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The IIA IIA-CIA-Part2 certification exam is one of the top-rated and valuable credentials in the IIA world. This IIA IIA-CIA-Part2 exam questions is designed to validate the candidate's skills and knowledge. With Internal Audit Engagement exam dumps everyone can upgrade their expertise and knowledge level. By doing this the successful IIA-CIA-Part2 Exam candidates can gain several personal and professional benefits in their career and achieve their professional career objectives in a short time period.
IIA-CIA-Part2 Exam consists of 100 multiple-choice questions, which must be completed within two and a half hours. IIA-CIA-Part2 Exam is computer-based and can be taken at a Prometric testing center or online. The passing score for the exam is 600 out of 800 points, and candidates receive their scores immediately after completing the exam.
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To be eligible to take the IIA-CIA-Part2 Exam, candidates must have already passed the IIA-CIA-Part1 exam or be a Certified Internal Auditor (CIA) in good standing. Candidates must also meet the IIA's experience requirements, which vary based on their educational background. For example, candidates with a bachelor's degree need at least 24 months of internal auditing experience, while candidates with a master's degree need only 12 months.
NEW QUESTION # 125
Which is the most appropriate evaluation criterion regarding the quality of audit engagement workpapers?
Answer: A
Explanation:
Per Standard 2330 - Documenting Information, workpapers must contain sufficient, reliable, relevant, and useful information to provide evidence of work performed and support conclusions. They do not all need to result in findings, fraud conclusions, or client approval. The correct criterion is reasonable evidence of work conducted (Option A).
NEW QUESTION # 126
Which of the following statements is true regarding the use of internal control questionnaires (ICOs)?
Answer: A
Explanation:
Internal control questionnaires (ICQs) are used to gather information about the presence and effectiveness of controls within an organization. One of the limitations of ICQs is that the answers provided by respondents can be easily misinterpreted. This misinterpretation can occur due to unclear questions, differences in understanding terminology, or respondents not fully comprehending the context of the questions. Therefore, while ICQs are useful tools for identifying control issues, they require careful interpretation and often necessitate follow-up for clarification to ensure accurate understanding and assessment of the controls.
References:
* The Institute of Internal Auditors (IIA) Practice Guide: "Internal Control Questionnaires"
* IIA Standard 2310: Identifying Information
NEW QUESTION # 127
An organization does not have a formal risk management function. According to the Standards, which of the following are conditions where the internal audit activity may provide risk management consulting?
There is a clear strategy and timeline to migrate risk management responsibility back to management.
The internal audit activity has the final approval on any risk management decisions.
The internal audit activity gives objective assurance on all parts of the risk management framework for which it is responsible.
The nature of services provided to the organization is documented in the internal audit charter.
Answer: D
Explanation:
According to the IIA Standards, particularly in the context of risk management consulting, internal audit activities may provide risk management consulting services under specific conditions. These conditions include:
There is a clear strategy and timeline to migrate risk management responsibility back to management.This condition ensures that the internal audit ' s involvement in risk management is temporary and transitional, emphasizing the principle that management retains ultimate responsibility for risk management.
The nature of services provided to the organization is documented in the internal audit charter.This condition ensures transparency and clarity about the internal audit ' s role in risk management, as outlined in the internal audit charter. This documentation is essential for defining the scope and limitations of the internal audit ' s consulting role.
In contrast, options 2 and 3 are inappropriate under the Standards:
The internal audit activity has the final approval on any risk management decisions (Option 2): This would compromise the independence and objectivity of the internal audit function, as internal auditors should not make management decisions.
The internal audit activity gives objective assurance on all parts of the risk management framework for which it is responsible (Option 3): This creates a conflict of interest because internal auditors cannot objectively audit areas where they have direct responsibility.
IIA References:
IIA Standard 2050: Coordination and Reliance emphasizes that internal audit should not assume management responsibilities, including final risk management decisions, to maintain objectivity and independence.
IIA Standard 1000: Purpose, Authority, and Responsibility and related guidance stress the importance of documenting the internal audit's role in the audit charter, especially when the internal audit is involved in consulting activities like risk management.
NEW QUESTION # 128
A fast-food company is developing a computer simul-ation involving arrival time at a drive-through restaurant.
The distribution for arrival times is:
Time
Single-Digit Random
Between Arrivals
Probability
Number Assigned
1 minute
0.1
0
2 minutes
0.2
1, 2
3 minutes
0.3
3, 4, 5
4 minutes
0.4
6, 7, 8, 9
Six random numbers are selected to represent the arrival of six cars: 1, 6, 9, 0, 5, 6. The mean time between arrivals for these cars, in this run of the simul-ation model, is:
Answer: A
NEW QUESTION # 129
An internal audit activity is planning its first audit of IT shared services. Which of the following controls would typically be evaluated first?
Answer: A
Explanation:
When planning the first audit of IT shared services, it is typical to evaluate entity-level controls first. Entity-level controls are overarching controls that affect the entire organization and are foundational for ensuring that specific application and transaction controls operate effectively. These controls include the organization's governance, risk management processes, and the overall control environment. Assessing entity-level controls provides a broad understanding of the control environment and highlights any pervasive issues that might impact more detailed areas of the audit.
Reference: The IIA's Global Technology Audit Guide (GTAG) and COSO's Internal Control - Integrated Framework.
NEW QUESTION # 130
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