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IIA-CIA-Part2 Exam is divided into six domains, including governance and risk management, organizational structure and business processes, communication, management and leadership principles, IT and business continuity, and financial management. Each domain covers a specific set of skills and knowledge required for conducting internal audits effectively. Candidates must demonstrate their understanding of each domain to pass the exam.
NEW QUESTION # 332
An audit observation noted that annual inventory counts of biofuel was not being performed appropriately Fuel yards were not visited and physical amounts of biofuel were not reconciled with accounting data Management of the division understood the issue and promised to resolve the problem When should the internal auditor schedule a follow-up review?
Answer: D
Explanation:
Strategic sourcing would best assist the CAE in balancing the internal audit activity's needs for technical audit skills, budget efficiency, and staff development opportunities. Strategic sourcing involves using a mix of internal resources, co-sourcing, and outsourcing to optimize the audit function. This approach allows the CAE to leverage external expertise for specialized skills, manage costs effectively, and provide growth opportunities for internal staff.
IIA Standards: 2030 - Resource Management
IIA Practice Guide: Developing the Internal Audit Strategic Plan
NEW QUESTION # 333
How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
Answer: D
Explanation:
When preparing a detailed risk assessment during engagement planning, the internal auditor should collaborate with the management of the function being reviewed. Management has the most in-depth knowledge of their business objectives, processes, and the associated risks. This cooperation ensures that the risk assessment is comprehensive, accurate, and relevant to the specific context of the function under review. It also helps in identifying any potential areas of concern that might not be evident to external parties.
References:
* IIA Standard 2201: "Planning Considerations"
* IIA Practice Guide: "Assessing the Adequacy of Risk Management Processes"
NEW QUESTION # 334
The internal audit activity has requested that new vendor information be summarized once per week in a single report, and that all invoices each week for these vendors be automatically flagged in the invoice processing system. Which of the following computerized audit techniques is the internal audit activity most likely applying?
Answer: B
Explanation:
The request for new vendor information to be summarized weekly and for invoices to be flagged automatically in the processing system indicates the use of continuous auditing. Continuous auditing involves ongoing, real-time monitoring of transactions and controls, which allows for the early detection of anomalies or issues.
IIA Reference:
IIA Standard 2320: Analysis and Evaluation suggests that internal auditors should use appropriate technology to support their analysis. Continuous auditing tools are designed to monitor transactions continuously, enabling auditors to identify and address risks more proactively.
The Practice Guide on Continuous Auditing outlines the benefits of real-time monitoring and how it can be integrated into the audit process to enhance the timeliness and relevance of audit results.
NEW QUESTION # 335
A company's policy requires that all customers be treated in a fair and consistent manner. Which of the following audit procedures would provide the most persuasive evidence that the policy was followed?
Answer: B
NEW QUESTION # 336
While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditors relative. Which course of action should the auditor take?
Answer: D
Explanation:
* Identify the Conflict of Interest: The internal auditor learns about a large loan made to another auditor's relative, which represents a conflict of interest.
* Refer to Professional Standards: According to the Institute of Internal Auditors' (IIA) standards, an internal auditor must maintain objectivity and avoid conflicts of interest (IIA Standard 1100 - Independence and Objectivity).
* Escalate the Issue: The appropriate course of action is to escalate this matter to the chief audit executive (CAE) and management, as they are responsible for determining the impact of the conflict and the appropriate response.
* Decision Making: The CAE and management will assess whether the conflict of interest could impair the auditor's objectivity and decide whether the auditor should be removed from the engagement or if additional oversight is needed.
* Documentation: It is important to document the conflict and the decision-making process in the audit documentation for transparency and accountability.
References:
The IIA's International Standards for the Professional Practice of Internal Auditing, specifically Standard
1100 on Independence and Objectivity.
NEW QUESTION # 337
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