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NEW QUESTION # 66
All of the following tools are employed to control large-scale projects except:
- A. Critical path method.
- B. Gantt charts.
- C. Statistical process control.
- D. Program evaluation and review technique (PERT).
Answer: C
Explanation:
Section: Volume B
NEW QUESTION # 67
Many questionnaires are made up of a series of different questions that use the same response categories (for example: strongly agree, agree, neither, disagree, strongly disagree). Some designs will have different groups of respondents answer alternate versions of the questionnaire that present the questions in different orders and reverse the orientation of the endpoints of the scale (for example: agree on the right and disagree on the left). The purpose of such questionnaire variations is to:
- A. Reduce the effects of pattern response tendencies.
- B. Test whether respondents are reading the questionnaire.
- C. Eliminate intentional misrepresentations.
- D. Make it possible to get information about more than one population parameter using the same questions.
Answer: A
NEW QUESTION # 68
Which of the following conditions are necessary for successful change management?
1.Decisions and necessary actions are taken promptly.
2.The traditions of the organization are respected.
3.Changes result in improvement or reform.
4.Internal and external communications are controlled.
- A. 1 and 2
- B. 2 and 4
- C. 2 and 3
- D. 1 and 3
Answer: D
NEW QUESTION # 69
The internal audit activity of an organization obtained approval to add a senior auditor to its staff. The chief audit executive, audit manager, and audit supervisor each will interview the candidates.
According to the Standards, which of the following best explains the involvement of management in the interview process?
- A. Assists audit management in planning by more effectively allocating the senior auditor to appropriate audits.
- B. Allows audit management to explain the criteria that will be used to evaluate the senior auditor's performance.
- C. Enables audit management to outline its quality assurance and improvement program with the senior auditor.
- D. Provides audit management with the opportunity to communicate expectations regarding ethical behavior standards.
Answer: A
NEW QUESTION # 70
According to IIA guidance, which of the following statements are true regarding the internal audit plan?
1.The audit plan is based on an assessment of risks to the organization.
2.The audit plan is designed to determine the effectiveness of the organization's risk management process.
3.The audit plan is developed by senior management of the organization.
4.The audit plan is aligned with the organization's goals.
- A. 3 and 4 only
- B. 1, 3, and 4
- C. 1, 2, and 4
- D. 1 and 2 only
Answer: C
NEW QUESTION # 71
During an audit of a major metropolitan museum, an auditor was unable to locate selected items from the museum's collection. The director of the museum informed the auditor that the upcoming replacement of the museum's inventory tracking system would address the auditor's concerns. What follow-up activity should the auditor propose?
- A. Determine whether the items are indeed missing and assess the ability of the new system to remedy the problem.
- B. Monitor the system implementation and schedule a follow-up review once the new system is in place.
- C. Receive periodic feedback from museum staff regarding the status of the system implementation.
- D. Schedule an audit of the museum's security systems to determine if theft is a problem.
Answer: A
NEW QUESTION # 72
Which of the blowing is an example of a compliance assurance engagement?
- A. Providing an assessment of customer satisfaction with customer service provided by the organization
- B. Providing testing on the operating effectiveness of controls ever the reliability of financial reporting
- C. Proving an assessment of the design adequacy of controls related to consumer privacy and confidentially.
- D. Proving in-house training to senior management regarding applicable laws and regulations
Answer: C
NEW QUESTION # 73
An internal auditor has been assigned to perform a quality audit on a manufacturing plant. Which course of action should the auditor perform first?
- A. Evaluate the plant's ability to meet production quotas.
- B. Review the levels of scrap and rework.
- C. Compare the planned outputs with the actual outputs.
- D. Ascertain the costs of materials purchased.
Answer: B
Explanation:
Section: Volume C
Explanation
NEW QUESTION # 74
An internal auditor is examining the organization's internal control processes. Which of the following would the auditor do to test the reliability of a customer database1?
- A. Determine whether policies are in place on how to use the database information
- B. Perform a site visit to see whether the organization's servers are operational
- C. Review for indications of potential issues with the database information
- D. Interview end users to determine whether they understand how to use the database information
Answer: C
NEW QUESTION # 75
Which statistical sampling approach would an internal auditor typically utilize if she wishes to test for fraud and the expected deviation rate is very low?
- A. Discovery sampling
- B. Attribute sampling
- C. Haphazard sampling
- D. Stratified sampling
Answer: B
NEW QUESTION # 76
Which of the following components should be included in an audit finding?
1. The scope of the audit.
2. The standard(s) used by the auditor to make the evaluation.
3. The engagement's objectives.
4. The factual evidence that the internal auditor found in the course of the examination.
- A. 1 and 2
- B. 2 and 4
- C. 1, 3, and 4
- D. 1 and 3 only
Answer: B
Explanation:
Section: Volume E
NEW QUESTION # 77
A bank uses a risk analysis matrix to quantify the relative risk of auditable entities. The analysis involves rating auditable entities on risk factors using a scale of 1 to 10, with 10 representing the greatest risk. A partial list of risk factors and the ratings given to three of the bank's departments is provided below:
Which of the following statements regarding risk in the department is true?
