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Passing the IIA-CIA-Part2 exam is a valuable achievement for professionals in the field of internal auditing. It demonstrates their proficiency in the practice of internal auditing and can lead to career advancement opportunities. Additionally, the IIA-CIA-Part2 Certification is recognized globally and can help professionals stand out in a competitive job market.
NEW QUESTION # 248
The most effective way for internal auditors to enhance the reliability of computerized financial and operating information is by:
Answer: C
NEW QUESTION # 249
Which of the following financial statements summarizes accounting data at a specific date?
Answer: D
Explanation:
Option D is correct. A balance sheet presents an organization ' s financial position at a particular point in time , showing assets, liabilities, and equity as of a specified date. By contrast, an income statement summarizes revenues and expenses over a period. An owner ' s equity statement explains changes in equity during a reporting period, and a statement of cash flows summarizes cash inflows and outflows over a period.
Therefore, none of Options A through C is principally a point-in-time financial statement. Finance and accounting concepts are expressly included in the current CIA Part 2 Internal Audit Engagement syllabus because auditors may need to interpret financial information when planning and performing engagements.
The distinction is therefore directly relevant to the exam domain, and D is the technically correct answer.
NEW QUESTION # 250
Which phase of an audit engagement is typically the most effective time for an internal auditor to develop a risk and control matrix?
Answer: C
Explanation:
The most effective time for an internal auditor to develop a risk and control matrix is during the planning phase of an audit engagement. This matrix helps in identifying the key risks and the controls in place to mitigate those risks, which is crucial for developing a focused and effective engagement work program.
IIA Reference:
IIA Standard 2201: Planning Considerations requires internal auditors to consider significant risks and controls when planning the engagement. Developing a risk and control matrix at this stage ensures that the audit work is appropriately targeted at the most critical areas.
The Practice Guide on Risk Assessment advises that creating a risk and control matrix during planning helps in structuring the audit to address identified risks effectively.
NEW QUESTION # 251
Upon the completion of an audit engagement an audit manager performs a review of a staff auditor's workpapers. Which of the following actions by the manager is the most appropriate this review''
Answer: C
NEW QUESTION # 252
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
Answer: C
NEW QUESTION # 253
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