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IIA-CIA-Part2: Practice of Internal Auditing exam is an essential certification for individuals seeking a career in internal auditing. IIA-CIA-Part2 Exam covers a wide range of topics related to internal auditing and tests the candidate's ability to apply their knowledge and skills in real-world situations. Passing the exam is a significant achievement and demonstrates the candidate's competence and expertise in the practice of internal auditing.

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IIA-CIA-Part2 Exam, also known as the Practice of Internal Auditing Exam, is one of the exams required to become a Certified Internal Auditor (CIA). IIA-CIA-Part2 exam covers topics related to the practice of internal auditing, such as conducting internal audits, managing internal audit projects, and communicating audit results. Passing IIA-CIA-Part2 Exam is essential for internal auditors who want to demonstrate their knowledge and expertise in the field.

IIA Internal Audit Engagement Sample Questions (Q651-Q656):

NEW QUESTION # 651
Which of the following is the correct ratio to use in calculating the dollar value of the population if the auditor is using ratio estimation?
Number of Items
Audited Value
Carrying Amount
Sample
300
$500,000
$480,000
Population
3,000
$5,000,000

A. 0.96
B. 1.04
C. 10.00
D. 0.10

Answer: B

NEW QUESTION # 652
Which of the following should be the focus of the effect section of the preliminary observations document?

A. Control activities
B. Compensating controls
C. Inherent risk
D. Residual risk

Answer: D

Explanation:
The focus of the effect section of the preliminary observations document should be on residual risk. Residual risk is the remaining risk after management has taken action to mitigate the inherent risk with controls and other risk responses. Documenting the effect in terms of residual risk helps in understanding the potential impact of the observed issues on the organization if not addressed.
:
IIA Standards: 2310 - Identifying Information
IIA Practice Guide: Communicating the Results of an Audit

NEW QUESTION # 653
An internal auditor wants to obtain management's evaluation of the organizational risk culture.
Because there are more than 30 geographically dispersed managers, one-to-one interviews are not possible. Which of the following is the most efficient option for the auditor to adopt?

A. Send out an email asking those who have something to report on organizational risk culture to step forward.
B. Send out a survey with statements and request defined answers, such as "strongly agree" and "strongly disagree."
C. Send out a survey with a few open questions, such as "What is your impression of the risk culture in our organization?"
D. Send out an email asking managers to evaluate the risk culture and provide detailed justification.

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
To efficiently gather input from a large, geographically dispersed group, a structured survey with scaled responses (B) is most effective. This allows for easy comparison and aggregation of results. Options A and C are less efficient due to open-ended responses, while D is too narrow.

NEW QUESTION # 654
Which of the following evaluation criteria would be the most useful to help the chief audit executive determine whether an external service provider possesses the knowledge, skills, and other competencies needed to perform a review?

A. The relationship the service provider may have had with the organization or the activities being reviewed.
B. The financial interest the service provider may have in the organization.
C. The service provider's experience in the type of work being considered.
D. Compensation or other incentives that may be applicable to the service provider.

Answer: C

Explanation:
When selecting an external service provider, the CAE must ensure that the provider possesses the necessary knowledge, skills, and competencies relevant to the specific type of work being reviewed. This is best demonstrated by the provider's experience in the relevant field (Option D). The other options, such as financial interest (Option A), prior relationships (Option B), and compensation (Option C), are considerations for assessing potential conflicts of interest or independence but are not primary criteria for evaluating technical competency.
Reference:
IIA Standard 1210: Proficiency.
IIA Practice Guide on External Service Provider Arrangements.

NEW QUESTION # 655
Which of the following describes an internal auditor's responsibilities to include audit procedures to detect fraud in audits of a multinational organization?

A. If significant control weaknesses are detected, additional tests should be directed toward other indicators of fraud.
B. Internal auditors do not have any specific responsibilities with respect to including fraud-related audit procedures.
C. International Accounting Standards require the internal auditor to include audit procedures which would detect fraud if it would cause a material misrepresentation of the financial statements.
D. Proper audit procedures, when carried out with due professional care, will guarantee that fraud, if present, will be detected.

Answer: A

NEW QUESTION # 656
......

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