[Jul 06, 2024] IIA-CIA-Part2 Exam Dumps PDF Updated Dump from Free4Dump Guaranteed Success
Pass Your IIA Exam with IIA-CIA-Part2 Exam Dumps
Earning the CIA designation is a significant accomplishment for internal auditors. It demonstrates their commitment to the profession and their expertise in the practice of internal auditing. The designation is recognized globally and can enhance an internal auditor's career prospects. Passing the IIA-CIA-Part2 Exam is an essential step in the certification process, and candidates should prepare thoroughly to ensure success. There are many resources available to help candidates prepare, including study materials, practice exams, and review courses.
NEW QUESTION # 176
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 management only, as there is no need to communicate this information to higher levels.
- 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 send the final report to operational and senior management and the audit committee.
- D. The CAE should notify operational and senior management that the audit engagement was completed with no significant findings to report.
Answer: B
NEW QUESTION # 177
An audit identified a number of weaknesses in the configuration of a critical client/server system. Although some of the weaknesses were corrected prior to the issuance of the audit report, correction of the rest will require between 6 and 18 months for completion. Consequently, management has developed a detailed action plan, with anticipated completion dates, for addressing the weaknesses. What is the most appropriate course of action for the chief audit executive to take?
- A. Assess the effectiveness of corrections by reviewing statistics related to unplanned system outages, and denials of service.
- B. Reassign information systems auditors to assist in implementing management's action plan.
- C. Assess the status of corrective action during a follow-up audit engagement after the action plan has been completed.
- D. Evaluate the ability of the action plan to correct the weaknesses and monitor key dates and deliverables.
Answer: D
NEW QUESTION # 178
An auditor evaluating excessive product rejection rates should investigatE.
I.
Communication between sales and production departments on sales returns.
II.
Volume of product sales year-to-date in comparison to prior year-to-date.
III.
Changes in credit ratings of customers versus sales to those customers.
IV.
Detailed product scrap accounts and accumulations.
- A. I and IV only
- B. I and III only
- C. I, II, III, and IV.
- D. II, III, and IV only
Answer: A
NEW QUESTION # 179
According to the Standards, which of the following is least important in determining the adequacy of an annual audit plan?
- A. Effective deployment.
- B. Appropriateness.
- C. Sufficiency.
- D. Cost effectiveness.
Answer: D
Explanation:
Section: Volume E
NEW QUESTION # 180
Which of the following would be the least desirable criteria against which to judge current operations of an organization's treasury function?
- A. Finance textbook illustrations of generally accepted good treasury function practices.
- B. Codification of best practices of the treasury function in relevant industries.
- C. The operations of the treasury function as documented during the last audit engagement.
- D. Company policies and procedures delegating authority and assigning responsibilities.
Answer: C
NEW QUESTION # 181
A company has recently incurred significant cost overruns on one of its construction projects. Management suspects that these overruns were caused by the contractor improperly accounting for costs related to contract change orders. Which of the following procedures would be appropriate for testing this suspicion?
I. Verify that the contractor has not charged change orders with costs that have already been billed to the original contract.
II. Determine if the contractor has billed for original contract work that was canceled as a result of change orders.
III. Verify that the change orders were properly approved by management.
- A. I and III only
- B. I and II only
- C. III only
- D. I only
Answer: B
NEW QUESTION # 182
The chief audit executive (CAE) is adding a new audit position to the team. According to the International Professional Practices Framework, which of the following candidates would the CAE be least likely to accept for the position?
- A. The candidate is knowledgeable about potential indicators of fraud including typical risks, but has only participated as a staff auditor in one investigative fraud audit.
- B. The candidate is applying for an IT audit position, while originally coming from an IT background, but has only experiences of financial and compliance audits in the previous position.
- C. The candidate meets the minimum educational requirements established by the chief audit executive, but has less formal education than any of the other candidates being considered.
- D. The candidate provides examples of previous reports demonstrating excellent writing skills, but lacks ability to clearly communicate ideas and conclusions in a meeting.
Answer: D
Explanation:
Section: Volume D
NEW QUESTION # 183
In response to an accounts receivable confirmation, a customer indicated that the invoice listed on the confirmation letter had been paid two months earlier.
