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Passing the IIA-CIA-Part2 exam is a significant achievement for individuals seeking a career in internal auditing. Internal Audit Engagement certification demonstrates that the candidate has a thorough understanding of the practice of internal auditing and is capable of applying their knowledge and skills in real-world situations. Moreover, the certification is recognized globally and is highly valued by employers, making it an excellent investment for individuals looking to advance their careers in internal auditing.
IIA-CIA-Part2 exam is a comprehensive exam that covers a broad range of topics. IIA-CIA-Part2 Exam includes 100 multiple-choice questions that are designed to test the candidate's understanding of the key concepts in internal auditing. IIA-CIA-Part2 exam is divided into four sections: governance and risk management, conducting internal audit engagements, business acumen, and information security. IIA-CIA-Part2 exam is designed to be challenging, and candidates are required to demonstrate their knowledge of the subject matter to pass.
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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.
NEW QUESTION # 70
The chief audit executive of a medium-sized financial institution is evaluating the staffing model of the internal audit activity (IAA). According to IIA guidance, which of the following are the most appropriate strategies to maximize the value of the current IAA resources?
* The annual audit plan should include audits that are consistent with the skills of the IAA.
* Audits of high-risk areas of the organization should be conducted by internal audit staff.
* External resources may be hired to provide subject-matter expertise but should be supervised.
* Auditors should develop their skills by being assigned to complex audits for learning opportunities.
Answer: A
NEW QUESTION # 71
An internal auditor is conducting an assessment of the purchasing department. She has worked the full amount of hours budgeted for the engagement; however, the audit objectives are not yet complete. According to IIA guidance, which of the following are appropriate options available to the chief audit executive?
1. Allow the auditor to decide whether to extend the audit engagement.
2. Determine whether the work already completed is sufficient to conclude the engagement.
3. Provide the auditor feedback on areas of improvement for future engagements.
4. Provide the auditor with instructions and directions to complete the audit.
Answer: A
Explanation:
According to IIA guidance, the chief audit executive (CAE) has several appropriate options when the audit objectives are not complete despite the auditor having worked the full amount of budgeted hours. The CAE should determine if the work already completed is sufficient to conclude the engagement (2). The CAE should also provide feedback on areas of improvement for future engagements (3) and give instructions and directions to complete the audit (4). Allowing the auditor to decide whether to extend the audit engagement (1) is not typically an appropriate option as this decision should involve senior management or the CAE to ensure alignment with organizational priorities and resource allocation. Reference: = IIA Standard 2010 - Planning, IIA Standard 2020 - Communication and Approval, IIA Standard 2040 - Policies and Procedures.
NEW QUESTION # 72
An internal auditor is assessing the organization ' s risk management framework. Which of the following formulas should he use to calculate the residual risk?
A)
B)
C)
D)
Answer: D
Explanation:
The appropriate formula to calculate residual risk is (Probability of events) ร (Impacts). Residual risk is the risk that remains after controls are implemented to mitigate the inherent risk. It reflects the remaining exposure after considering the effectiveness of existing controls. This formula takes into account the likelihood of an event occurring and the potential impact if it does occur. References: IIA Practice Guide - Assessing the Adequacy of Risk Management Processes, COSO Framework
NEW QUESTION # 73
An organization is experiencing a significant risk that threatens its financial well-being Senior management requested that the chief audit executive (CAE) meet with them to discuss the risk. Which of the following would best describe the CAE's responsibility at the meeting?
Answer: A
Explanation:
The chief audit executive (CAE) has the responsibility to provide assurance and insight on risk management processes. In a meeting with senior management to discuss significant risks, the CAE should focus on evaluating whether the risks accepted by senior management align with the organization's risk appetite and are within acceptable levels. The CAE should ensure that the risk management practices are adequate and that senior management is aware of any risks that might exceed the organization's tolerance levels. This approach is aligned with the role of internal audit in providing independent and objective evaluations.
Reference:
Institute of Internal Auditors (IIA) Standards: Performance Standards 2120: Risk Management IIA Practice Guide: Assessing the Risk Management Process
NEW QUESTION # 74
An internal auditor wants to examine the intensity of correlation between electricity price and wind speed.
Which of the following analytical approaches would be most appropriate for this purpose?
Answer: A
Explanation:
A scatter diagram plots two variables on a graph to examine whether there is a correlation or relationship.
Here, electricity price and wind speed can be plotted to test if changes in one relate to changes in the other.
* A Gantt chart (A) is for project scheduling.
* A RACI chart (C) clarifies roles and responsibilities.
* A SIPOC diagram (D) maps processes.
Therefore, the best analytical tool for correlation analysis is the scatter diagram.
NEW QUESTION # 75
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