Professional Practices Framework, the internal audit activity’s decision to defer follow-up of recommendations and management’s corrective actions until the next scheduled engagement for the area is justified when:

The reported findings or recommendations are significant enough to require immediate action by management.

The action taken by management to address the recommendation is sufficient when weighed against the importance of the finding.

Management has adequately understood and appropriately accepted the risk of not taking action to implement the recommendation.

The significance of the finding or recommendation will allow auditors to perform monitoring by receiving periodic updates from management on corrective actions taken.

NO.219 During an information security audit, an auditor discovers that the current disaster recovery plan was developed three years ago but never tested. There have been significant changes to information systems since the plan was developed. The auditor should:

Ask management to test the recovery plan immediately.

Recommend that management and users update and test the recovery plan.

Update the recovery plan for management as part of the review.

Review the recovery plan and report weaknesses to management.

NO.220 During which of the following systems development stages would it be most useful for an internal auditor to be involved?

Coding and testing.

User acceptance and post-implementation.

Design and implementation.

Testing and user acceptance.

NO.221 Productivity statistics are provided quarterly to a company’s board of directors. An auditor checked the ratios and other statistics in the four most recent reports. The auditor used scratch paper and copies of the board reports to verify the accuracy of computations and compared the data used in the computations with supporting documents. The auditor wrote a note describing this work for the workpapers and then discarded the scratch paper and report copies. The auditor’s note stated.
“The ratios and other statistics in the quarterly board reports were checked for the last four quarters, and appropriate supporting documents were examined. All amounts appear to be appropriate.” In this situation:

Four quarters is not a large enough sample on which to base a conclusion.

The auditor’s workpapers are not sufficient to facilitate an efficient review of the auditor’s work.

The auditor should have included the scratch paper in the workpapers.

The auditor should have considered whether the information in the board report was compiled efficiently.

NO.222 The chief audit executive (CAE) of an organization has established an internal audit activity (IAA) quality assessment program. According to IIA guidance, which of the following would be part of this program?

Assessment of the IAA conducted independently of client feedback, and the review of individual audits to determine the quality and timeliness of supervision.

Assessment of the IAA conducted independently of client feedback, and identified areas of improvement reviewed at the end of the year.

Compliance with a checklist of required audit procedures, and review of individual audits to determine the quality and timeliness of supervision.

Compliance with a checklist of required audit procedures, and identified areas of improvement reviewed at the end of the year.

NO.223 Which of the following conclusions would be appropriate for a beginning auditor performing an audit of a payroll department?

Employee taxes have been deducted at the correct rates, and the taxes have been forwarded to the appropriate government agency.

Although there is insufficient segregation of duties, the impact is mitigated by compensating controls.

The payroll computer system should be replaced.

The payroll department staff has the appropriate level of skills.

NO.224 According to IIA guidance, which of the following are potential benefits of using an assurance map?

Indication of any gaps in assurance coverage, and improved relevance of assurance recommendations.

Identification of duplicate or overlapping assurance activities, and improved relevance of assurance recommendations.

Indication of gaps in assurance coverage, and enhanced effectiveness of assurance providers.

Enhanced effectiveness of assurance providers, and improved relevance of assurance recommendations.

NO.225 An internal auditor has been assigned to facilitate a risk and control self-assessment for the finance group.
Which of the following is the most appropriate role that she should assume when facilitating the workshop?

Express an opinion on the participants’ inputs and conclusions as the assessment progresses.

Provide appropriate techniques and guidelines on how the exercise should be undertaken.

Evaluate and report on all issues that may be uncovered during the exercise.

Screen and vet participants so that the most appropriate candidates are selected to participate in the exercise.

NO.226 Which of the following would provide the best audit evidence regarding the effectiveness of an applied research department?

Develop a cost-per-product analysis for products developed over the past five years.

Develop a report on revenue generated by or cost savings directly attributable to newly developed products.

Compare research as a percentage of revenue between this company and all major competitors in the same industry.

Compare the number of this year’s new product developments to the number of new product developments for the past five years.

NO.227 Productivity statistics are provided quarterly to a company’s board of directors. An auditor checked the ratios and other statistics in the four most recent reports. The auditor used scratch paper and copies of the board reports to verify the accuracy of computations and compared the data used in the computations with supporting documents. The auditor wrote a note describing this work for the workpapers and then discarded the scratch paper and report copies. The auditor’s note stated.
“The ratios and other statistics in the quarterly board reports were checked for the last four quarters, and appropriate supporting documents were examined. All amounts appear to be appropriate.” In this situation:

Four quarters is not a large enough sample on which to base a conclusion.

The auditor’s workpapers are not sufficient to facilitate an efficient review of the auditor’s work.

The auditor should have included the scratch paper in the workpapers.

The auditor should have considered whether the information in the board report was compiled efficiently.

NO.228 The chief executive officer has requested that the chief audit executive (CAE) coordinate the establishment of an enterprise risk management (ERM) program for the organization. Which of the following would be the most appropriate action for the CAE?

Accept the request as the role of coordinating ERM is a core function of internal audit.

Decline the request as this role compromises the CAE’s objectivity.

Accept the request after consulting with the board and adhering to proper safeguards.

Decline the request as internal audit has limited knowledge and experience of risk at the enterprise level to undertake the assignment.

NO.229 Which of the following statements is true regarding the communication of audit engagement observations?

Criteria, condition, cause, and effect must be communicated for material observations only

Criteria, condition, cause, and effect must be communicated for material observations and significant deficiencies only

Criteria, condition, cause, and effect must be communicated for all engagement observations.

Criteria, condition, cause, and effect do not need to be communicated for insignificant observations with adequate compensating key controls.

NO.230 Which of the following would be a legitimate action for the internal auditor to take when monitoring audit engagement results?
Disregard a certain risk because management and the board accepted the risk in the past.
Abdicate the responsibility for a particular risk because it is not part of the audit plan.
Obtain agreement from senior management that unresolved audit issues will be reported to the board.Request corrective action from management in writing.

1 and 3 only.

2 and 3 only.

3 and 4 only.

1, 2, and 4 only.

NO.231 Which of the following recommendations made by the internal audit activity (IAA) is most likely to help prevent fraud?

A review of password policy compliance found that employees frequently use the same password more than once during a year. The IAA recommends that the access control software reject any password used more than once during a 12-month period.

A review of internal service-level agreement compliance in financial services found that requests for information frequently are fulfilled up to two weeks late. The IAA recommends that the financial services unit be eliminated for its ineffectiveness.

A vacation policy compliance review found that employees frequently leave on vacation before their leave applications are signed by their manager. The IAA recommends that the manager attend to the leave applications in a more timely fashion.

A review of customer service-level agreements found that orders to several customers are frequently delivered late. The IAA recommends that the organization extend the expected delivery time advertised on its website.

NO.232 Which of the following is not true regarding the management of internal audit resources?

A minimum level of information technology knowledge is necessary.

The adequacy of internal audit resources is ultimately a board responsibility.

Resources include external service providers and computer-assisted audit techniques.

Skills availability must be aligned with financial constraints.

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New 2022 Realistic Free IIA IIA-CIA-Part2 Exam Dump Questions & Answer [Q214-Q232]

IIA IIA-CIA-Part2 Exam Syllabus Topics:

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