[Oct 25, 2021] DumpsActual IIA-CIA-Part2 dumps & Certified Internal sure practice dumps
IIA IIA-CIA-Part2 Actual Questions and Braindumps
IIA IIA-CIA-Part2 Exam Syllabus Topics:
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NEW QUESTION 85
An internal auditor submitted a report containing recommendations for management to enhance internal controls related to investments. To follow up, which of the following is the most appropriate action for the internal auditor to take?
- A. Seek a management assurance declaration.
- B. Conduct appropriate testing to verify management responses.
- C. Follow up during the next scheduled audit.
- D. Observe corrective measures.
Answer: B
NEW QUESTION 86
An audit of management's quality program includes testing the accuracy of the cost-of-quality reports provided to management. Which of the following internal control objectives is the focus of this testing?
- A. To ensure the accomplishment of established objectives and goals for operations or programs.
- B. To ensure the economical and efficient use of resources.
- C. To ensure compliance with policies, plans, procedures, laws, and regulations.
- D. To ensure the reliability and integrity of information.
Answer: D
NEW QUESTION 87
An internal auditor is assessing the organization's risk management framework. Which of the following formulas should he use to calculate the residual risk?
A)
B)
C)
D)
- A. Option D
- B. Option A
- C. Option C
- D. Option B
Answer: D
Explanation:
Section: Volume E
NEW QUESTION 88
A post-audit questionnaire sent to audit clients is an effective mechanism for:
- A. Substantiating audit observations.
- B. Validating process flow.
- C. Promoting the internal audit activity.
- D. Improving future audit engagements.
Answer: D
NEW QUESTION 89
Which of The following best describes a risk that is deemed "unacceptable" to the organization?
- A. A risk where likelihood and impact are high
- B. A risk where residual risk exceeds the tolerance level
- C. A risk where inherent risk exceeds its residual risk
- D. A risk where inherent risk exceeds the tolerance level
Answer: B
NEW QUESTION 90
The final internal audit report should be distributed to which of the following individuals?
- A. Audit client management, executive management, and any those who request a copy.
- B. Audit client management, executive management, and others approved by the chief audit executive.
- C. Executive management only
- D. Audit client management only
Answer: B
NEW QUESTION 91
If an organization's chief audit executive wants to implement continuous auditing, what is the appropriate order in which key steps should be undertaken?
I. Identify business applications that require access.
II. Implement steps to continuously assess risks and controls.
III. Define objectives of continuous auditing.
IV.
Manage and report results.
- A. II, I, III, IV.
- B. III, I, IV, II.
- C. II, III, I, IV.
- D. III, I, II, IV.
Answer: D
NEW QUESTION 92
Which of the following situations would best support the decision of a chief audit executive (CAE) to defer follow-up activity at a branch office until the next audit engagement?
- A. Branch office management states that correction of the audit issue may take longer than expected.
- B. An audit of the branch office is routinely scheduled every three years.
- C. The CAE and management agree that the corrective action taken to date is sufficient.
- D. On-site follow-up of a remote branch may not be feasible due to travel costs.
Answer: C
NEW QUESTION 93
Which of the following components should be included in an audit finding?
1. The scope of the audit.
2. The standard(s) used by the auditor to make the evaluation.
3. The engagement's objectives.
4. The factual evidence that the internal auditor found in the course of the examination.
- A. 1 and 3 only
- B. 1 and 2
- C. 1, 3, and 4
- D. 2 and 4
Answer: D
NEW QUESTION 94
An auditor decides to perform an inventory turnover analysis for both raw materials inventory and finished goods inventory. The analysis would be potentially useful in:
I.Identifying products for which management has not been attuned to changes in market demand.
II.
Identifying potential problems in purchasing activities.
III.
Identifying obsolete inventory.
- A. I, II, and III.
- B. III only.
- C. I and II only.
- D. II and III only.
Answer: A
NEW QUESTION 95
Which of the following statements is correct regarding the use of a program evaluation and review technique (PERT) model?
* It makes use of a probability model to arrive at a realistic estimate of time necessary for completion of the audit engagement.
* It requires that activities are performed in sequence such that each task is completed before the commencement of the next activity.
* It remains fixed once completed to act as a baseline for measuring the performance of the audit staff following completion of the engagement.
* It begins with the auditor-in-charge identifying the overall scope and then breaking down the audit engagement into identifiable activity units.
- A. 1 and 3 only
- B. 1 and 4 only
- C. 2 and 3 only
- D. 2 and 4 only
Answer: B
NEW QUESTION 96
Which of the following files, when compared with billing records, would provide the best source of information for determining if all goods shipped are billed to customers?
- A. Accounts receivable transactions.
- B. Pre-numbered shipping documents.
- C. Pre-numbered customer invoices.
- D. Customer purchase orders.
Answer: B
Explanation:
Section: Volume A
Explanation
NEW QUESTION 97
When setting the scope for the identification and assessment of key risks and controls in a process, which of the following would be the least appropriate approach?
- A. Develop the scope of the audit based on a bottom-up perspective to ensure that all business objectives are considered.
- B. Specify that the auditors need to assess only key controls, but may include an assessment of non-key controls if there is value to the business in providing such assurance.
- C. Ensure the audit includes an assessment of manual and automated controls to determine whether business risks are effectively managed.
- D. Develop the scope of the audit to include controls that are necessary to manage risk associated with a critical business objective.
Answer: A
NEW QUESTION 98
During an information security audit, an auditor discovers that the current disaster recovery plan was developed three years ago but never tested. There have been significant changes to information systems since the plan was developed. The auditor should:
- A. Ask management to test the recovery plan immediately.
- B. Review the recovery plan and report weaknesses to management.
- C. Update the recovery plan for management as part of the review.
- D. Recommend that management and users update and test the recovery plan.
Answer: D
NEW QUESTION 99
Which of the following actions has the least influence on the chief audit executive's development of an audit plan?
- A. Changes in the organizations structure or budget.
- B. An evaluation of the complexity of each audit engagement.
- C. Input from senior management and the board.
- D. An assessment of risk and exposures affecting the organization.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION 100
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