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

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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: ajay
Question 112

Management has taken immediate action to address an observation received during an audit of the organization's manufacturing process Which of the following is true regarding the validity of the observation closure?

Options:

A.

Valid closure requires evidence that ensures the corrected process will function as expected in the future

B.

Valid closure requires the client lo address not only the condition, but also the cause of the condition

C.

Valid closure of an observation ensures it will be included in the final engagement report

D.

Valid closure requires assurance from management that the original problem will not recur in the future

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Question 113

Which of the following should be the focus of the effect section of the preliminary observations document?

Options:

A.

Residual risk

B.

Inherent risk

C.

Compensating controls

D.

Control activities

Discussion
Question 114

Which of the following actions are appropriate for the chief audit executive to perform when identifying audit resource requirements?

1. Consider employees from other operational areas as audit resources, to provide additional audit coverage in the organization.

2. Approach an external service provider to conduct internal audits on certain areas of the organization, due to a lack of skills in the organization.

3. Suggest to the audit committee that an audit of technology be deferred until staff can be trained, due to limited IT audit skills among the audit staff.

4. Communicate to senior management a summary report on the status and adequacy of audit resources.

Options:

A.

1 and 3 only

B.

2 and 4 only

C.

1, 2, and 4

D.

2, 3, and 4

Discussion
Question 115

An internal audit activity has to confirm the validity of the activities reported by a grantee that received a charitable contribution from the organization. Which of the following methods would best help meet this objective?

Options:

A.

Visiting the grantee to assess whether the execution of the project was in line with the defined grant scope.

B.

Verifying that the grantee's final report is in line with what was depicted in the initial budget request.

C.

Reconciling general ledger accounts used by management of the area under review for reflecting expenses on charitable contributions.

D.

Interviewing employees of the corporate affairs department, which is responsible for charitable activities.

Discussion
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