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IIA-CIA-Part2 Braindumps Real Exam Updated on Aug 12, 2022 with 600 Questions

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Q173. Which of the following would have the least impact (either positive or negative) on an assessment of a department’s control environment?

 The department managed long-term investments, including investment in derivatives and other financial instruments, to maximize return.

 The department manager sets a tone of honesty and integrity in all business dealings and this tone is emulated by department personnel.

 Many department functions were duplicated or verified by other department employees as part of the department’s normal procedures.

 Audit tests designed to verify compliance with control procedures detected a general failure to follow standard procedures for transaction authorization.

Section: Volume C

Q174. Which of the following would most likely include recommendations for process improvements?
—-
Due diligence engagement. Forensic investigation. Internal audit engagement. Consulting engagement.

 1, 2, and 3 only.

 1, 2, and 4 only.

 1, 3, and 4 only.

 2, 3, and 4 only.

Q175. Which of the following would constitute a violation of the IIA Code of Ethics?

 An internal auditor, who has recently joined the organization, has accepted an assignment to audit the electronics manufacturing division. The auditor previously served as senior auditor for the external audit of that division and has audited many electronics companies during the past two years.

 An internal auditor has accepted an assignment to audit the warehousing function six months from now. The auditor has no expertise in that area but has signed up for courses in warehousing that will be completed before the assignment begins.

 An internal auditor has no ambitions for promotion and has not engaged in training or other professional development activities during the last three years. The auditor’s performance assessments indicate consistent quality of work.

 An internal auditor discovered an internal financial fraud during the year, and the financial statements were adjusted to properly reflect the loss associated with the fraud. The auditor discussed the fraud with the external auditor during the external auditor’s review of the working papers detailing the incident.

Q176. What would be used to determine the collectability of accounts receivable balances?

 The file of related shipping documents.

 Negative accounts receivable confirmations.

 Positive accounts receivable confirmations.

 An aged accounts receivable listing.

Q177. When interrogating an individual who is suspected of fraud, it is appropriate to:

 Tell the individual that any information disclosed in the interrogation will not be disclosed outside of the company.

 Start the interview with questions to which the interviewer already knows the answer.

 Discontinue questioning once the individual has confessed to the fraud.

 Prepare a list of questions prior to the interrogation and strictly adhere to the list.

Q178. During an assurance engagement, an internal auditor discovered that a sales manager approved numerous sales contracts for values exceeding his authorization limit. The auditor reported the finding to the audit supervisor, noting that the sales manager had additional new contracts under negotiation. According to IIA guidance, which of the following would be the most appropriate next step?

 The audit supervisor should include the new contracts in the finding for the final audit report.

 The audit supervisor should communicate the finding to the supervisor of the sales manager through an interim report.

 The audit supervisor should remind the sales manager of his authority limit for the contracts under negotiation.

 The auditor should not reference the new contracts, because they are not yet signed and therefore cannot be included in the final report.

Q179. Which of the following would not be characteristic of control self-assessment implemented by an audit department?

 An auditor usually facilitates the discussion during the workshop phase while another records comments for subsequent use.

 Auditors and business-unit employees work as a team.

 Auditors perform traditional audit tests to identify control weaknesses.

 Participants discuss the control weaknesses that hinder the achievement of objectives.

Section: Volume B
Explanation

Q180. Which of the following activities would be performed during a benchmarking consulting engagement?
I. Collect data relevant to the benchmarking process.
II. Review all business processes.
III. Define critical success factors.
IV.
Identify performance gaps.

 I and III only

 II and IV only

 I, II, and III only

 I, III, and IV only

Q181. According to IIA guidance, which of the following procedures would be least effective in managing the risk of payroll fraud?

 The employee’s name listed on organization’s payroll is compared to the personnel records.

 Payroll time sheets are reviewed and approved by the timekeeper before processing.

 Employee access to the payroll database is deactivated immediately upon termination.

 Changes to payroll are validated by the personnel department before being processed.

Q182. When establishing the internal audit activity’s annual plan, which of the following would be the best source of potential audit engagement topics?

 The organization’s budget.

 Operations involving cash transactions.

 Recent changes in management objectives.

 Risk factors utilized in the organization’s risk models.

Section: Volume D

Q183. A chief audit executive (CAE) of a major retailer has engaged an independent firm of information security specialists to perform specialized internal audit activities. The CAE can rely on the specialists’ work only if it is:

 Performed in accordance with the terms of the contract.

 Carried out in accordance with the Standards.

 Performed under the supervision of the information technology department.

 Carried out using standard review procedures for retailers.

Section: Volume B
Explanation/Reference:

Q184. The internal audit activity can be involved with systems development continuously, immediately prior to implementation, after implementation, or not at all. An advantage of continuous internal audit involvement compared to the other types of involvement is that:

 The cost of audit involvement can be minimized.

 There are clearly defined points at which to issue audit comments.

 Redesign costs can be minimized.

 The threat of lack of audit independence can be minimized.

Section: Volume B
Explanation

Q185. An organization s inventory is stored m multiple warehouses. During an inventory audit which of the following activities would most benefit from the use of computerized audit tools?

 Verifying the existence of inventory items in each warehouse

 Assigning the tolerable deviation rate to determine the sample size

 Valuating the obsolete Inventory from all the warehouse locations

 Confirming that the purchased items are recorded In the correct period

Q186. Senior management of an organization has requested that the internal audit activity provide ongoing internal control training for all managerial personnel. This is best addressed by:

 A formal consulting engagement.

 An informal consulting engagement.

 A performance assurance engagement.

 An operational assurance engagement.

Q187. A draft internal audit report that cites deficient conditions generally should be reviewed with which of the following groups?
1. The client manager and her superior.
2. Anyone who may object to the report’s validity.
3. Anyone required to take action.
4. The same individuals who receive the final report.

 1 only

 1 and 2 only

 1, 2, and 3

 1, 2, and 4

Q188. Which of the following are key characteristics of enterprise risk management?
1.It considers risk in the formulation of strategy.
2.It applies risk management in some units of an entity.
3.It takes a portfolio view of risks throughout the enterprise.
4.It restricts the organization’s ability to seize opportunities inherent in future events.

 2 and 3 only

 1 and 3 only

 2 and 4 only

 1 and 4 only

Q189. Insurance companies often receive electronic hospitalization claims directly from hospitals. Which of the following control procedures would be most effective in detecting fraud in such an environment?

 Use integrated test facilities to test the accuracy of processing in a manner that is transparent to data processing.

 Develop monitoring programs to identify unusual types of claims or an unusual number of claims by demographic class for investigation by the claims department.

 Use generalized audit software to match the claimant identification number with a master list of valid policyholders.

 Develop batch controls over all items received from a particular hospital and process those claims in batches.

Section: Volume A

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Learn about the Certification Worth of IIA CIA Part 2 Exam?

Completing the IIA CIA Part 2 certification is a step towards success. The certification distinguishes you from other competitors and increases your chances of getting high paying jobs.

The Certified Internal Auditor (IIA CIA Part 2) exam is a certification exam that provides an opportunity to individuals who want to pursue their careers in the field of internal auditing. This certification exam is offered by the Institute of Internal Auditors (IIA). The main objective of this certification is to provide professional recognition and knowledge to the individuals with the purpose of increasing their understanding of internal auditing. IIA CIA Part 2 exam dumps are designed to help individuals prepare for this certification exam.

The Certified Internal Auditor (IIA CIA Part 2) exam is divided into three parts. Each part covers different concepts and ideas related to internal auditing such as audit process, conduct, internal control, risk assessment, monitoring activities, and reporting processes.

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