[Q117-Q135] Free IIA-CIA-Part2 Exam Files Downloaded Instantly UPDATED [2024]

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Free IIA-CIA-Part2 Exam Files Downloaded Instantly UPDATED [2024]

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QUESTION 117
According to IIA guidance, which of the following factors should the auditor in charge consider when determining the resource requirements for an audit engagement?

The number, experience, and availability of audit staff as well as the nature, complexity, and time constraints of the engagement.

The appropriateness and sufficiency of resources and the ability to coordinate with external auditors.

The number, proficiency, experience, and availability of audit staff as well as the ability to coordinate with external auditors.

The appropriateness and sufficiency of resources as well as the nature, complexity, and time constraints of the engagement.

QUESTION 118
Which of the following is a responsibility of the internal auditor once a fraud investigation has been concluded?

Ascertain the extent to which fraud has been perpetrated.

Notify the appropriate regulatory authorities regarding the outcome of the investigation.

Determine if controls need to be implemented or strengthened to reduce future vulnerability.

Implement controls to prevent future occurrences.

QUESTION 119
A chief audit executive (CAE) has decided to add an engagement to the current audit plan which will exceed available audit resources. Which of the following is the best course of action for the CAE to take?

Present the plan change to senior management and request additional resources before going to the board of directors.

Seek approval from senior management and the board of directors for the plan change and advise them of the issue of limited resources.

Add this change to the plan and request senior management to indicate which other engagement should be deleted to keep the overall plan within resource constraints.

Immediately seek additional resources from senior management and the board of directors to meet the needs of the organization.

QUESTION 120
Which of the following procedures would provide the best evidence of the effectiveness of a credit-granting function?

Observe the process.

Review the trend in receivables write-offs.

Ask the credit manager about the effectiveness of the function.

Check for evidence of credit approval on a sample of customer orders.

QUESTION 121
An internal audit activity is participating in the due diligence work for an acquisition that a company is considering. One engagement objective is to determine if the acquisition’s accounts payable contain all outstanding liabilities. Which of the following audit procedures would not be relevant for this objective?

Examine supporting documentation of subsequent (after-period) cash disbursements and verify period of liability.

Send confirmations, including zero-balance accounts, to vendors with whom the company normally does business.

Select a sample of accounts payable from the accounts payable list and verify the supporting receiving reports, purchase orders, and invoices.

Trace receiving reports issued before the period end to the related vendor invoices and accounts payable list.

QUESTION 122
The best method for assessing the relative importance of risk factors is to:

Change the rating of the factors from a 1-3 scale to a 1-5 scale.

Assign weights to the factors based on the comparative impact.

List the risk factors in a priority order.

Use data from an independent source.

QUESTION 123
An organization does not have a formal risk management function. According to the Standards, which of the following are conditions where the internal audit activity (IAA) may provide risk management consulting?
1. There is a clear strategy and timeline to migrate risk management responsibility back to management.
2. The IAA has the final approval on any risk management decisions.
3. The IAA does not give objective assurance on any part of the risk management framework for which it is responsible.
4. The nature of services provided to the organization is documented in the internal audit charter.

1, 2, and 3 only

1, 2, and 4 only

1, 3, and 4 only

2, 3, and 4 only

QUESTION 124
According to IIA guidance, which of the following are benefits to the internal audit activity when conducting an assurance mapping exercise?

Identification of gaps in risk coverage, and minimization of duplicate assurance efforts.

Identification of gaps in risk coverage, and consolidation of risk reporting efforts.

Resolution of identified testing errors, and minimization of duplicate assurance efforts.

Resolution of identified testing errors, and consolidation of risk reporting efforts.

QUESTION 125
Which of the followings statements describes a best practice regarding assurance engagement communication activities?

All assurance engagement observations should be communicated to the audit committee.

All assurance engagement observations should be included in the main section of the engagement communication.

During the “communicate” phase of an assurance engagement, it is best to define the methods and timing of engagement communications.

