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

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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: kylo
Question 20

The chief audit executive (CAE) of a small internal audit activity (IAA) plans to test conformance with the Standards through a quality assurance review. According to the Standards, which of the following are acceptable practice for this review?

1. Use an external service provider.

2. Conduct a self-assessment with independent validation.

3. Arrange for a review by qualified employees outside of the IAA.

4. Arrange for reciprocal peer review with another CAE.

Options:

A.

1 and 2

B.

2 and 4

C.

1, 2, and 3

D.

2, 3, and 4

Discussion
Question 21

An internal auditor for a regional bank suspects that the head of commercial lending has been granting loans without the required collateral Which of the following sampling techniques will be most effective for investigating the auditor's suspicion?

Options:

A.

Variables sampling

B.

Dollar-unit sampling

C.

Judgmental sampling

D.

Discovery sampling

Discussion
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Question 22

The external auditor has identified a number of production process control deficiencies involving several departments. As a result, senior management has asked the internal audit activity to complete internal control training for all related staff. According to IIA guidance, which of the following would be the most appropriate course of action for the chief audit executive to follow?

Options:

A.

Refuse to accept the consulting engagement because it would be a violation of independence.

B.

Collaborate with the external auditor to ensure the most efficient use of resources.

C.

Accept the engagement but hire an external training specialist to provide the necessary expertise.

D.

Accept the engagement even if the audit engagement staff was previously responsible for operational areas being trained.

Discussion
Question 23

An internal audit manager assigns an audit team to test purchase transactions by selecting a sample from transactions processed by each of the three procurement officers.

Which of the following techniques will help the audit team achieve this sampling objective?

Options:

A.

Systematic sampling.

B.

Stratified sampling.

C.

Stop-or-go sampling

D.

Discovery sampling.

Discussion
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