Download Certified Internal Auditor - Part 2, Conducting the Internal Audit Engagement.IIA-CIA-Part2.VCEplus.2024-08-31.221q.vcex

Vendor: IIA
Exam Code: IIA-CIA-Part2
Exam Name: Certified Internal Auditor - Part 2, Conducting the Internal Audit Engagement
Date: Aug 31, 2024
File Size: 327 KB
Downloads: 30
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Demo Questions

Question 1
Which of the followings statements describes a best practice regarding assurance engagement communication activities?
  1. All assurance engagement observations should be communicated to the audit committee.
  2. All assurance engagement observations should be included in the main section of the engagement communication.
  3. During the "communicate" phase of an assurance engagement, it is best to define the methods and timing of engagement communications.
  4. A detailed escalation process should be developed during the planning stage of an assurance engagement.
Correct answer: D
Question 2
An engagement team is being assembled to audit of one of the organization's vendors Which of the following statements best applies to this scenario?
  1. The engagement team should include internal auditors who have expertise in investigating vendor fraud
  2. The engagement team should be composed of certified accountants who are proficient In financial statement analysis and local accounting principles
  3. To preserve independence and objectivity, an auditor who worked for the vendor two years prior may not participate on the engagement team
  4. The engagement team may include an auditor who lacks knowledge of the industry in which the vendor operates
Correct answer: A
Question 3
Which of the following is one of the five attributes that internal auditors include when documenting a deficiency?
  1. The criteria used to make the evaluation
  2. The methodology used to analyze data
  3. The proposed follow-up engagement work to be performed
  4. The scope of work performed during the engagement
Correct answer: A
Question 4
During follow-up. the internal auditor discovered that operational management did not implement effective actions to address a significant control breach If the issue is left unresolved it may result in regulatory sanctions and damage the organization's reputation What is the most appropriate next step for the chief audit executive to lake?
  1. Report the matter to the board
  2. Implement the recommended control to address the exposure
  3. Discuss the matter with senior management
  4. Ask the regulatory agency to persuade management to address the issue
Correct answer: C
Question 5
An internal auditor has been asked to join a project team to help design controls in a software application to address specific risks that have been identified by the team Which of the following actions is most appropriate for the internal auditor to perform?
  1. Facilitate a control assessment to ensure all application risks were appropriately identified
  2. Advise the project team on how to develop effective controls
  3. Direct the project team to implement the appropriate controls within the software application
  4. Provide assurance that the design of the controls will mitigate the identified application risks
Correct answer: A
Question 6
An internal auditor wants to identity potential ghost employees in the organization's payroll system The auditor extracts the following data
  • Human resources data with employees' names addresses employment conditions and identification codes
  • Payroll data
  • Logs from entrance systems
With this data, which of the following types of ghost employees will the auditor be able to identify?
  1. Employees who are being paid more than then approved wages
  2. Employees who get paid although their employment has expired
  3. Employees who are related to one of the subcontractors
  4. Employees who are physically present at the workplace but who do not perform the specified job duties
Correct answer: A
Question 7
According to IIA guidance which of the following represents sufficient information?
  1. Information that is factual adequate and convincing
  2. Information that is best attainable through the use of appropriate engagement techniques
  3. Information that supports engagement objectives and recommendations
  4. Information that helps the organization meet its goals
Correct answer: D
Question 8
An internal auditor recommended that an organization implement computerized controls in its sales system in order to prevent sales representatives from executing contracts in excess of their delegated authority levels A follow-up review found that the sales system had not been modified, but a process had been implemented to obtain written approval by the vice president of sales for all contracts in excess of S1 million The chief audit executive (CAE) would be justified in reporting this situation to the organization's board under which of the tollowing circumstances'?
1- In the opinion of the CAE the level of residual risk assumed by senior management is too high 2- Testing of compliance with the new process finds that all new contracts in excess of $1 million have been approved by the vice president of sales 3- The cost of modifying the sales system to include a preventive control is less than S100.000
  1. 1 only
  2. 3 only
  3. 1 and 3 only
  4. 1, 2, and3
Correct answer: A
Question 9
In the following risk control map risks have been categorized based on the level of significance and the associated level of control. Which of the following statements is true regarding Risk C?
  1. The level of control is appropriate given the level of risk
  2. The level of control is excessive given the level of risk
  3. The level of control is inadequate given the level of risk
  4. There is not enough of information to determine whether the controls are appropriate or not
Correct answer: C
Question 10
In which of the following situations has an internal audit of obtained physical evidence?
  1. An internal auditor made purchases from several of the organization's retail outlets to evaluate customer service
  2. An internal auditor interviewed various employees regarding health and safety issues and recorded their answers
  3. An internal auditor obtained the current quarterly financial report and computed changes in debto- equity ratio
  4. An internal auditor received a signed confirmation regarding the terms of a transaction from an independent attorney
Correct answer: A
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