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To be eligible to take the IIA-CIA-Part2 exam, candidates must have a minimum of two years of experience in internal auditing or a related field. They must also have completed the IIA-CIA-Part1 (Essentials of Internal Auditing) exam. Candidates who pass the IIA-CIA-Part2 exam and meet the other requirements for certification will earn the CIA designation, which is recognized globally as a mark of excellence in the field of internal auditing.
NEW QUESTION # 191
An internal auditor accessed accounts payable records and extracted data related to fuel purchased tor the organization's vehicles As a first step, she sorted the data by vehicle and used spreadsheet functions to identify all instances of refueling on the same or sequential dates She then performed other tests Based on the auditor's actions which of the following is most likely the objective of this engagement1?
- A. To estimate future fuel costs for the organization's fleet of vehicles
- B. To determine trends in average fuel consumption by vehicle
- C. To determine whether the organization is paying more than the industry average for fuel
- D. To identify whether fuel was purchased for work-related purposes
Answer: B
NEW QUESTION # 192
A report prepared by the internal audit activity contains several observations that disclose proprietary information regarding the organization's manufacturing process. According to the International Professional Practices Framework, which of the following is the appropriate treatment for this report?
- A. Disclose and distribute this information in a separate report.
- B. Require a separate non-disclosure statement from each recipient.
- C. Remove the observations and report verbally to senior management.
- D. Distribute the report only to the board to protect disclosure.
Answer: A
Explanation:
Section: Volume D
Explanation
NEW QUESTION # 193
A payroll clerk enters payroll transactions into the general ledger. The staff accountant reconciles the payroll ledgers. The payroll manager issues the manual payroll checks. The checks are maintained in a locked cabinet. The chief financial officer secures the keys to the cabinet. The payroll clerk distributes the manual checks.
The payroll manager reconciles the bank statements monthly. Which of the following audit steps best addresses the risk of fraud in the payroll process?
- A. Determine whether the cabinet keys are secured properly.
- B. Determine whether an approved list of voided checks exists.
- C. Vouch a sample of items on bank reconciliations to supporting documentation.
- D. Examine whether the payroll manager approves the reconciliations of ledgers.
Answer: C
NEW QUESTION # 194
Which of the following procedures would be most helpful in providing additional evidence when an auditor suspects that an unidentified employee is submitting and approving invoices for payment?
- A. Use generalized audit software to identify invoices from vendors with post office box numbers or other unusual features. Select a sample of those invoices and trace to supporting documents such as receiving reports.
- B. Select a sample of invoices paid during the past month and trace them to appropriate vendor accounts.
- C. Select a sample of receiving reports representative of the period under investigation and trace to approved payment. Note any items not properly processed.
- D. Select a sample of payments made during the year and investigate each one for approval.
Answer: A
Explanation:
Section: Volume A
NEW QUESTION # 195
The most effective method of reporting engagement results to management and stimulating action is to:
- A. Use slides to support a discussion of major points.
- B. Deliver a lecture on the engagement results.
- C. Limit verbal commentary and present a series of slides that graphically depict the engagement results.
- D. Distribute copies of the report, ask the participants to read the report, and ask for questions.
Answer: A
Explanation:
Section: Volume B
NEW QUESTION # 196
In a payroll audit, a staff auditor suspects that signatures on some of the documents being sampled for examination are not authentic. What action should the auditor take before proceeding with the examination?
- A. Keep the suspicious documents in the workpaper file until the end of the engagement, and then discuss the suspicions with the payroll manager.
- B. Review the suspicious documents with the chief audit executive and seek advice concerning further examination.
- C. Suggest to the payroll manager that the suspicious documents should be sent to the organization's security department for forensic review.
- D. Discuss the suspicious documents with payroll staff to seek their views on the authenticity of the signatures.
Answer: B
NEW QUESTION # 197
Which of the following factors is least essential to a successful control self-assessment workshop?
- A. Prior planning.
- B. Voting technology.
- C. Group dynamics.
- D. Facilitation training.
Answer: B
NEW QUESTION # 198
Which of the following audit techniques provides for continuous monitoring and analysis of computer transactions for detailed auditing?
- A. Test data.
- B. Integrated test facility.
- C. Embedded audit routines.
- D. Parallel simulation.
Answer: C
Explanation:
Section: Volume A
NEW QUESTION # 199
Which characteristic of risk assessment makes it a useful tool for audit planning?
- A. It evaluates the probability that an event or action may adversely affect the organization.
- B. It provides a process for identifying and analyzing potentially adverse effects.
- C. It ranks the severity of potentially adverse effects on the organization.
- D. It provides a list of auditable activities in the organization.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION # 200
Which of the following would not be characteristic of control self-assessment implemented by an audit department?
- A. Participants discuss the control weaknesses that hinder the achievement of objectives.
