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The Practice of Internal Auditing exam, IIA-CIA-Part2, is the second part of the three-part CIA certification program. IIA-CIA-Part2 exam covers topics such as internal audit governance, risk management, fraud risks, and controls, and the internal audit process. IIA-CIA-Part2 Exam is designed to assess the candidate's ability to apply the principles of internal auditing to real-world scenarios.
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IIA-CIA-Part2 exam is a critical certification for individuals who want to excel in the field of internal auditing. IIA-CIA-Part2 Exam covers a wide range of topics related to internal auditing and tests candidates' knowledge, skills, and abilities in the practice of internal auditing. Passing the exam is a key step towards obtaining the CIA certification, which is widely recognized and respected in the industry. Candidates can prepare for the exam by taking advantage of various study resources and training programs offered by the IIA and other organizations.
NEW QUESTION # 422
Which of the following actions are appropriate for the chief audit executive to perform when identifying audit resource requirements?
1. Consider employees from other operational areas as audit resources, to provide additional audit coverage in the organization.
2. Approach an external service provider to conduct internal audits on certain areas of the organization, due to a lack of skills in the organization.
3. Suggest to the audit committee that an audit of technology be deferred until staff can be trained, due to limited IT audit skills among the audit staff.
4. Communicate to senior management a summary report on the status and adequacy of audit resources.
Answer: C
Explanation:
Section: Volume E
NEW QUESTION # 423
According to IIA guidance, which of the following reflects a characteristic of sufficient and reliable information?
Answer: A
Explanation:
According to IIA guidance, sufficient and reliable information is characterized by the ability to reach consistent audit conclusions regardless of who performs the audit. This means that the information collected during the audit is adequate, factual, and well-documented so that different auditors would be able to draw the same conclusions based on the evidence. Consistency in audit conclusions enhances the reliability and credibility of the audit process.
The Institute of Internal Auditors (IIA) Practice Guide: Quality Assurance and Improvement Program IIA Standard 2310 - Identifying Information IIA Standard 2330 - Documenting Information
NEW QUESTION # 424
An internal auditor observes a double payment transaction on a supplier invoice during an accounts payable engagement. Which of the following steps would be the most effective in helping the auditor determine whether fraud exists?
Answer: A
Explanation:
The most effective step in helping the auditor determine whether fraud exists after observing a double payment transaction on a supplier invoice is to perform data analytics on the supplier's information, invoiced amounts, and payments performed. Data analytics allows the auditor to systematically analyze large volumes of transactions to identify patterns, anomalies, and potential fraudulent activities. This approach is more comprehensive and effective in uncovering fraud than simply extending the audit scope or switching to a fraud investigation engagement without a thorough initial analysis.
Reference:
IIA Standards: 1220.A1 - Due Professional Care
IIA Practice Guide: Auditing for Fraud
NEW QUESTION # 425
After concluding a preliminary assessment, the engagement supervisor prepared a draft work program According to HA guidance which of the following would be tested by this program?
Answer: A
Explanation:
According to IIA guidance, a draft work program prepared by the engagement supervisor after concluding a preliminary assessment would test the process controls. The work program outlines the specific procedures and steps the internal audit team will take to evaluate the effectiveness of the controls in place to mitigate identified risks.
:
IIA Standards: 2240 - Engagement Work Program
IIA Practice Guide: Engagement Planning
NEW QUESTION # 426
Which of the following statements is true regarding internal controls?
Answer: D
Explanation:
Entity-level controls set the tone and establish the framework for the overall control environment within an organization. If these controls are poorly designed or deficient, they can undermine the effectiveness of process-level controls, even if those controls are well-designed. Entity-level controls include governance, risk management, and compliance controls that influence the entire organization. Therefore, deficiencies at this level can have a widespread impact, preventing lower-level controls from functioning properly.
Reference:
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2130 - Control.
NEW QUESTION # 427
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