- A. The nature of department A's control structure may be justified by the nature of the department's assets and the complexity of its transactions.
- B. The internal audit activity should schedule audits of department B more often than audits of department C because of the relative control strength of department C as compared to department B.
- C. As compared to departments A and C, department B has a stronger control system to compensate for the greater complexity of the department's transactions and dollar value of its assets.
- D. The relative ranking of the departments in order of their risk, from greatest to least risk, is: A; C; B.
Answer: A
Explanation:
Section: Volume C
Explanation/Reference:
NEW QUESTION # 78
According to IIA guidance, which of the following statements are true regarding the internal audit plan?
1. The audit plan is based on an assessment of risks to the organization.
2. The audit plan is designed to determine the effectiveness of the organization's risk management process.
3. The audit plan is developed by senior management of the organization.
4. The audit plan is aligned with the organization's goals.
- A. 3 and 4 only
- B. 1, 3, and 4
- C. 1, 2, and 4
- D. 1 and 2 only
Answer: C
NEW QUESTION # 79
Which of the following would be included in an internal audit department's quality assurance and improvement program?
1. Ongoing internal assessments of the performance of the internal audit department.
2. Periodic internal reviews through self-assessments.
3. Assessments conducted by a qualified external reviewer at least once every five years.
- A. 1, 2, and 3
- B. 1 only
- C. 2 and 3 only
- D. 1 and 2 only
Answer: A
Explanation:
Section: Volume D
NEW QUESTION # 80
When conducting a performance appraisal of an internal auditor who has been a below-average performer, it is not appropriate to:
- A. Use generalizations.
- B. Use objective, impartial language.
- C. Document the appraisal.
- D. Notify the internal auditor of the upcoming appraisal several days in advance.
Answer: A
NEW QUESTION # 81
During the development of a purchasing system, an auditor reviewed the payment authorization program. Which of the following actions should the auditor recommend for a situation in which the quantity invoiced is greater than the quantity received?
- A. Return the invoice to the vendor for correction.
- B. Authorize payment of the full invoice, but maintain an open purchase order record for the missing goods.
- C. Pay the amount billed and adjust the inventory account for the difference.
- D. Issue an exception report.
Answer: D
NEW QUESTION # 82
When me internal audit activity does not have sufficient time to complete its usual root cause analysis which c4 the following is most appropriate?
- A. internal auditors must adjust their future engagement schedule to ensure that the root cause analysis is always performed before the engagement is concluded
- B. The chief audit executive may recommend that management conduct further work to identify the root cause and address the issue
- C. Internal auditors should Instead perform a Pareto rule analysis
- D. Internal auditors should finish the engagement without conducting the root cause analysis and draft the audit report, though the report would not be considered complete until the analysis is concluded
Answer: B
NEW QUESTION # 83
When determining if appropriate resources exist to achieve engagement objectives, which of the following factors should a chief audit executive consider?
1. Nature and complexity of the audit engagement.
2. Time constraints.
3. Effectiveness of the audit committee.
4. Availability of resources for the engagement.
- A. 1, 2, and 3 only
- B. 1, 3, and 4 only
- C. 1 and 2 only
- D. 1, 2, and 4 only
Answer: D
Explanation:
Section: Volume D
NEW QUESTION # 84
Which of the following types of contracts would provide the least incentive for a contractor to achieve economy and efficiency?
- A. Cost-plus contract.
- B. Indefinite delivery contract.
- C. Unit-price contract.
- D. Lump-sum contract.
Answer: A
Explanation:
Section: Volume C
Explanation/Reference:
NEW QUESTION # 85
An internal auditor recommended that an organization implement computerized controls in its sales system in order to prevent sales representatives from executing contracts in excess of their delegated authority levels. A follow-up review found that the sales system had not been modified, but a process had been implemented to obtain written approval by the vice president of sales for all contracts in excess of $1 million. The chief audit executive (CAE) would be justified in reporting this situation to the organization's board if:
I. In the opinion of the CAE, the level of residual risk assumed by senior management is too high.
II. Testing of compliance with the new process finds that all new contracts in excess of $1 million have been approved by the vice president of sales.
III. The cost of modifying the sales system to include a preventive control is less than $100,000.
- A. I only
- B. I and III only
- C. III only
- D. I, II, and III
Answer: A
NEW QUESTION # 86
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IIA-CIA-Part2 (Practice of Internal Auditing) certification exam is designed to test the knowledge, skills, and abilities of individuals who are interested in pursuing a career in internal auditing. IIA-CIA-Part2 exam covers a wide range of topics related to the practice of internal auditing, including risk management, governance, fraud detection, and financial reporting.
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