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IIA IIA-CIA-Part2 Exam Syllabus Topics:
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NEW QUESTION 33
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. Approve the engagement work program to ensure the program is designed to achieve the engagement objectives
- B. Review the sample testing results for exceptions.
- C. Establish a means for resolving any professional judgment differences over ethical issues that may arise during the engagement.
- D. Evaluate whether the testing and results support the engagement results and conclusion
Answer: A
NEW QUESTION 34
The chief audit executive (CAE) notes during review of the final report of an assurance engagement that management has decided to accept the risks of two significant exposures identified by the audit. Which of the following actions by the CAE would be least prudent in these circumstances?
- A. Meet with the auditor-in-charge to review the conclusions.
- B. Meet with senior management to consider their reasoning for the decision.
- C. Review the working papers and conclusions as to the perceived residual risk.
- D. Implement follow-up procedures to monitor the potential impact of those risks.
Answer: D
NEW QUESTION 35
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. Attributes sampling.
- B. Probability-proportional-to-size sampling.
- C. Mean-per-unit sampling.
- D. Discovery sampling.
Answer: C
Explanation:
Section: Volume A
NEW QUESTION 36
The balanced scorecard approach differs from traditional performance measurement approaches because it adds which of the following measures?
1. Financial measures.
2. Internal business process measures.
3. Client satisfaction measures.
4. Innovation and learning measures.
- A. II and IV only
- B. II, III, and IV only
- C. III and IV only
- D. I only
Answer: B
NEW QUESTION 37
Which of the following is not a primary purpose for conducting a walk-through during the initial stages of an assurance engagement?
- A. To identify residual risks.
- B. To help develop process maps.
- C. To determine segregation of duties.
- D. To test the adequacy of controls.
Answer: D
Explanation:
Section: Volume E
NEW QUESTION 38
The scope of a business process review primarily involves:
- A. Appraising the environment and comparing against established criteria.
- B. Evaluating organizational and departmental structures, including assessments of transaction flows.
- C. Reviewing routine financial information and assessing the appropriateness of various accounting treatments.
- D. Assessing the organization's system of internal controls.
Answer: B
Explanation:
Section: Volume B
NEW QUESTION 39
Which of the following is not relevant when developing recommendations for inclusion in audit reports?
- A. Cost of implementation.
- B. Feasibility.
- C. Underlying causes.
- D. Timing of follow-up.
Answer: D
NEW QUESTION 40
As a result of a recent discovery of false information on employment applications, an internal auditor has reviewed hiring procedures. Which of the following represents a weakness in the control system?
I. Applicants are not required to have their signed applications legally authenticated.
II. Applicants' educational information is not validated with the educational institution before employment is offered.
III. Information related to applicants' long-term work history is not validated before employment is offered.
- A. III only
- B. I and II only
- C. II and III only
- D. I, II, and III
Answer: C
NEW QUESTION 41
Which of the following is the first step in the process where auditors and clients work together to evaluate the clients' system of internal control?
- A. Identify and assess controls.
- B. Identify objectives.
- C. Assess risks.
- D. Develop questionnaires.
Answer: B
Explanation:
Section: Volume B
NEW QUESTION 42
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. Reassign information systems auditors to assist in implementing management's action plan.
- B. Assess the effectiveness of corrections by reviewing statistics related to unplanned system outages, and denials of service.
- 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
Explanation:
Section: Volume E
NEW QUESTION 43
Information gathered in a forensic investigation of business fraud is usually gathered with which of the following standards in mind?
- A. Generally Accepted Accounting Principles.
- B. Legal evidence.
- C. The International Professional Practices Framework.
- D. Generally Accepted Auditing Standards.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION 44
A code of business conduct provides:
- A. A program to anonymously report irregularities to authorities.
- B. A passive method of fraud deterrence.
- C. A fraud avoidance plan that does not explicitly describe punishments for violations.
- D. An alternative to "tone at the top" programs.
Answer: B
Explanation:
Section: Volume C
Explanation/Reference:
NEW QUESTION 45
If observed during fieldwork by an internal auditor, which of the following activities is least important to communicate formally to the chief audit executive?
- A. Acts that may endanger the health or safety of individuals.
- B. Acts that damage or have an adverse effect on the environment.
- C. Acts that favor one party to the detriment of another.
- D. Acts that conceal inappropriate activities in the organization.
Answer: C
NEW QUESTION 46
Due to a recent system upgrade, an audit is planned to test the payroll process. Which of the following audit objectives would be most important to prevent fraud?
- A. Verify that amounts are correct.
- B. Verify that recipients are valid employees.
- C. Verify that benefits deductions are accurate.
- D. Verify that payments are on time.
Answer: B
Explanation:
Section: Volume E
NEW QUESTION 47
A consumer electronics company is considering acquiring a small flash memory manufacturer. An internal auditor has been assigned to determine if the manufacturer's accounts payable contain all outstanding liabilities. Which audit procedure is not relevant for this objective?
- A. Verify the period of liability of subsequent cash disbursements using related supporting documentation.
- B. Trace receiving reports issued before the period end to the accounts payable list and vendor invoices.
- C. Send confirmations, including zero-balance accounts, to vendors with whom the manufacturer normally does business.
- D. Verify a sample of accounts payable by using related invoices, receiving reports, and purchase orders.
Answer: D
NEW QUESTION 48
Which of the following files, when compared with billing records, would provide the best source of information for determining if all goods shipped are billed to customers?
- A. Pre-numbered shipping documents.
- B. Pre-numbered customer invoices.
- C. Accounts receivable transactions.
- D. Customer purchase orders.
Answer: A
Explanation:
Section: Volume A
Explanation
NEW QUESTION 49
According to the International Professional Practices Framework, which of the following statements is true regarding the use of the statement, "Conducted in Conformance with the International Standards for the Professional Practice of Internal Auditing," when communicating results of a seven-year-old internal audit activity?
- A. The statement should not be used for a consulting engagement.
- B. The statement may be used whether or not the internal audit department has an external quality assessment review or an independent validation of a self-assessment.
- C. The statement may be used only when conducting international engagements.
- D. The statement may be used only if the results of the quality assurance and improvement program support the statement.
Answer: D
NEW QUESTION 50
When developing the scope of an audit engagement, which of the following would the internal auditor typically not need to consider?
- A. The need and availability of automated support.
- B. The potential impact of key risks.
- C. The operational and geographic boundaries.
- D. The expected outcomes and deliverables.
Answer: B
NEW QUESTION 51
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