This may indicate that:
- A. The receivable should be written off.
- B. The customer is a bad credit risk.
- C. Fraudulent activity has occurred.
- D. The receivable was selected for confirmation in error.
Answer: C
NEW QUESTION # 184
Which of the following is a justifiable reason for omitting advance client notice when planning an audit engagement?
- A. The audit engagement has already been communicated and approved through the annual audit plan.
- B. Previous management action plans addressing prior internal audit recommendations remain incomplete.
- C. Advance notice may result in management making corrections to reduce the number of potential deficiencies.
- D. The engagement includes audit assurance procedures such as sensitive or restricted asset verifications.
Answer: D
NEW QUESTION # 185
An organization has adopted an enterprise-wide risk management process and has appointed a chief risk officer (CRO) to manage the process. The board has requested that the audit committee have oversight over the risk management function. Which of the following statements is not true regarding this situation?
- A. The chief audit executive has the mandate to conduct risk assessments and give assurance to the audit committee.
- B. The audit committee, on behalf of the board, has overall responsibility for the risk management process in the organization.
- C. Senior management is accountable to the board for monitoring the system of internal controls.
- D. The audit committee should get assurance on the adequacy and effectiveness of the risk management process from the CRO.
Answer: D
NEW QUESTION # 186
If participants in a control self-assessment workshop begin breaking their agreed-upon ground rules, the facilitator should:
- A. Allow them to continue briefly and then remind them of the ground rules.
- B. Have the participants modify the ground rules.
- C. Ignore the behavior and continue the workshop.
- D. Strictly enforce the ground rules.
Answer: A
NEW QUESTION # 187
The balanced scorecard approach differs from traditional performance measurement approaches because it adds which of the following measures?
I. Financial measures.
II. Internal business process measures.
III. Client satisfaction measures.
IV.
Innovation and learning measures.
- A. II and IV only
- B. III and IV only
- C. II, III, and IV only
- D. I only
Answer: C
NEW QUESTION # 188
Which of the following actions are appropriate for the chief audit executive to perform when identifying audit resource requirements?
1. Consider employees from other operational areas as audit resources, to provide additional audit coverage in the organization.
2. Approach an external service provider to conduct internal audits on certain areas of the organization, due to a lack of skills in the organization.
3. Suggest to the audit committee that an audit of technology be deferred until staff can be trained, due to limited IT audit skills among the audit staff.
4. Communicate to senior management a summary report on the status and adequacy of audit resources.
- A. 2, 3, and 4
- B. 1 and 3 only
- C. 1, 2, and 4
- D. 2 and 4 only
Answer: C
NEW QUESTION # 189
Upon concluding the engagement fieldwork an internal auditor discusses the audit findings with operational management There is a greater likelihood that the auditor will obtain a responsive action plan from management when both parties agree on which of the following attributes of the audit finding?
- A. Effect
- B. Condition
- C. Cause
- D. Criteria
Answer: A
NEW QUESTION # 190
Which of the following factors is least essential to a successful control self-assessment workshop?
- A. Facilitation training.
- B. Group dynamics.
- C. Voting technology.
- D. Prior planning.
Answer: C
NEW QUESTION # 191
According to IIA guidance, which of the following are potential benefits of using an assurance map?
- A. Enhanced effectiveness of assurance providers, and improved relevance of assurance recommendations.
- B. Identification of duplicate or overlapping assurance activities, and improved relevance of assurance recommendations.
- C. Indication of any gaps in assurance coverage, and improved relevance of assurance recommendations.
- D. Indication of gaps in assurance coverage, and enhanced effectiveness of assurance providers.
Answer: D
NEW QUESTION # 192
Which of the following conditions are necessary for successful change management?
1. Decisions and necessary actions are taken promptly.
2. The traditions of the organization are respected.
3. Changes result in improvement or reform.
4. Internal and external communications are controlled.
- A. 2 and 4
- B. 1 and 3
- C. 1 and 2
- D. 2 and 3
Answer: B
Explanation:
Section: Volume E
NEW QUESTION # 193
......
For more info visit:
New Real IIA-CIA-Part2 Exam Dumps Questions: https://passleader.free4dump.com/IIA-CIA-Part2-real-dump.html