LATEST IIA-CIA-PART2 EXAM VCE, IIA-CIA-PART2 TRAINING MATERIALS

Latest IIA-CIA-Part2 Exam Vce, IIA-CIA-Part2 Training Materials

Latest IIA-CIA-Part2 Exam Vce, IIA-CIA-Part2 Training Materials

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IIA-CIA-Part2 exam is an important certification for individuals seeking to advance their career in the field of internal auditing. IIA-CIA-Part2 Exam covers various topics such as risk management, controls, governance, and internal audit operations, among others. These topics are crucial in ensuring that internal auditors have the necessary skills and knowledge to provide effective and efficient audit services to organizations.

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You can register for your exam at the Pearson VUE website. You will need to create a profile with Pearson VUE and provide payment information prior to scheduling your exam. Once you have created your profile, you may register for your exam at any time.

IIA Practice of Internal Auditing Sample Questions (Q442-Q447):

NEW QUESTION # 442
Which of the following situations might allow an employee to steal checks sent to an organization and subsequently cash them?

  • A. Checks are not restrictively endorsed when received.
  • B. One employee handles both cash deposits and accounts payable.
  • C. Only one signature is required on the organization's checks.
  • D. One employee handles both accounts receivable and purchase orders.

Answer: A


NEW QUESTION # 443
An internal auditor compares real-time gasoline production data to corresponding final gasoline production reports and finds minor but consistent daily discrepancies. If the auditor is concerned about theft, which of the following next steps is most consistent with IIA guidance?

  • A. Confront the production manager and ask her to explain the differences between real-time and reported data.
  • B. Contact security personnel as evidence suggests gasoline is being stolen from production premises.
  • C. Reconcile online data and the final production reports to gasoline sales reports.
  • D. Review the processes used to collect the production data and to compile the final production reports.

Answer: D

Explanation:
Section: Volume D


NEW QUESTION # 444
Which of the following audit steps would an internal auditor perform when reviewing cash disbursements to satisfy IIA guidance on due professional care?

  • A. The calculated statistical sample size is 50 however the internal auditor believes errors exist so he decides to increase the sample size to 80
  • B. The internal auditor traces serial numbers of computer equipment listed on an invoice to the fixed asset inventory
  • C. The internal auditor reviews the related invoice purchase order and receiving report for each sample selection
  • D. The internal auditor reviews the accounts payable manager's petty cash fund and vouchers

Answer: C

Explanation:
According to IIA guidance on due professional care, internal auditors should perform thorough and adequate steps to verify the accuracy and legitimacy of transactions. When reviewing cash disbursements, it is essential to check the three-way match among the invoice, purchase order, and receiving report. This ensures that the payment is valid, authorized, and that the goods or services were actually received as ordered. This step is crucial in preventing and detecting errors and fraud, thereby ensuring that the audit findings are reliable and accurate.
Reference:
IIA Standard 1220: Due Professional Care
IIA Practice Guide: Auditing Accounts Payable and Disbursements


NEW QUESTION # 445
A draft internal audit report that cites deficient conditions generally should be reviewed with which of the following groups?
1. The client manager and her superior.
2. Anyone who may object to the report's validity.
3. Anyone required to take action.
4. The same individuals who receive the final report.

  • A. 1 and 2 only
  • B. 1, 2, and 4
  • C. 1 only
  • D. 1, 2, and 3

Answer: D

Explanation:
A draft internal audit report citing deficient conditions should be reviewed with relevant stakeholders to ensure accuracy, address concerns, and plan corrective actions. This includes the client manager and her superior (Option 1) to inform them of the findings and obtain their perspective. It should also be reviewed with anyone who may object to the report's validity (Option 2) to address potential disagreements or misunderstandings early in the process. Finally, it should include anyone required to take action (Option 3) so they are aware of their responsibilities and can begin planning remediation efforts. While it may be beneficial to review with those who receive the final report (Option 4), it is not essential for the draft stage. Reference:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2440 - Disseminating Results.


NEW QUESTION # 446
Which of the following methods would an auditor most likely use to document a complex sales order process?

  • A. Develop a horizontal flowchart, with supporting documentation for key control points.
  • B. Utilize a systems narrative, which can be updated during subsequent audits.
  • C. Perform a process review, assigning time and cost to each step of the process to develop a hierarchy flowchart.
  • D. Create a critical path method chart, noting the processes involved for each step.

Answer: A


NEW QUESTION # 447
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