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The IIA CIA Part 2 Exam fee of member is the USD 230, the nonmember fee is the USD 345 and Student/Professor fee is USD 180.
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IIA-CIA-Part2 exam is an important certification for individuals who want to pursue a career in internal auditing. Obtaining this certification demonstrates a candidate's knowledge and skills in the practice of internal auditing, which is an essential function in any organization. Internal Audit Engagement certification also enhances a candidate's credibility and marketability, making them more attractive to potential employers.
IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is an assessment designed to evaluate the knowledge, skills, and abilities of individuals seeking to become certified internal auditors. IIA-CIA-Part2 Exam is offered by the Institute of Internal Auditors (IIA), a global professional association that provides education, guidance, and certification for internal auditors. The IIA-CIA-Part2 exam is one of three exams required to obtain the Certified Internal Auditor (CIA) certification.
NEW QUESTION # 272
According to the International Professional Practices Framework, which of the following would not be considered when performing an initial risk assessment in engagement planning?
Answer: D
NEW QUESTION # 273
An internal auditor is conducting tests to determine if an organization is in compliance with its payment approval policies. After reviewing a sample of vouchers selected, the internal auditor concluded that there were indicators of fraud. Which of the following would be the most appropriate method to expand the audit test to achieve the audit objective?
I.Validate the completeness of the accounts payable files.
II.
Examine the sample of vouchers in greater detail.
III.
Increase the number of vouchers in the sample.
IV.
Broaden the scope of the examination to include credits received by accounts payable.
Answer: C
NEW QUESTION # 274
Which of the following activities demonstrates an example of the chief audit executive performing residual risk assessment?
Answer: D
Explanation:
Residual risk is the risk that remains after management has taken steps to mitigate or control the inherent risks. The chief audit executive (CAE) performs residual risk assessment to determine the effectiveness of management's actions and whether the remaining risk is acceptable.
Detailed Explanation:
IIA Standard 2120 - Risk Management:
The standard emphasizes that the CAE should evaluate the residual risks faced by the organization. This involves assessing whether management's risk responses are adequate and whether any unmitigated risks (residual risks) remain within the organization's risk tolerance.
Cost-Benefit Analysis:
Conducting a cost-benefit analysis of management's decision not to implement a recommendation directly relates to assessing residual risk. This analysis helps determine whether the residual risk is acceptable compared to the cost of implementing the recommendation.
IIA Practice Guide on Assessing Residual Risk:
This guide outlines that assessing residual risk involves evaluating the impact of management's controls and the risks that remain. A cost-benefit analysis is a method to quantify the impact of not addressing a recommendation, thereby evaluating the residual risk.
Why Not Other Options?
Option B (Inquiry of corrective action to be completed): This is more about monitoring follow-up actions rather than assessing residual risk.
Option C (Reporting status of every observation): While important, this is related to tracking audit issues, not specifically assessing residual risk.
Option D (Soliciting management's feedback): While valuable for engagement quality, this does not directly relate to residual risk assessment.
Conclusion: Option A is correct as it reflects the CAE's role in assessing residual risk through cost-benefit analysis, in line with IIA standards.
NEW QUESTION # 275
The chief audit executive (CAE) determined that based on management's oral response, the action taken regarding an audit observation was sufficient when weighted against the relative importance of the audit recommendation. Which of the following is the most appropriate step for the internal auditor to take next?
Answer: D
NEW QUESTION # 276
Which of the following statements regarding the risk management process' support of the internal audit activity is true?
Answer: A
Explanation:
The statement that the risk management process supports internal audit by evaluating whether critical controls are adequate and effective is true. The risk management process provides a framework for identifying, assessing, and managing risks, and internal audit uses this information to evaluate the adequacy and effectiveness of controls in place to mitigate those risks. This support helps internal audit focus on areas of high risk and ensure that controls are functioning as intended.
IIA Standards: 2120 - Risk Management
IIA Practice Guide: Assessing the Adequacy of Risk Management Processes
NEW QUESTION # 277
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