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IIA-CIA-Part2 exam is designed to evaluate the candidate's expertise in the practice of internal auditing. IIA-CIA-Part2 exam consists of 100 multiple-choice questions that cover various topics, including internal control and risk management, internal audit engagement, conducting internal audit engagements, internal audit reporting, and governance. IIA-CIA-Part2 exam is computer-based and can be taken at authorized testing centers worldwide. Passing IIA-CIA-Part2 exam requires a score of 600 out of 800. Internal Audit Engagement certification is valid for three years, and professionals must earn continuing education credits to maintain their certification.
IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is a globally recognized certification that is designed for individuals who are interested in pursuing a career in internal auditing. IIA-CIA-Part2 Exam is conducted by the Institute of Internal Auditors (IIA) and is one of the most comprehensive exams in the field of internal auditing. Internal Audit Engagement certification provides a comprehensive understanding of internal auditing practices, processes, and principles.
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IIA-CIA-Part2 exam is a certification exam offered by the Institute of Internal Auditors (IIA) that focuses on the practice of internal auditing. IIA-CIA-Part2 Exam is designed to test the knowledge and skills of candidates in areas such as internal audit planning, execution, communication, and risk management. Internal Audit Engagement certification is highly respected in the internal audit profession as it demonstrates a level of competence and expertise in the practice of internal auditing.
NEW QUESTION # 486
During an operational audit of a chain of pizza delivery stores, an auditor determined that cold pizzas were causing customer dissatisfaction. A review of oven calibration records for the last six months revealed that adjustments were made on over 40 percent of the ovens. Based on this, the auditor:
Answer: C
NEW QUESTION # 487
To which of the following aspects should the chief audit executive give the most consideration while communicating an identified unacceptable risk to management?
Answer: A
Explanation:
The chief audit executive should give the most consideration to the organization's risk management policy when communicating an identified unacceptable risk to management. The risk management policy outlines the organization's approach to managing risk, including risk tolerance levels, risk appetite, and the procedures for identifying, assessing, and mitigating risks. By aligning the communication with the risk management policy, the CAE ensures that the discussion about unacceptable risk is framed within the context of the organization's established risk management framework, facilitating a more structured and effective response from management.References: The IIA's International Standards for the Professional Practice of Internal Auditing, Standard 2010 - Planning and COSO's Enterprise Risk Management Framework.
NEW QUESTION # 488
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: C
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.
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 # 489
An internal auditor has been assigned to perform a quality audit on a manufacturing plant. Which course of action should the auditor perform first?
Answer: B
Explanation:
Section: Volume C
Explanation
NEW QUESTION # 490
An internal audit manager assigns an audit team to test purchase transactions by selecting a sample from transactions processed by each of the three procurement officers.
Which of the following techniques will help the audit team achieve this sampling objective?
Answer: B
Explanation:
Stratified sampling is a technique that involves dividing a population into subgroups (strata) that share similar characteristics and then taking a sample from each subgroup. In the context of testing purchase transactions by different procurement officers, the transactions can be stratified based on the officers, ensuring that the audit team selects a sample that represents each officer's transactions. This method helps in achieving a more accurate and reliable assessment of the procurement process across all officers.
The Institute of Internal Auditors (IIA), Practice Guide on Sampling
"Auditing and Assurance Services: An Integrated Approach" by Alvin A. Arens, Randal J. Elder, Mark S.
Beasley
NEW QUESTION # 491
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