Improve Your Knowledge with IIA-CIA-Part2 Exam Dumps

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March 18, 2023

Practicing with IIA-CIA-Part2 questions can help you identify areas where you need to improve your knowledge. By answering IIA-CIA-Part2 questions and reviewing your responses, you can identify gaps in your understanding and focus your study efforts on those areas. The IIA-CIA-Part2 exam has a strict time limit, and you need to manage your time effectively to answer all the questions. Practicing with IIA IIA-CIA-Part2 dumps questions can help you develop time management skills by simulating the exam's time constraints. You'll learn how to pace yourself, manage your time effectively, and ensure that you complete the IIA-CIA-Part2 exam within the allotted time. Test IIA IIA-CIA-Part2 exam free dumps below.

Page 1 of 4

1. Which of the following situations would justify the removal of a finding from the final audit report?

Management disagrees with the report findings and conclusions in their responses.

Management has already satisfactorily completed the recommended corrective action.

Management has provided additional information that contradicts the findings.

Management believes that the finding is insignificant and unfairly included in the report.

2. Communicate to senior management a summary report on the status and adequacy of audit resources.

1 and 3 only

2 and 4 only

1, 2, and 4

2, 3, and 4

3. A chief audit executive (CAE) is trying to balance the internal audit activity's needs for technical audit skills budget efficiency and staff development opportunities.

Which of the following would best assist the CAE in achieving this balance1?

Strategic sourcing

Loan staff arrangement

Flat organizational structure

Hierarchical organizational structure

4. Which of the following statements concerning workpapers is the most accurate?

The organization and the format of workpapers is the same for all engagements

The extent of what is included in workpapers is a matter of professional judgment

Workpapers should be complete so that every conceivable question that can be raised should be answered

Copies of operational managements records should not be included, but referenced so that they can be located

5. 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?

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

6. Which of the following statements about assurance maps is correct?

An assurance map is used by the chief audit executive to coordinate assurance activities with other internal and external assurance providers

An assurance map is a picture of all assurance engagements performed by the internal audit activity across the organization

An assurance map is used by the engagement supervisor to coordinate the roles of various internal audit team members assigned to assurance engagements

An assurance map lists the procedures and testing activities performed by an internal audit team during an assurance engagement

7. Is the documentation easily accessible to an persons who need in to perform their job?

Which of the following is a drawback of testing methods like this?

They ore kitted as they do not allow the auditor to test many controls.

They do not highlight control gaps

They are not useful for identifying areas on which the auditor should locus.

They are limited as there is a risk that management may not answer fairly.

8. An organization s inventory is stored m multiple warehouses. During an inventory audit which of the following activities would most benefit from the use of computerized audit tools?

Verifying the existence of inventory items in each warehouse

Assigning the tolerable deviation rate to determine the sample size

Valuating the obsolete Inventory from all the warehouse locations

Confirming that the purchased items are recorded In the correct period

9. The final internal audit report should be distributed to which of the following individuals?

Audit client management only

Executive management only

Audit client management, executive management, and others approved by the chief audit executive.

Audit client management, executive management, and any those who request a copy.

10. 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?

Effectiveness

Response

Efficiency

Mitigation.

Page 2 of 4

11. A corporate merger decision prompts the cruel audit executive (CAE) to propose interim changes lo the existing annual audit plan to account for emerging risks.

When of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan?

Present the revised audit plan directly to the board for approval

Communicate with the chief financial officer and present the revised audit plan to the CEO for approval

Present the revised audit plan directly to the CEO for approval

Communicate with the CCO and present the revised audit plan to the board for approval

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

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

13. An internal auditor submitted a report containing recommendations for management to enhance internal controls related to investments.

To follow up, which of the following is the most appropriate action for the internal auditor to take?

Observe corrective measures.

Seek a management assurance declaration.

Follow up during the next scheduled audit.

Conduct appropriate testing to verify management responses.

14. 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.

15. Which of the following is the best option for the chief audit executive to consider for effective coordination of assurance coverage?

Create an assurance map to illustrate each provider's level of assurance and planned activities for each area of the organization

LIMIT© ricks inventory to identify the risks and controls in place and the relevant control owners.

Rely on the risk and control and management testing information maintained for compliance with the regulatory framework

Prepare a risk likelihood and impact heal map to prioritize assurance coverage coordination.

16. Which of the following would most likely cause an internal auditor to consider adding fraud work steps to the audit program?

Improper segregation of duties.

Incentives and bonus programs.

An employee's reported concerns.

Lack of an ethics policy.

17. Determine how the information is stored.

1 and 3 only

2 and 4 only

1, 3, and 4 only

1, 2, 3, and 4

18. What is the primary objective of an engagement supervisor's review of key activities performed during the engagement?

