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

IIA IIA-CIA-PART2 Online Questions & Answers

• Question 291:

  Which of the following examples of audit evidence is the most persuasive?

  A. Real estate deeds, which were properly recorded with a government agency.
  B. Canceled checks written by the treasurer and returned from a bank.
  C. Time cards for employees, which are stored by a manager.
  D. Vendor invoices led by the accounting department.
  A. Real estate deeds, which were properly recorded with a government agency.

• Question 292:

  The scope of a consulting engagement performed by internal auditors should:

  A. Be sufficient to address the objectives agreed upon with the client.
  B. Exclude areas that might be the subject of subsequent assurance engagements.
  C. Be limited to activities within the current operating period.
  D. Be preapproved in conjunction with the annual plan of consulting engagements.
  A. Be sufficient to address the objectives agreed upon with the client.

• Question 293:

  Which of the following best illustrates the primary focus of a risk-based approach to control self-assessment?

  A. To evaluate controls regarding the computer security of an oil refinery.
  B. To examine the processes involved in exploring, developing, and operating a gold mine.
  C. To assess the likelihood and impact of events associated with operating a finished goods warehouse.
  D. To link a financial institution's business objectives to a work unit responsible for the associated risk.
  C. To assess the likelihood and impact of events associated with operating a finished goods warehouse.

• Question 294:

  An internal auditor deploys an internal control questionnaire to obtain preliminary information during an audit of the sales process. Which of the following is the major setback of this method?

  A. Questionnaire are generally inefficient.
  B. Only limited information can be collected.
  C. It is difficult to quantify the data obtained.
  D. The method is of limited value as it is not independent.
  C. It is difficult to quantify the data obtained.

• Question 295:

  If management expects 100 percent compliance with a procedure, which of the following sampling approaches would be most appropriate?

  A. Attributes sampling.
  B. Discovery sampling.
  C. Targeted sampling.
  D. Variables sampling.
  B. Discovery sampling.

• Question 296:

  During the quarterly review of the internal audit activity's performance, the chief audit executive (CAE) notes that actual engagement hours consistently exceed the budget. Which of the following strategies would most likely help the CAE

  address this problem? The budget should consider time spent on similar engagements.

  The budget should consider the proficiency of the assigned auditors.

  The budget estimate should provide for unexpected delays.

  The budget should be specific as to time for each work assignment.

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

• Question 297:

  During the preliminary survey of the procurement department, an internal auditor noted a major control weakness in the organization's ordering and receiving process. According to IIA guidance, which of the following is the most appropriate action the internal auditor should take?

  A. Issue a final report on the control weakness to senior management.
  B. Bring the control weakness to the attention of the process owner for resolution.
  C. Note the control weakness for discussion during the exit meeting.
  D. Carry out an investigation of the control weakness for disciplinary action.
  C. Note the control weakness for discussion during the exit meeting.

• Question 298:

  Inadequate risk assessment would have the strongest negative impact in which of the following phases of an audit engagement?

  A. Determining the scope.
  B. Reviewing internal controls.
  C. Testing.
  D. Evaluating findings.
  A. Determining the scope.

• Question 299:

  Which of the following approaches would best help an internal auditor determine whether a retailer's database of 100,000 customers has any duplicate accounts?

  A. Stratifying the customer information.
  B. Extracting the customer information.
  C. Filtering the customer information.
  D. Sorting the customer information.
  C. Filtering the customer information.

• Question 300:

  During the audit of a large decentralized supply chain function, the chief audit executive (CAE) receives serious allegations of fraud concerning the vice president responsible for this function. The CAE engages a third party to provide forensic audit services and lead the investigation portion of the engagement. As part of this team, which of the following would be an appropriate role for the investigator?

  1.Authenticate the original approval signatures on contracts.

  2.Interview personnel to understand the supply chain processes.

  3.Provide certified copies of relevant original documents for the audit file.

  4.Identify variances in pixels on original electronic documents.

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