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

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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: cosmo
Question 116

According to IIA guidance, which of the following is true when the internal audit activity is asked to investigate potential ethics violations in a foreign subsidiary?

Options:

A.

Communication of any internal ethics violations to external parties may occur with appropriate safeguards.

B.

Cultural impacts are less critical where the organization practices uniform polices around the globe.

C.

Cross-cultural differences should always be handled by the staff of the same cultural background.

D.

Local law enforcement should be involved as they are more familiar with the applicable local laws.

Discussion
Question 117

During a review of the treasury function an internal auditor identified a risk that all bank accounts may net to include in the daily reconciliation process.

Which of the following responses would be most effective to mitigate this risk?

Options:

A.

The treasury supervisor establishes a threshold for amounts on bank statements to be reconciled against data in the system

B.

The treasury analyst performs a daily reconciliation of al bank statements obtained via email against data in the system

C.

The treasury analyst reviews a daily report automatically generated by the treasury system, which shows bank statements that have not been uploaded into the accounting system.

D.

The treasury supervisor seeks an annual confirmation from the bank regarding the bank statements processed within a year

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Question 118

During an audit of suspense accounts the internal auditor found that there were no written policies on how suspense accounts should be treated. The auditor also found that suspense account balances were cleared once per week, not daily. Which of the following is the most appropriate first response by the auditor?

Options:

A.

The auditor should conclude that suspense accounts were not being cleared on a timely basis because they should be cleared daily

B.

The auditor should ask management whether any undocumented policies exist and. if so, determine whether they are adequate

C.

The auditor should conclude that the clearing of suspense accounts was timely and appropriate because weekly clearing is sufficient.

D.

The auditor should rely on his professional judgment and experience to develop criteria for evaluating the existing controls over suspense accounts

Discussion
Question 119

During an assurance engagement, an internal auditor noted that the time staff spent accessing customer information in large Excel spreadsheets could be reduced significantly through the use of macros. The auditor would like to train staff on how to use the macros. Which of the following is the most appropriate course of action for the internal auditor to take?

Options:

A.

The auditor must not perform the training, because any task to improve the business process could impact audit independence.

B.

The auditor must create a new, separate consulting engagement with the business process owner prior to performing the improvement task.

C.

The auditor should get permission to extend the current engagement, and with the process owner's approval, perform the improvement task.

D.

The auditor may proceed with the improvement task without obtaining formal approval, because the task is voluntary and not time-intensive.

Discussion
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