To ensure that the engagement is completed on time and within budget

To ensure that all work performed meets acceptable quality standards

To ensure that management has provided suitable responses to all observations

To ensure that management is satisfied with the progress of the engagement

19. When me internal audit activity does not have sufficient time to complete its usual root cause analysis which c4 the following is most appropriate?

The chief audit executive may recommend that management conduct further work to identify the root cause and address the issue

Internal auditors should finish the engagement without conducting the root cause analysis and draft the audit report, though the report would not be considered complete until the analysis is concluded

internal auditors must adjust their future engagement schedule to ensure that the root cause analysis is always performed before the engagement is concluded

Internal auditors should Instead perform a Pareto rule analysis

20. The amount of fuel purchased.

1 and 2

1 and 4

2 and 3

3 and 4

Page 3 of 4

21. A toy manufacturer receives certain components from an overseas supplier and uses them to assemble final products Recently quality reviews have identified numerous issues regarding the components' compliance with mandatory quality standards.

Which type of engagement would be most appropriate to assess the root causes of the quality issues?

A risk assessment

An operational audit

A third-party audit

A fraud investigation

22. According to IIA guidance which of the following statements is true regarding heat maps?

A heat map sets likelihood to have higher priority than impact.

A heat map sets impact to have higher priority than likelihood.

A heat map recognizes that the priority of impact and likelihood can vary.

A heat map recognizes impact and likelihood as equally important

23. As a result of server managements assumption of risk there is residual risk that exceeds me organisation's risk appetite.

Which of the following actions would be most appropriate for the chief audit executive to take?

ignore the responsibility of addressing the residual risk

Assume the responsibility of addressing the residual risk

Ensure senior management acknowledges residual risk

Communicate with the board the issue of residual risk

24. 'Internal policy prohibits employees from entering into contacts with financial obligations without proper approval.

A project manager signed a change to an important service agreement without obtaining the proper approval As a result the organization is receiving $5,000 per month less for its services.’’

Which of the following should be added to the observation?

The reason for not following the internal policy

A description of what constitutes proper approval

The annual impact of the changed agreement on cash flows

Details regarding when the change to the agreement was signed

25. The board of directors expressed concerns about potential external risks that could impact the organization s ability to meet its annual objectives and goals The board requested consulting services from the internal audit activity to gain insight regarding the external risks.

Which of the following engagement objectives would be appropriate to fulfill this request?

Assess the organization's ability to minimize potential external risks

Assess the organization's process of vetting vendors that provide necessary services to the organization

Assess the organization's risk impacts from the markets in which it operates

Assess the organization's controls implemented that would help minimize risks

26. The IAA frequently is involved in various project teams and task forces in an advisory capacity.

1 and 2

1 and 3

2 and 4

3 and 4

27. According to IIA guidance which of the following statements is true regarding the annual audit plan?

The annual audit plan should only be adjusted in response to problems with resourcing, scope, and data availability.

The chief audit executive (CAE) may incorporate risk information, including risk appetite levels from management for the audit plan at her discretion.

In an immature risk management environment it is preferable for the CAE to rely solely on her judgment regarding risk identification and assessment to develop the audit plan.

The CAE may make adjustments to the annual audit plan as needed without senior management or board approval.

28. An organization's finance manager plans to implement a state-of-the-art management system to better manage the organization's receivables. The finance manager consulted the chief audit executive (CAE) and asked for her assistance in determining whether the organization is able to accommodate this system.

How would the CAE proceed to determine the objectives of this engagement?

Ask the CEO to determine the scope and objectives of the engagement

Request that the board disclose its concerns over governance for inclusion in the engagement

Discuss the concerns with the finance manager and work together to agree on the engagement objectives

Review previous audit reports from the area and develop engagement objectives to address the area's key risks and controls

29. An internal auditor completed a review of expenses related to the launch of a new project. The auditor sampled 45 transactions approved by a senior project manager and identified 30 with questionable vendor documentation.

Which of the following is the most appropriate conclusion for the auditor to include in the audit report?

The organization incurred excessive cost overruns that resulted in significant financial and legal risk to the project.

The organization experienced a potential conflict of interest

The organization had weaknesses in its review process which allowed questionable transactions with some vendors

The organization allowed the project to launch without assurance that all transactions were regularly approved

30. The internal audit manager has been delegated the task of preparing the annual internal audit plan for the forthcoming fiscal year All engagements should be appropriately categorized and presented to the chief audit executive for review.

Which of the following would most likely be classified as a consulting engagement?

Evaluating procurement department process effectiveness

Helping in the design of the risk management program

Assessing financial reporting control adequacy

Reviewing environmental, social, and governance reporting compliance

Page 4 of 4

31. An internal auditor is preparing for an auditor of newly implemented software that is used by 3,000 employees in South America and Europe.

What would be the best way for the auditor to gather relevant feedback?

interview IT management in both regions

Inspect regional user software training records

Interview propel management and the vendor responsible for implementation

Distribute surveys to software users in both regions

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