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Web-based Internal Audit Engagement (IIA-CIA-Part2) practice exam is a convenient format to evaluate and improve preparation for the exam. It is a IIA-CIA-Part2 browser-based application, which means you can access it from any operating system with an internet connection and a web browser. Unlike the desktop-based exam simulation software, the Internal Audit Engagement (IIA-CIA-Part2) browser-based practice test requires no plugins and software installation.
To be eligible to take the IIA-CIA-Part2 exam, candidates must have a minimum of two years of internal auditing experience, or a combination of education and experience. IIA-CIA-Part2 exam consists of 100 multiple-choice questions, and candidates have three hours to complete it. The passing score for the exam is 600 out of a possible 800 points.
IIA-CIA-Part2 exam consists of 100 multiple-choice questions, which candidates must complete within two and a half hours. IIA-CIA-Part2 Exam is computer-based and available in English, Spanish, Portuguese, French, and German. Candidates must attain a minimum score of 600 out of 800 to pass the exam and earn the certification.
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IIA-CIA-Part2 (Practice of Internal Auditing) Exam is a certification exam offered by the Institute of Internal Auditors (IIA) that tests the knowledge and skills of professionals in the field of internal auditing. IIA-CIA-Part2 exam is an important step for those who wish to become certified internal auditors and advance their careers in this field. IIA-CIA-Part2 Exam covers a wide range of topics related to the practice of internal auditing, including risk management, governance, ethics, and communication.
NEW QUESTION # 250
A chief audit executive (CAE) received a detailed internal report of senior management's internal control assessment. Which of the following subsequent actions by the CAE would provide the greatest assurance over management's assertions?
Answer: A
Explanation:
The greatest assurance over management's assertions would be provided by evaluating the completeness of the report and management's responses to identified deficiencies. This involves ensuring that all relevant control processes and deficiencies have been identified, and that management has provided appropriate and comprehensive responses to each issue. This step ensures that the internal control assessment is thorough and that management is actively addressing any weaknesses. References:
* The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 2130 - Control.
* The IIA's Practice Guide on Assessing the Adequacy of Internal Controls.
NEW QUESTION # 251
What is the best course of action for a chief audit executive if an internal auditor identifies in the early stage of an audit that some employees have inappropriate access to a key system?
Answer: C
Explanation:
If an internal auditor identifies that some employees have inappropriate access to a key system in the early stage of an audit, the best course of action is to issue an interim audit report so that management can implement action plans. This approach ensures that the identified issue is formally communicated to management promptly, allowing them to take immediate corrective action to mitigate the risk. It also documents the auditor's findings and recommendations, providing a clear audit trail and supporting accountability. Obtaining verbal assurance or creating a ticket might address the issue temporarily but lacks the formal documentation and follow-up mechanisms inherent in an interim audit report.
IIA Standard 2440: "Disseminating Results"
IIA Practice Advisory 2440-1: "Communicating Interim Engagement Results"
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: A
Explanation:
The Chief Audit Executive (CAE) would be justified in reporting the situation to the organization's board if, in the opinion of the CAE, the level of residual risk assumed by senior management is too high (1). Even though the new process of obtaining written approval by the vice president of sales addresses the issue, if the CAE believes that the residual risk remains too high, it is their duty to report it to the board. The cost of implementing a preventive control or the compliance with the new process does not change the responsibility of the CAE to report significant residual risks to the board.
References:
* The Institute of Internal Auditors (IIA) Standard 2600 - Communicating the Acceptance of Risks:
"When the chief audit executive believes that senior management has accepted a level of residual risk that may be unacceptable to the organization, the chief audit executive must discuss the matter with senior management. If the decision regarding residual risk is not resolved, the chief audit executive must report the matter to the board for resolution."
* IIA Practice Guide on "Communicating Risk Acceptance to the Board"
NEW QUESTION # 253
According to IIA guidance, when of the Mowing statements is true regarding an engagement supervisor's use of review notes?
Answer: C
Explanation:
According to the IIA guidance, engagement supervisors' review notes are used during the audit process to ensure thoroughness and accuracy. Once these review notes have been addressed, they can be removed from the final documentation. This practice ensures that the final audit report is clear and concise, containing only the necessary documentation to support audit findings and conclusions. The review notes are considered part of the working papers during the review process but do not need to be retained in the final audit documentation once all issues have been resolved.
:
The Institute of Internal Auditors (IIA) Standard 2330 - Documenting Information: "Internal auditors must document relevant information to support the conclusions and engagement results." IIA Practice Guide on "Audit Documentation"
NEW QUESTION # 254
A chief audit executive agrees to conduct an engagement that will focus on customers' perceptions of the quality of the organization's products and services. Which of the following issues should be addressed first?
Answer: C
Explanation:
Section: Volume B
NEW QUESTION # 255
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