A detailed escalation process should be developed during the planning stage of an assurance engagement.

QUESTION 126
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?

Facilitate a control assessment to ensure all application risks were appropriately identified

Advise the project team on how to develop effective controls

Direct the project team to implement the appropriate controls within the software application

Provide assurance that the design of the controls will mitigate the identified application risks

QUESTION 127
An organization’s policies allow buyers to authorize expenditures up to $50,000 without any other approval. Which of the following audit procedures would be most effective in determining if fraud in the form of payments to fictitious companies has occurred?

Use generalized audit software to list all purchases over $50,000 to determine whether they were properly approved.

Develop a snapshot technique to trace all transactions by suspected buyers.

Use generalized audit software to take a random sample of all expenditures under
$50,000 to determine whether they were properly approved.

Use generalized audit software to select a sample of paid invoices to new vendors and examine evidence that shows that services or goods were received.

QUESTION 128
Which of the following would be most helpful to a governmental auditor searching for the existence of multiple welfare claims that were filed under different names but used the same address?

Tagging and tracing.

Generalized audit software.

Integrated test facility.

Spreadsheet analysis.

QUESTION 129
Which of the following is not relevant when developing recommendations for inclusion in audit reports?

Feasibility.

Cost of implementation.

Underlying causes.

Timing of follow-up.

QUESTION 130
During an audit of a major contract, an auditor finds that actual hours and dollars billed are consistently at or near budgeted amounts. This condition is a red flag for which of the following procurement fraud schemes?

Defective pricing.

Cost mischarging.

Fictitious vendor.

Bid rotation.

QUESTION 131
Which of the following would provide the greatest assurance of the accuracy of a computer program’s computation of freight charges for catalog sales?

Use discovery sampling, selecting transactions from invoices which should have freight charges added to them.

Use either test data or parallel simulation to test the computer application.

Use difference estimation, selecting transactions from invoices which should have freight charges added to them.

Use generalized audit software to select a monetary-unit sample of invoices that have been billed to customers.

QUESTION 132
Which of the following would most likely contribute to discrepancies between receiving reports and the number of units in a shipment?

Failing to compare the quality of goods received with specifications.

Using inadequate vendor selection procedures.

Accepting improper authorization for purchases.

Indicating the quantities ordered on the receiving department’s copy of the purchase order.

QUESTION 133
Which of the following is the best approach for obtaining feedback from engagement clients regarding the quality of internal audit work?

Ask questions during the exit interviews and send copies of the documented responses to the clients.

Call engagement clients after the exit interviews and send copies of the documented responses to the clients.

Distribute questionnaires to selected engagement clients shortly before preparing the internal audit annual activity report.

Provide questionnaires to engagement clients at the beginning of each engagement and request that the clients complete and return them after the engagements.

QUESTION 134
According to HA guidance, which of the following statements regarding audit workpapers is true?

Audit reports should include the workpapers as a reference for the audit conclusions.

The internal auditor’s workpapers are the primary reference for reported control deficiencies.

Ad-hoc communications with management of the area under review should be excluded from the workpapers.

Both draft and final versions of workpapers should be saved at the end of the engagement

QUESTION 135
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:

Ask management to test the recovery plan immediately.

Recommend that management and users update and test the recovery plan.

Update the recovery plan for management as part of the review.

Review the recovery plan and report weaknesses to management.

IIA-CIA-Part2 Exam is an excellent opportunity for internal auditors who are looking to advance their careers and demonstrate their expertise in the field. By earning the CIA designation, candidates can differentiate themselves in the job market, increase their earning potential, and gain access to a global network of internal auditing professionals.

IIA-CIA-Part2 exam is a certification offered by the Institute of Internal Auditors (IIA) that focuses on the Practice of Internal Auditing. Practice of Internal Auditing certification is designed to test an individual’s knowledge of internal audit principles, practices, and standards. The IIA-CIA-Part2 exam is one of three exams required to earn the Certified Internal Auditor (CIA) designation.

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