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The IIA IIA-CIA-Part2 exam is administered by the Institute of Internal Auditors (IIA), a global professional organization that is dedicated to advancing the internal audit profession. The IIA has been providing certification programs and training for internal auditors for over 70 years, and the IIA-CIA-Part2 exam is one of its most popular certification exams.
IIA-CIA-Part2 exam consists of 100 multiple-choice questions, which candidates must complete within two and a half hours. IIA-CIA-Part2 Exam is computer-based and available in English, Spanish, Portuguese, French, and German. Candidates must attain a minimum score of 600 out of 800 to pass the exam and earn the certification.
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IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is one of the most respected certifications in the field of internal auditing. It is offered by the Institute of Internal Auditors (IIA), which is the global leader in the internal audit profession. Internal Audit Engagement certification is designed to assess the knowledge and skills of internal auditors in the practice of internal auditing. It is a valuable credential for individuals who want to demonstrate their competence in this field.
NEW QUESTION # 770
Which of the following activities Is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?
Answer: A
Explanation:
Specialized Knowledge: Interrogating a suspected fraudster requires specialized knowledge and skills that go beyond the typical expertise of internal auditors. This includes understanding interrogation techniques, legal implications, and psychological aspects.
Fraud Specialist: A fraud specialist is trained in conducting investigations, including interrogations, and can provide valuable insights and evidence in cases of suspected fraud.
IIA Standards: According to Standard 1210.A2, internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization but are not expected to have the expertise of a person whose primary responsibility is detecting and investigating fraud.
Collaborative Approach:
* Fraud Investigations: Engaging a fraud specialist ensures that the investigation is conducted thoroughly and professionally, adhering to legal and ethical standards.
* Support to Internal Audit: The fraud specialist can provide support and guidance to the internal audit activity, enhancing the overall effectiveness of the fraud investigation.
References:
* Employing a fraud specialist to interrogate a suspected fraudster ensures that the investigation is handled with the necessary expertise and legal compliance, thereby increasing the chances of uncovering the truth and taking appropriate actions.
NEW QUESTION # 771
An internal auditor used a risk and control matrix to prepare a work program for testing a software release. During the engagement planning stage, he tested the design of the release procedure as a key control and concluded that the control was not designed well. During the performance stage, he tested the operation of this control and concluded that it was implemented as designed. Which of the following statements is true regarding this scenario?
Answer: B
Explanation:
If a control is found to be poorly designed during the planning stage, testing its operating effectiveness becomes redundant because even a well-implemented but poorly designed control will not achieve its intended objectives. The primary focus should be on redesigning the control to ensure it is effective in mitigating risks. Therefore, the auditor should not have proceeded to test the operational effectiveness of a control that was already deemed poorly designed.
Reference:
The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards)
"Auditing: A Risk-Based Approach to Conducting a Quality Audit" by Karla M. Johnstone et al.
NEW QUESTION # 772
Which of the following is the advantage of using internal control questionnaires (ICQs) as part of a preliminary survey for an engagement?
Answer: C
Explanation:
The primary advantage of using internal control questionnaires (ICQs) as part of a preliminary survey for an engagement is their efficiency. ICQs allow auditors to quickly gather a large amount of information about the control environment by asking structured questions that cover key areas of interest. This helps in identifying areas that require further investigation or where controls may need improvement.
IIA References:
* The IIA's Practice Guide on Evaluating Internal Controls mentions that ICQs are useful for obtaining an initial understanding of controls and are particularly efficient when time or resources are limited.
They allow auditors to systematically cover a wide range of control-related topics in a relatively short period.
NEW QUESTION # 773
An internal auditor at a bank informed the branch manager of a malfunctioning lock on one of the vaults. The risk associated with this issue was deemed significant by the chief audit executive (CAE), and immediate remediation was recommended. However, during a follow-up engagement, the branch manager told the CAE that the risk was actually not significant, hence no action was taken. What is the most appropriate next step for the CAE?
Answer: C
Explanation:
According to IIA Standard 2600: Communicating the Acceptance of Risks, the CAE must inform senior management and the board if management decides to accept a risk that may exceed the organization's risk appetite. The branch manager's unilateral decision without consulting senior management constitutes a governance issue. Escalating the matter ensures proper oversight and adherence to the organization's risk management framework. Options B, C, and D do not fulfill the CAE's responsibility to ensure appropriate communication and accountability at the senior management level.
NEW QUESTION # 774
An internal auditor has been asked to join a project team to help design controls in a software application to address specific risks that have been identified by the team Which of the following actions is most appropriate for the internal auditor to perform?
Answer: C
Explanation:
When an internal auditor is asked to join a project team to help design controls in a software application, the most appropriate action is to advise the project team on how to develop effective controls. This advisory role ensures that the internal auditor provides expert guidance on control design without becoming directly responsible for implementation, maintaining their independence and objectivity. This approach allows the internal auditor to contribute valuable insights while ensuring that controls are properly integrated into the application.
:
IIA Standard 2120: Risk Management
IIA Practice Guide: Information Technology Controls
NEW QUESTION # 775
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