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IIA-CIA-Part2 Exam is the second part of the Certified Internal Auditor (CIA) designation, which is globally recognized as the standard for excellence in the internal auditing profession. IIA-CIA-Part2 exam consists of 100 multiple-choice questions and is timed for two and a half hours. Candidates who pass the exam earn the CIA designation and are recognized as experts in the field of internal auditing.
Earning the IIA-CIA-Part2 Certification can open up a world of opportunities in the field of internal auditing. Internal Audit Engagement certification demonstrates the candidate's commitment to the profession and their ability to apply the principles of internal auditing to practical situations. It also demonstrates the candidate's commitment to ongoing education and professional development.
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IIA-CIA-Part2 exam covers a wide range of topics related to internal auditing, including internal control and risk management, fraud detection and prevention, governance and ethics, and communication skills. IIA-CIA-Part2 Exam consists of 100 multiple-choice questions, which must be completed within 2.5 hours. To pass the exam, candidates must achieve a minimum score of 600 out of a possible 800 points.
NEW QUESTION # 341
An internal auditor wants to examine the intensity of correlation between electricity price and wind speed.
Which of the following analytical approaches would be most appropriate for this purpose?
Answer: C
Explanation:
A scatter diagram plots two variables on a graph to examine whether there is a correlation or relationship.
Here, electricity price and wind speed can be plotted to test if changes in one relate to changes in the other.
* A Gantt chart (A) is for project scheduling.
* A RACI chart (C) clarifies roles and responsibilities.
* A SIPOC diagram (D) maps processes.
Therefore, the best analytical tool for correlation analysis is the scatter diagram.
NEW QUESTION # 342
Which of the following statements about including consulting engagements in the annual internal audit plan is true?
Answer: B
Explanation:
According to the International Standards for the Professional Practice of Internal Auditing (Standards) set by the Institute of Internal Auditors (IIA), internal audit functions are allowed flexibility in including consulting engagements in their annual plans. Standard 2010 - Planning states that "the chief audit executive must establish a risk-based plan to determine the priorities of the internal audit activity, consistent with the organization's goals." This risk-based plan should consider the potential value-add of consulting engagements. Consulting engagements that are expected to add significant value or align with strategic objectives are often included, but not all requests need to be automatically included unless they meet these criteria.
Reference:
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2010 - Planning.
NEW QUESTION # 343
An internal auditor completed a review of expenses related to the launch of a new project. The auditor sampled 45 transactions approved by a senior project manager and identified 30 with questionable vendor documentation. Which of the following is the most appropriate conclusion for the auditor to include in the audit report?
Answer: A
Explanation:
The most appropriate conclusion for the auditor to include in the audit report is that the organization had weaknesses in its review process which allowed questionable transactions with some vendors. This conclusion directly addresses the identified issue of questionable vendor documentation and implies that there are control deficiencies in the review process that need to be addressed to prevent such occurrences in the future.
IIA Standards: 2410 - Criteria for Communicating
IIA Practice Guide: Reporting and Monitoring
NEW QUESTION # 344
An employee in the sales department completes a purchase requisition and forwards it to the purchaser. The purchaser places competitive bids and orders the requested items using approved purchase orders. When the employee receives the ordered items, she forwards the packing slips to the accounts payable department. The invoice for the ordered items is sent directly to the sales department, and an administrative assistant in the sales department forwards the invoices to the accounts payable department for payment. Which of the following audit steps best addresses the risk of fraud in the cash receipts process?
Answer: A
NEW QUESTION # 345
Which of the following recommendation types is most likely to propose the most long-term solutions?
Answer: D
Explanation:
Root cause-based recommendations are most likely to propose long-term solutions. These recommendations address the underlying causes of issues rather than just the symptoms. By identifying and addressing the root causes, the solutions implemented are more likely to be effective in preventing the recurrence of the same or similar issues in the future.
* Root Cause Analysis: This involves a thorough investigation to identify the fundamental reasons for the occurrence of a problem. It goes beyond immediate symptoms to understand the deeper issues.
* Long-term Solutions: Recommendations based on root cause analysis focus on eliminating the underlying causes, leading to sustainable improvements and reducing the likelihood of repeat issues.
* Systemic Improvements: Addressing root causes often leads to changes in processes, controls, or organizational practices, resulting in broader and more lasting benefits.
By focusing on the root cause, the recommendations provide more robust and enduring solutions, contributing to the overall improvement and resilience of the organization.
:
The Institute of Internal Auditors (IIA) Standards
IIA Practice Guide: Root Cause Analysis in Internal Auditing
NEW QUESTION # 346
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