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IIA-CIA-Part2 exam is a certification offered by the Institute of Internal Auditors (IIA) that focuses on the Practice of Internal Auditing. Internal Audit Engagement certification is designed to test an individual's knowledge of internal audit principles, practices, and standards. The IIA-CIA-Part2 Exam is one of three exams required to earn the Certified Internal Auditor (CIA) designation.
Passing the IIA-CIA-Part2 exam is a significant achievement for individuals seeking a career in internal auditing. Internal Audit Engagement certification demonstrates that the candidate has a thorough understanding of the practice of internal auditing and is capable of applying their knowledge and skills in real-world situations. Moreover, the certification is recognized globally and is highly valued by employers, making it an excellent investment for individuals looking to advance their careers in internal auditing.
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After successful competition of the IIA IIA-CIA-Part2 certification, the certified candidates can put their career on the right track and achieve their professional career objectives in a short time period. For the recognition of skills and knowledge, more career opportunities, professional development, and higher salary potential, the Internal Audit Engagement (IIA-CIA-Part2) certification exam is the proven way to achieve these tasks quickly.
IIA-CIA-Part2 exam is a rigorous test that requires a thorough understanding of internal auditing concepts and practices. IIA-CIA-Part2 exam covers a range of topics such as risk management, governance, communication, and internal control. Candidates are expected to have practical experience in the field of internal auditing and be able to apply their knowledge to real-world situations. IIA-CIA-Part2 Exam is computer-based and consists of 100 multiple-choice questions that must be completed within two and a half hours.
NEW QUESTION # 442
An internal auditor is assessing the organization's risk management framework. Which of the following formulas should he use to calculate the residual risk?
A)
B)
C)
D)
Answer: D
Explanation:
The appropriate formula to calculate residual risk is (Probability of events) ร (Impacts). Residual risk is the risk that remains after controls are implemented to mitigate the inherent risk. It reflects the remaining exposure after considering the effectiveness of existing controls. This formula takes into account the likelihood of an event occurring and the potential impact if it does occur. References: IIA Practice Guide - Assessing the Adequacy of Risk Management Processes, COSO Framework
NEW QUESTION # 443
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 $1 million. The chief audit executive (CAE) would be justified in reporting this situation to the organization's board if:
I. In the opinion of the CAE, the level of residual risk assumed by senior management is too high.
II. 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.
III. The cost of modifying the sales system to include a preventive control is less than $100,000.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION # 444
Which of the following are key characteristics of enterprise risk management?
It considers risk in the formulation of strategy.
It applies risk management in some units of an entity.
It takes a portfolio view of risks throughout the enterprise.
It restricts the organization's ability to seize opportunities inherent in future events.
Answer: A
NEW QUESTION # 445
Below is a flowchart detailing an organization ' s bank reconciliation process. Which of the following conclusions can be drawn from the flowchart?
Answer: C
Explanation:
The flowchart indicates that different individuals are responsible for various stages of the bank reconciliation process. The Treasury Accountant posts payments and performs reconciliations, while the Senior Treasury Accountant obtains and uploads bank statements, and the Treasury Supervisor approves/reviews the reconciliations. This segregation of duties ensures that no single individual has control over all aspects of the financial transaction process, which helps in preventing errors and fraud.
The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards)
" Auditing and Assurance Services " by Alvin A. Arens, Randal J. Elder, and Mark S. Beasley
NEW QUESTION # 446
An auditor decides to perform an inventory turnover analysis for both raw materials inventory and finished goods inventory. The analysis would be potentially useful in:
I. Identifying products for which management has not been attuned to changes in market demand.
II. Identifying potential problems in purchasing activities.
III. Identifying obsolete inventory.
Answer: B
NEW QUESTION # 447
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