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IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is a rigorous assessment that requires a comprehensive understanding of internal auditing practices and principles. Successfully passing the exam demonstrates a high level of competence in the field and is a valuable asset for anyone seeking to advance their career in internal auditing.
IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is an essential certification for professionals who want to establish their proficiency in internal auditing. Internal Audit Engagement certification exam is conducted by the Institute of Internal Auditors (IIA), which is a globally recognized organization that sets standards for the internal auditing profession. The IIA-CIA-Part2 Exam is the second of three exams that lead to the Certified Internal Auditor (CIA) certification. Internal Audit Engagement certification is highly valued by employers, as it demonstrates that the individual has a solid understanding of the principles and practices of internal auditing.
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The Institute of Internal Auditors (IIA) is an international professional association that provides education, training, and certification to internal auditors worldwide. One of the most popular certifications offered by the IIA is the Certified Internal Auditor (CIA) designation. To earn this certification, candidates must pass a series of exams that test their knowledge and skills in various areas of internal auditing. One of these exams is the IIA-CIA-Part2, which focuses on the practice of internal auditing.
NEW QUESTION # 431
An audit observation states the following:
"Despite the rules of the organization there is no approved credit risk management policy in the subsidiary.
The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor credit history" Which of the following components are missing in the observation?
Answer: D
Explanation:
The observation in question includes the condition ("no approved credit risk management policy" and "17 out of 50 contacts showed clients with a poor credit history") and the cause (the subsidiary concluding contacts with high-risk clients). However, it lacks the effect, which should explain the potential or actual impact of this deficiency on the organization (e.g., financial losses, increased credit risk). Additionally, it is missing the criteria, which should reference the specific rules or policies that are not being followed (e.g., the organization's credit risk management policy requirements). Including these components would provide a complete and actionable observation.References:
* The Institute of Internal Auditors (IIA) - Practice Guide: Audit Reports and Working Papers
NEW QUESTION # 432
Which of the following is the advantage of using internal control questionnaires (ICQs) as part of a preliminary survey for an engagement?
Answer: C
Explanation:
The primary advantage of using internal control questionnaires (ICQs) as part of a preliminary survey for an engagement is their efficiency. ICQs allow auditors to quickly gather a large amount of information about the control environment by asking structured questions that cover key areas of interest. This helps in identifying areas that require further investigation or where controls may need improvement.
IIA References:
* The IIA's Practice Guide on Evaluating Internal Controls mentions that ICQs are useful for obtaining an initial understanding of controls and are particularly efficient when time or resources are limited.
They allow auditors to systematically cover a wide range of control-related topics in a relatively short period.
NEW QUESTION # 433
When determining the nature, timing, and extent of follow up, the chief audit executive considers all of the following factors except:
Answer: D
NEW QUESTION # 434
According to HA guidance, which of the following statements regarding audit workpapers is true?
Answer: B
Explanation:
According to the Institute of Internal Auditors (IIA) guidance, workpapers are crucial for documenting the evidence that supports audit findings and conclusions. They serve as the primary reference for any reported control deficiencies, providing detailed documentation and justification for the audit results. Workpapers must be thorough and clearly demonstrate the basis for audit observations and recommendations. While audit reports summarize findings, the detailed support for these findings is found within the workpapers.
:
The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2330: Documenting Information.
IIA Practice Guide, "Audit Workpapers."
NEW QUESTION # 435
An airline contracted with an external service provider to perform maintenance on all aircraft ground support equipment. Management then asked the internal audit activity (IAA) to evaluate the controls in place that would permit appropriate oversight of the service provider in maintaining required maintenance standards.
According to the International Professional Practices Framework, which of the following would be the most appropriate course of action for the IAA to undertake to establish the engagement objectives?
Answer: C
NEW QUESTION # 436
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