- B. An auditor usually facilitates the discussion during the workshop phase while another records comments for subsequent use.
- C. Auditors perform traditional audit tests to identify control weaknesses.
- D. Auditors and business-unit employees work as a team.
Answer: C
NEW QUESTION # 201
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?
- A. An integrated test facility
- B. A system utility program
- C. An expert or decision support system
- D. Generalized audit software
Answer: B
NEW QUESTION # 202
A recent survey indicated that residents of a small town take the train to a nearby city eight times per month, on average. The same survey showed that the number of train trips that a resident takes per month (y) is determined by the number of days per month that the resident works in the nearby city (x), according to the equation: y = 2 + 2x. A person who never works in the nearby city is expected to take the train:
- A. Eight times per month.
- B. Four times per month.
- C. Zero times per month.
- D. Two times per month.
Answer: D
NEW QUESTION # 203
An internal auditor and engagement client are deadlocked over the auditor's differing opinion with management on the adequacy of access controls for a major system. Which of the following strategies would be the most helpful in resolving this dispute?
- A. Escalate the issue to senior management for a decision.
- B. Disclose the client's differing opinion in the final report.
- C. Ask the chief audit executive to mediate.
- D. Conduct a joint brainstorming session with management.
Answer: D
Explanation:
Section: Volume E
Explanation/Reference:
NEW QUESTION # 204
An internal auditor has been asked to participate in an advisory capacity to assist a committee in redesigning the organization's current financial reports to provide better information to management and the board. Which of the following actions on the part of the auditor would provide the greatest value to this project?
- A. The internal auditor has a set of generic report templates from a former project and presents them to the group because they worked so well for the previous employer.
- B. The internal auditor gathers the stakeholder group and holds a brainstorming session where they generate report requirements and preferences and then rank them in order of importance.
- C. The internal auditor undertakes a project to gather report templates and formats from other organizations in the same line of business and presents them all to the group for review.
- D. The internal auditor interviews each stakeholder and documents the requirements and preferences of each and creates a report template that meets as many of the requirements and preferences as possible.
Answer: B
Explanation:
Section: Volume D
NEW QUESTION # 205
According to the International Professional Practices Framework, the responsibility for establishing and maintaining a system to monitor the disposition of results communicated
to management falls upon:
- A. Compliance officer.
- B. Senior management.
- C. Risk manager.
- D. Chief audit executive.
Answer: D
NEW QUESTION # 206
The chief audit executive (CAE) notes during review of the final report of an assurance engagement that management has decided to accept the risks of two significant exposures identified by the audit. Which of the following actions by the CAE would be least prudent in these circumstances?
- A. Meet with senior management to consider their reasoning for the decision.
- B. Review the working papers and conclusions as to the perceived residual risk.
- C. Implement follow-up procedures to monitor the potential impact of those risks.
- D. Meet with the auditor-in-charge to review the conclusions.
Answer: C
NEW QUESTION # 207
Which of the following events would most likely cause the chief audit executive to consider changing the current year's audit plan?
1. The government announced that new regulatory requirements will be introduced in the coming years which may significantly impact the organization's primary product.
2. A major competitor unexpectedly introduced a new model at a lower price point to compete with the organization's market leading product.
3. The organization announced a new joint venture with a long time corporate partner to introduce a new product with development costs and sales beginning next fiscal year.
4. An equal joint venture partner filed a lawsuit against the organization and requested that the court issue an immediate suspension of future product shipments.
- A. 2 and 4 only
- B. 1 and 2 only
- C. 1 and 3 only
- D. 3 and 4 only
Answer: A
NEW QUESTION # 208
An internal auditor compares real-time gasoline production data to corresponding final gasoline production reports and finds minor but consistent daily discrepancies. If the auditor is concerned about theft, which of the following next steps is most consistent with IIA guidance?
- A. Reconcile online data and the final production reports to gasoline sales reports.
- B. Review the processes used to collect the production data and to compile the final production reports.
- C. Contact security personnel as evidence suggests gasoline is being stolen from production premises.
- D. Confront the production manager and ask her to explain the differences between real-time and reported data.
Answer: B
NEW QUESTION # 209
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IIA-CIA-Part2 certification exam is a valuable certification for individuals in the field of internal auditing. It provides individuals with the necessary knowledge and skills to succeed in the field and opens up new career opportunities. As a globally recognized certification, it demonstrates a commitment to the profession and a desire to continue learning and growing as an internal auditor.
IIA-CIA-Part2 exam consists of 100 multiple-choice questions, which candidates must complete within two and a half hours. IIA-CIA-Part2 exam is computer-based and available in English, Spanish, Portuguese, French, and German. Candidates must attain a minimum score of 600 out of 800 to pass the exam and earn the certification.
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