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IIA-CIA-Part2 (Practice of Internal Auditing) Exam is a certification offered by the Institute of Internal Auditors (IIA) to professionals who are looking to advance their careers in internal auditing. Internal Audit Engagement certification is designed to assess the knowledge, skills, and abilities of candidates in the areas of internal audit practice, risk management, governance, and control.
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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.
NEW QUESTION # 109
During an operational audit of a chain of pizza delivery stores, an auditor determined that cold pizzas were causing customer dissatisfaction. A review of oven calibration records for the last six months revealed that adjustments were made on over 40 percent of the ovens. Based on this, the auditor:
Answer: C
NEW QUESTION # 110
According to IIA guidance which of the following statements is true regarding heat maps?
Answer: A
Explanation:
According to IIA guidance, heat maps are tools used in risk assessment that visually represent the severity of risks by plotting them on a matrix based on their likelihood and impact. Heat maps are flexible and can be adjusted to prioritize either likelihood or impact depending on the specific context and the organization's risk appetite and tolerance. This recognition that the priority of impact and likelihood can vary allows for a more nuanced and tailored risk assessment approach.
IIA Practice Guide: Assessing the Risk Management Process
IIA Standard 2120: Risk Management
NEW QUESTION # 111
Which of the following statements about including consulting engagements in the annual internal audit plan is true?
Answer: D
Explanation:
According to the International Standards for the Professional Practice of Internal Auditing (Standards) set by the Institute of Internal Auditors (IIA), internal audit functions are allowed flexibility in including consulting engagements in their annual plans. Standard 2010 - Planning states that "the chief audit executive must establish a risk-based plan to determine the priorities of the internal audit activity, consistent with the organization's goals." This risk-based plan should consider the potential value-add of consulting engagements. Consulting engagements that are expected to add significant value or align with strategic objectives are often included, but not all requests need to be automatically included unless they meet these criteria.
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2010 - Planning.
NEW QUESTION # 112
The head of customer service asked the chief audit executive (CAE) whether eternal auditors could assist her staff with conducting a risk self-assessment in the customer service department. The CAE promised to meet with customer service managers analyze relevant business processes, and come up with a proposal. Who is most likely to be the final approver of the engagement objectives and scope?
Answer: C
Explanation:
The chief audit executive (CAE) is responsible for the approval of the engagement objectives and scope in internal auditing. While senior management, the head of customer service, and the board of directors may provide input and have interests in the audit engagement, it is ultimately the CAE who has the final authority to approve the objectives and scope. This ensures that the internal audit activity remains independent and that the engagement aligns with the overall audit plan and organizational priorities.
Reference:
The Institute of Internal Auditors (IIA) Standard 2010 - Planning
IIA Standard 2200 - Engagement Planning
NEW QUESTION # 113
An internal auditor provided the following statement about division A's performance during the month: "Because supplies of raw material X were scarce, division A's profits declined by 15 percent."
Which of the following can be validly concluded from the auditor's statement?
I. Division A's production level declined by 15 percent.
II. Division A could have sold more products than it produced.
III.
Division A usually sells all of the products that it produces.
Answer: A
NEW QUESTION # 114
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