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IIA Updated IIA-CIA-Part2 Exam Questions and Answers by kade

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IIA IIA-CIA-Part2 Exam Overview :

Exam Name: Practice of Internal Auditing
Exam Code: IIA-CIA-Part2 Dumps
Vendor: IIA Certification: CIA
Questions: 495 Q&A's Shared By: kade
Question 8

An internal auditor wants to determine whether employees are complying with the information security policy, which prohibits leaving sensitive information on employee desks overnight. The auditor checked a sample of 90 desks and found eight that contained sensitive information. How should this observation be reported, if the organization tolerates 4 percent noncompliance?

Options:

A.

The matter does not need to be reported, because the noncompliant findings fall within the acceptable tolerance limit.

B.

The deviations are within the acceptable tolerance limit, so the matter only needs to be reported to the information security manager.

C.

The incidents of noncompliance fall outside the acceptable tolerance limit and require immediate corrective action, as opposed to reporting.

D.

The incidents of noncompliance exceed the tolerance level and should be included in the final engagement report.

Discussion
Question 9

Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward contracts to hedge against fluctuations in the exchange rate. When recalculating the exchange losses from individual purchases of jet fuel, which of the following details does the internal auditor need to validate?

1. The hedge documentation designating the hedge.

2. The spot exchange rate on the transaction date.

3. The terms of the forward contract.

4. The amount of fuel purchased.

Options:

A.

1 and 2

B.

1 and 4

C.

2 and 3

D.

3 and 4

Discussion
Question 10

According to IIA guidance, which of the following steps should precede the development of audit engagement objectives?

Options:

A.

Identification of controls.

B.

Scope establishment.

C.

Risk assessment.

D.

Review of resources.

Discussion
Question 11

According to IIA guidance, which of the following would be considered necessary for a one-person audit function?

Options:

A.

A formalized technical audit manual

B.

A written administrative audit manual

C.

A memorandum stating policies and procedures

D.

A comprehensive policy and procedure manual

Discussion
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