IIA IIA-CIA-PART2 Online Practice Questions and Exam Preparation

IIA IIA-CIA-PART2 Online Questions & Answers

• Question 231:

  Which of the following methodologies consists of the internal auditor holding individual meetings with different people, asking them the same questions, and aggregating the results?

  A. Facilitated workshops.
  B. Surveys.
  C. Structured interviews.
  D. Elicitation.
  C. Structured interviews.

• Question 232:

  An internal audit team is planning a regulatory compliance audit. Which of the following candidates would be the optimal resource to be assigned to this engagement?

  A. A compliance specialist who works in the regulatory compliance department and has 10 years of direct regulatory experience.
  B. A cosourced regulatory compliance specialist who has one year of prior audit experience.
  C. An internal auditor who has five years of data-analysis experience.
  D. An internal auditor who was recently hired from the regulatory compliance department.
  B. A cosourced regulatory compliance specialist who has one year of prior audit experience.

• Question 233:

  The newly appointed chief audit executive (CAE) of a large multinational corporation, with seasoned internal audit departments located around the world, is reviewing responsibilities for engagement reports. According to IIA guidance, which of the following statements is true?

  A. The CAE is required to review, approve, and sign every engagement report.
  B. The CAE is required to review, approve, and sign all regulatory compliance engagement reports only
  C. The CAE may delegate responsibility for reviewing, approving and signing engagement reports, but should review the reports after they are issued.
  D. The internal audit charter must identify authorized signers of engagement reports.
  C. The CAE may delegate responsibility for reviewing, approving and signing engagement reports, but should review the reports after they are issued.

• Question 234:

  According to IIA guidance which of the following statements is true regarding heat maps?

  A. A heat map sets likelihood to have higher priority than impact.
  B. A heat map sets impact to have higher priority than likelihood.
  C. A heat map recognizes that the priority of impact and likelihood can vary.
  D. A heat map recognizes impact and likelihood as equally important
  C. A heat map recognizes that the priority of impact and likelihood can vary.

• Question 235:

  Which of the following information is most appropriate for the chief audit executive to share when coordinating audit plans with other internal and external assurance providers?

  A. Objectives, scope, and timing at a high level to support coordination while adhering to confidentiality requirements.
  B. The area and timing of the audit engagement to ensure confidentiality and avoid conflict of interest.
  C. All plan information, including risk assessments, planned tests, and past results to maximize the opportunity for coordination and efficiency with internal and external providers.
  D. No information should be shared with internal and external providers, as it could introduce bias into the engagement results.
  B. The area and timing of the audit engagement to ensure confidentiality and avoid conflict of interest.

• Question 236:

  When determining if appropriate resources exist to achieve engagement objectives, which of the following factors should a chief audit executive consider?

  1.Nature and complexity of the audit engagement.

  2.Time constraints.

  3.Effectiveness of the audit committee.

  4.Availability of resources for the engagement.

  A. 1 and 2 only
  B. 1, 2, and 3 only
  C. 1, 2, and 4 only
  D. 1, 3, and 4 only
  C. 1, 2, and 4 only

• Question 237:

  The internal audit activity (IAA) wants to measure its performance related to the quality of audit recommendations. Which of the following client survey questions would best help the IAA meet this objective?

  A. Were audit findings relevant and useful to management?
  B. Does the audit report format present issues clearly and concisely?
  C. Does the IAA work with a high degree of professionalism and objectivity?
  D. Were the findings reported in a timely manner?
  A. Were audit findings relevant and useful to management?

• Question 238:

  After partially completing an internal control review of the accounts payable department, an auditor suspects that some type of fraud has occurred. To ascertain whether the fraud is present, the best sampling approach would be to use.

  A. Simple random sampling to select a sample of vouchers processed by the department during the past year.
  B. Probability-proportional-to-size sampling to select a sample of vouchers processed by the department during the past year.
  C. Discovery sampling to select a sample of vouchers processed by the department during the past year.
  D. Judgmental sampling to select a sample of vouchers processed by clerks who were identified by the department manager as acting suspiciously.
  C. Discovery sampling to select a sample of vouchers processed by the department during the past year.

• Question 239:

  In an organization with a large internal audit activity that has several audit teams performing engagements simultaneously, which of the following tasks is an engagement supervisor most likely to perform during the planning phase of a new engagement?

  A. Establish a means for resolving any professional judgment differences over ethical issues that may arise during the engagement.
  B. Approve the engagement work program to ensure the program is designed to achieve the engagement objectives.
  C. Evaluate whether the testing and results support the engagement results and conclusion.
  D. Review the sample testing results for exceptions.
  C. Evaluate whether the testing and results support the engagement results and conclusion.

• Question 240:

  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?

  A. The audit supervisor should include the new contracts in the finding for the final audit report.
  B. The audit supervisor should communicate the finding to the supervisor of the sales manager through an interim report.
  C. The audit supervisor should remind the sales manager of his authority limit for the contracts under negotiation.
  D. The auditor should not reference the new contracts, because they are not yet signed and therefore cannot be included in the final report.
  B. The audit supervisor should communicate the finding to the supervisor of the sales manager through an interim report.