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Obtaining the CIA designation is highly valued by employers and can lead to better job opportunities and higher salaries. Internal Audit Engagement certification demonstrates a candidate's commitment to their profession and their ability to meet the standards set by the Institute of Internal Auditors (IIA). Passing the IIA-CIA-Part2 Exam is a crucial step towards achieving this certification and advancing in the field of internal auditing.
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IIA-CIA-Part2 exam consists of 100 multiple-choice questions and is administered in English. IIA-CIA-Part2 Exam is computer-based and can be taken at any of the IIA's testing centers around the world. To be eligible to take the exam, candidates must have a minimum of two years of internal auditing experience or a bachelor's degree in a related field.
NEW QUESTION # 698
According to the Standards, which of the following is an attribute when applied to the observations and recommendations contained in the audit report?
Answer: B
NEW QUESTION # 699
What is the primary purpose of creating a preliminary draft audit report?
Answer: A
Explanation:
The primary purpose of creating a preliminary draft audit report is to facilitate communication with management of the area under review. This draft allows for discussion and feedback on the findings, recommendations, and any potential misunderstandings or disagreements before the final report is issued. It helps ensure that the final report is accurate, fair, and reflects the input of both the auditors and management. Reference:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 2410 - Criteria for Communicating.
The IIA's Practice Guide on Communicating Results.
NEW QUESTION # 700
Besides a chief audit executive's professional experience what determines the frequency and approach to assessing residual risk?
Answer: B
Explanation:
The frequency and approach to assessing residual risk are primarily influenced by the expectations set by the board and senior management. These expectations shape the internal audit function's priorities, including how often residual risk should be assessed and the methods used to evaluate it. This ensures that the internal audit activities are aligned with the strategic objectives and risk appetite of the organization, as defined by its senior leadership.
:
The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard
2120 - Risk Management
NEW QUESTION # 701
After completing an assurance engagement, the chief audit executive (CAE) concludes that management has accepted a level of risk that may be unacceptable to the organization. What is the most appropriate first step for the CAE to take?
Answer: B
Explanation:
The IIA Standards require the CAE to communicate risk acceptance that may be unacceptable to senior management and the board. The first step is to discuss the issue with senior management to understand their perspective and potentially resolve the concern. If senior management does not take appropriate action, the CAE must then inform the board to ensure they are aware of the risk and can take necessary action.References
:
* The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards)
* "Internal Auditing: Assurance and Advisory Services" by Urton L. Anderson et al.
NEW QUESTION # 702
An internal auditor tested whether purchase orders were supported by appropriately approved purchase requisitions She sampled a population of purchase documents and identified instances where purchase requisitions were missing However, she did not notice that n some cases purchase requisitions were approved by an unauthorized person Which of the following risks most appropriately describes this situation?
Answer: D
Explanation:
Nonsampling risk is the risk that the auditor may reach incorrect conclusions for reasons not related to the sampling process, such as failure to recognize exceptions or misinterpretation of audit results. In this case, the internal auditor did not notice that some purchase requisitions were approved by unauthorized persons, which is an oversight unrelated to the sample size or selection process. This is distinct from sampling risk, which is the risk that the sample selected does not represent the population. References:
* The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2320 - Analysis and Evaluation.
* The IIA's Practice Guide on Audit Sampling.
NEW QUESTION # 703
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