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IIA IIA-CIA-Part2 Pdf Torrent & IIA-CIA-Part2 Exam Dumps.zip

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To be eligible to take the IIA-CIA-Part2 Exam, candidates must have already passed the IIA-CIA-Part1 exam or be a Certified Internal Auditor (CIA) in good standing. Candidates must also meet the IIA's experience requirements, which vary based on their educational background. For example, candidates with a bachelor's degree need at least 24 months of internal auditing experience, while candidates with a master's degree need only 12 months.

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IIA-CIA-Part2 Exam is divided into six domains, including governance and risk management, organizational structure and business processes, communication, management and leadership principles, IT and business continuity, and financial management. Each domain covers a specific set of skills and knowledge required for conducting internal audits effectively. Candidates must demonstrate their understanding of each domain to pass the exam.

IIA Practice of Internal Auditing Sample Questions (Q471-Q476):

NEW QUESTION # 471
Production managers for a manufacturing company are authorized to prepare emergency purchase orders for raw materials. These manually prepared orders do not go through the purchasing department and do not require a receiving report. The managers forward the invoice and purchase order to the accounting department for payment. Which of the following internal controls would efficiently prevent abuse of this system?

A. Institute a company policy requiring rotation of orders among several suppliers.
B. Forbid the use of emergency purchase orders.
C. Review the level of safety stock.
D. Require a manual receiving report from the warehouse prior to payment.

Answer: D

NEW QUESTION # 472
In which of the following cases is it appropriate for an audit report to not contain management's response either within the report or as an attachment?

A. There was insufficient time to obtain management's response during the draft reporting process.
B. An internal audit report contains no observations.
C. Management's response to an audit report is generally not a requirement.
D. Internal controls were found to be properly designed and operating effectively although operations are deemed inefficient.

Answer: B

Explanation:
Section: Volume C

NEW QUESTION # 473
During audit engagement planning, an internal auditor is determining the best approach for leveraging computer-assisted audit techniques (CAATs). Which of the following approaches maximizes the use of CAATs and why?

A. Tracing, because it would enable the auditor to verify quickly that the record counts were properly included in the compilation.
B. Inspection, because it would enable the auditor to verify how management enters the data into the application for processing.
C. Reperformance, because it enables the auditor to verify that the application performed the calculation correctly.
D. Testing data, because it would enable the auditor to ensure that the application processes the transaction as described by management.

Answer: C

Explanation:
Reperformance is a CAATs approach that involves independently executing the same procedures as the original process to verify the accuracy of the application's calculations. This approach maximizes the use of CAATs because it directly tests the functionality and reliability of the system by ensuring that the system processes transactions and calculations correctly, as intended by management.
IIA References:
* IIA Standard 1220: Due Professional Care suggests that internal auditors should apply appropriate techniques, such as CAATs, to obtain sufficient evidence. Reperformance as a CAATs method is particularly effective in verifying the integrity of system calculations.
* The Practice Guide on Using CAATs highlights that reperformance is one of the most powerful techniques for validating that a system operates as intended and that transactions are processed correctly.

NEW QUESTION # 474
The chief audit executive (CAE) is developing a workpaper preparation policy for a new internal audit activity. The CAE wants to ensure that all workpapers relate directly to the engagement objectives. Which of the following statements should be included in the policy specifically to address this concern?

A. The workpapers should be complete.
B. The workpapers should be relevant.
C. The workpapers should be understandable.
D. The workpapers should be economical.

Answer: B

Explanation:
When developing a workpaper preparation policy, it is essential to ensure that all workpapers are directly related to the engagement objectives. The term "relevant" in this context means that the workpapers must be pertinent and appropriate to the audit engagement's objectives, ensuring that they support the findings, conclusions, and recommendations.
* IIA Standard 2330 - Documenting Information:
* This standard requires that internal auditors document relevant information to support engagement conclusions and recommendations. Relevance is key because it ensures that the documentation directly pertains to the objectives of the audit engagement.
* Relevance of Workpapers:
* Relevant workpapers are those that provide evidence and information that directly supports the audit's objectives. This relevance ensures that the audit's findings and conclusions are based on information that is applicable and directly related to the scope of the audit.
* IIA Practice Advisory 2330-1:
* The advisory suggests that workpapers should be organized and structured in a way that clearly relates to the audit objectives. Including a requirement for relevance in the workpaper policy helps ensure that all documented evidence is pertinent to the audit's goals.
* Option A (Understandable): While workpapers should be understandable, this does not directly address the need for workpapers to relate to the engagement objectives.
* Option C (Economical): Workpapers being economical refers to their efficiency in documentation, not their relevance to objectives.
* Option D (Complete): Completeness is important but refers to the extent of documentation rather than its relevance to specific objectives.
Detailed Explanation:Why Not Other Options?Conclusion: Option B is correct because including the requirement that workpapers be relevant ensures that they directly relate to the engagement objectives, aligning with IIA standards on documentation.

NEW QUESTION # 475
The chief audit executive (CAE) of an organization has established an internal audit activity (IAA) quality assessment program. According to IIA guidance, which of the following would be part of this program?

A. Compliance with a checklist of required audit procedures, and review of individual audits to determine the quality and timeliness of supervision.
B. Assessment of the IAA conducted independently of client feedback, and the review of individual audits to determine the quality and timeliness of supervision.
C. Assessment of the IAA conducted independently of client feedback, and identified areas of improvement reviewed at the end of the year.
D. Compliance with a checklist of required audit procedures, and identified areas of improvement reviewed at the end of the year.

Answer: A

Explanation:
Section: Volume C
Explanation/Reference:

NEW QUESTION # 476
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