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IIA-CIA-Part2 Exam Dumps

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Description

Exam Name: Practice of Internal Auditing
Exam Code: IIA-CIA-Part2
Related Certification(s): IIA Certified Internal Auditor Certification
Certification Provider: IIA
Actual Exam Duration: 120 Minutes
Number of IIA-CIA-Part2 practice questions in our database: 463
Expected IIA-CIA-Part2 Exam Topics, as suggested by IIA :

  • Module 1: Determine engagement procedures and prepare the engagement work program/ Establishing a Risk-based Internal Audit Plan
  • Module 2: Prepare workpapers and documentation of relevant information to support conclusions and engagement results/ Determine the level of staff and resources needed for the engagement
  • Module 3: Identify a risk management framework to assess risks and prioritize audit engagements based on the results of a risk assessment/ Communicating and Reporting to Senior Management and the Board
  • Module 4: Complete a detailed risk assessment of each audit area, including evaluating and prioritizing risk and control factors/ Plan the engagement to assure identification of key risks and controls Proficient
  • Module 5: Identify significant risk exposures and control and governance issues/ Interpret the types of consulting engagements
  • Module 6: Describe coordination of internal audit efforts with the external auditor, regulatory oversight bodies/ Determine engagement objectives, evaluation criteria, and the scope of the engagement
  • Module 7: Evaluate the relevance, sufficiency, and reliability of potential sources of evidence/ Develop checklists and risk-and-control questionnaires as part of a preliminary survey of the engagement area
  • Module 8: Identify sources of potential engagements/ Describe policies and procedures for the planning, organizing, directing
  • Module 9: Interpret administrative activities/ Use computerized audit tools and techniques/ Recognize that the chief audit executive communicates the annual audit plan to senior management

Description

Exam Name: Practice of Internal Auditing
Exam Code: IIA-CIA-Part2
Related Certification(s): IIA Certified Internal Auditor Certification
Certification Provider: IIA
Actual Exam Duration: 120 Minutes
Number of IIA-CIA-Part2 practice questions in our database: 463
Expected IIA-CIA-Part2 Exam Topics, as suggested by IIA :

  • Module 1: Determine engagement procedures and prepare the engagement work program/ Establishing a Risk-based Internal Audit Plan
  • Module 2: Prepare workpapers and documentation of relevant information to support conclusions and engagement results/ Determine the level of staff and resources needed for the engagement
  • Module 3: Identify a risk management framework to assess risks and prioritize audit engagements based on the results of a risk assessment/ Communicating and Reporting to Senior Management and the Board
  • Module 4: Complete a detailed risk assessment of each audit area, including evaluating and prioritizing risk and control factors/ Plan the engagement to assure identification of key risks and controls Proficient
  • Module 5: Identify significant risk exposures and control and governance issues/ Interpret the types of consulting engagements
  • Module 6: Describe coordination of internal audit efforts with the external auditor, regulatory oversight bodies/ Determine engagement objectives, evaluation criteria, and the scope of the engagement
  • Module 7: Evaluate the relevance, sufficiency, and reliability of potential sources of evidence/ Develop checklists and risk-and-control questionnaires as part of a preliminary survey of the engagement area
  • Module 8: Identify sources of potential engagements/ Describe policies and procedures for the planning, organizing, directing
  • Module 9: Interpret administrative activities/ Use computerized audit tools and techniques/ Recognize that the chief audit executive communicates the annual audit plan to senior management

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Q1. Which of the following is an advantage of nonstatistical sampling over statistical sampling?

A.Nonstatistical sampling provides more objective recommendations for management.

B. Nonstatistical sampling provides an opportunity to select the minimum sample size required to satisfy the objectives of the audit tests.

C. Nonstatistical sampling provides for the use of subjective judgment in determining the sample size.

D. Nonstatistical sampling permits the auditor to specify a level of reliability and the desired degree of precision.

Correct Answer: C

Q2. While reviewing the organization's financial year-end processes, an internal auditor discovered an erroneous journal entry. If the error is not addressed, it will result in a material misstatement of the financial records. The internal auditor needs an additional four weeks to complete the audit engagement. How should the auditor communicate this finding?

A.The auditor should issue an interim report to management prior to completion of the audit and issuance of the final report.

B. The auditor should include this item in the final audit report, marked with an asterisk, indicating that it is a high-risk item.

C. The auditor should discuss the finding with the appropriate accounting staff who can make the correction immediately, and if corrected before the engagement is concluded, the finding would not need to be included in the audit report.

D. The auditor is obligated to bypass management and immediately report the error directly to regulatory authorities.

Correct Answer: C

Q3. An internal auditor selects a sample of paid invoices and matches them to receiving reports. What is the most likely purpose for this procedure?

A.To ensure all customer shipments are billed appropriately.

B. To ensure invoices are only paid for goods received.

C. To ensure all liabilities have been satisfied.

D. To ensure invoices are only paid for goods ordered.

Correct Answer: B

Q4. Which of the following steps should an internal auditor complete when conducting a review of an electronic data interchange application provided by a third-party service? Ensure encryption keys meet ISO standards. Determine whether an independent review of the service provider's operation has been conducted. Verify that the service provider's contracts include necessary clauses. Verify that only public-switched data networks are used by the service provider.

A.1 and 3.

B. 1 and 4.

C. 2 and 3.

D. 2 and 4.

Correct Answer: C

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