Pass Your IIA IIA-CIA-Part2 Exam with Correct 600 Questions and Answers
Latest [Oct 30, 2021] 2021 Realistic Verified IIA-CIA-Part2 Dumps
IIA IIA-CIA-Part2 Exam Syllabus Topics:
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NEW QUESTION 282
When interviewing an individual suspected of fraud, what type of questions would be asked after the introductory questions?
- A. Admission-seeking questions.
- B. Informational questions.
- C. Assessment questions.
- D. Closing questions.
Answer: B
NEW QUESTION 283
An appliance repair company is considering relocating the center that houses its service vehicles. An internal auditor wants to determine the potential reduction in average miles driven by the service vehicles if the center is relocated. Which of the following statistical sampling methods would be most appropriate for this test?
- A. Discovery sampling.
- B. Mean-per-unit sampling.
- C. Attributes sampling.
- D. Probability-proportional-to-size sampling.
Answer: B
NEW QUESTION 284
After becoming aware of control weaknesses indicating that a fraud could have been committed, which of the following actions should an internal auditor take next?
- A. Perform tests directed toward the identification of other fraud indicators.
- B. Recommend that a fraud investigation be conducted involving internal auditors, lawyers, investigators, security personnel, and other specialists, as appropriate.
- C. Issue a written report identifying the control weaknesses.
- D. Notify external auditors of the suspicion that fraud has been committed.
Answer: A
NEW QUESTION 285
Which of the following data sources would provide the least valid data for an audit of a retail store's customer service?
- A. A graph that compares staffing levels for selected times with store traffic (number of customers) over the same time period.
- B. Interviews of randomly selected service personnel regarding the quality of service that they provide.
- C. A random survey of customer satisfaction given to customers as they leave the store.
- D. A graph of customer service training across stores, comparing training with overall levels of service satisfaction.
Answer: B
NEW QUESTION 286
An internal auditor is conducting tests to determine if an organization is in compliance with its payment approval policies. After reviewing a sample of vouchers selected, the internal auditor concluded that there were indicators of fraud. Which of the following would be the most appropriate method to expand the audit test to achieve the audit objective?
I.Validate the completeness of the accounts payable files.
II.
Examine the sample of vouchers in greater detail.
III.
Increase the number of vouchers in the sample.
IV.
Broaden the scope of the examination to include credits received by accounts payable.
- A. I, III, and IV only.
- B. I, II, and IV only.
- C. II and III only.
- D. I and II only.
Answer: C
NEW QUESTION 287
While developing a risk based audit plan, which of the following sources of information would provide the least value to the chief audit executive?
- A. User acceptance testing of the organization's enterprise resource planning application.
- B. Results from the organization's business process management program.
- C. Risk assessments conducted by the board.
- D. Key business strategies adopted by the organization in the strategic plan.
Answer: A
Explanation:
Section: Volume D
NEW QUESTION 288
During the development of a purchasing system, an auditor reviewed the payment authorization program. Which of the following actions should the auditor recommend for a situation in which the quantity invoiced is greater than the quantity received?
- A. Authorize payment of the full invoice, but maintain an open purchase order record for the missing goods.
- B. Pay the amount billed and adjust the inventory account for the difference.
- C. Issue an exception report.
- D. Return the invoice to the vendor for correction.
Answer: C
NEW QUESTION 289
A code of ethics within the internal auditing profession is necessary in order to:
- A. Require members of the profession to exhibit loyalty in all matters pertaining to the affairs of their organization.
- B. Provide guidance to internal auditors in their service to others.
- C. Reduce the likelihood that members of the profession will be sued for substandard work.
- D. Ensure that all members of the profession perform at approximately the same level of competence.
Answer: B
Explanation:
Section: Volume A
NEW QUESTION 290
After finalizing an assurance engagement concerning safety operations in the oil mining process, the audit team concluded that no key controls were compromised. However, some opportunities for improvement were noted. Which of the following would be the most appropriate way for the chief audit executive (CAE) to report these results?
- A. The CAE should send the final report to operational and senior management and the audit committee.
- B. The CAE should send the final report to operational management and notify senior management and the audit committee that no significant findings were identified.
- C. The CAE should notify operational and senior management that the audit engagement was completed with no significant findings to report.
- D. The CAE should send the final report to operational management only, as there is no need to communicate this information to higher levels.
Answer: B
Explanation:
Section: Volume E
NEW QUESTION 291
Which of the following is a red flag associated with improper asset valuation?
- A. Unusual decrease in the number of days' purchases in inventory.
- B. Recurring positive cash flows from operations.
- C. Allowance for bad debts that is increasing in percentage terms.
- D. Unusual increase in gross margin.
Answer: D
NEW QUESTION 292
After completing a fraud investigation but before publishing a formal written report, the chief audit executive should submit a draft of the final report to the organization's:
- A. Chief executive officer.
- B. External auditor.
- C. Legal counsel.
- D. Audit committee chairperson.
Answer: C
NEW QUESTION 293
According to IIA guidance,when performing a compliance audit of data security standards for a large e- commerce retailer, which of the following would represent the least likely area of risk exposure?
- A. Change or configuration risks.
- B. Physical security risks.
- C. Access risks.
- D. Operational risks.
Answer: B
NEW QUESTION 294
An internal auditor has completed an audit of an organization's activities and is ready to issue a report.
However, the client disagrees with the internal auditor's conclusions. The auditor should:
- A. Issue the audit report and omit the client's conclusion as it is not the opinion of the internal auditor.
- B. Withhold the issuance of the audit report until agreement on the issues is obtained.
- C. Perform additional work, with the client's concurrence, to resolve the areas of disagreement and delay the issuance of the report until agreement is reached.
- D. Issue the audit report and state both the auditor and client positions and the reasons for the disagreement.
Answer: D
NEW QUESTION 295
Which of the following represents appropriate evidence of supervisory review of engagement workpapers?
I. A supervisor's initials on each workpaper.
II. An engagement workpaper review checklist.
III. A memorandum specifying the nature, extent, and results of the supervisory review of workpapers.
IV. Performance appraisals that assess the quality of workpapers prepared by auditors.
- A. II and IV only
- B. I, III, and IV only
- C. I, II, III, and IV.
- D. I, II, and III only
Answer: D
Explanation:
Section: Volume B
NEW QUESTION 296
What is the most important risk in determining the validity of construction delay claims?
- A. Contractor claims may be understated.
- B. Contractor claims may be submitted prior to completion of the work.
- C. Contractor claims may include subcontractor estimates of balances due to the subcontractor.
- D. Contractor claims may include costs considered in the fixed-price portion of the work.
Answer: D
Explanation:
Section: Volume A
Explanation/Reference:
NEW QUESTION 297
An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?
- A. Audit risk management processes.
- B. Accept management's responsibility for risk management without board approval.
- C. Become involved in risk oversight committees, monitoring activities, and status reporting.
- D. Manage and coordinate risk management processes.
Answer: B
NEW QUESTION 298
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