Practice IIA-CIA-Part2 Exam Online

Question 1

The internal audit activity is reviewing a banking network of eight branches, which is expected to take several

months. The engagement involves comparing the operation of each branch against the organization's

documented standards. With several branches still left to review, the internal auditors have noted deviations

from operating standards at some branches where reviews have already been completed. How should the

internal auditors proceed?

Section: Volume E

A :

At the end of the engagement, ensure that the issues are adequately detailed in an audit report and in-depth

discussions are held with senior management at the audit exit meeting

B :

Document the observations noted upon completion of each branch review and issue interim reports,

including the findings and recommendations.

C :

For the deviations observed at the previously reviewed branches, determine whether similar breaches have

been found at other locations and compile in one audit report.

D :

Complete the review for the first four branches and extrapolate the findings noted to the remaining

branches, properly documenting them in an overall audit report.

Answer: B

Question 2

When constructing a staffing schedule for the internal audit activity (IAA), which of the following criteria are

most important for the chief audit executive to consider for the effective use of audit resources?

1. The competency and qualifications of the audit staff for specific assignments.

2. The effectiveness of IAA staff performance measures.

3. The number of training hours received by staff auditors compared to the budget.

4. The geographical dispersion of audit staff across the organization.

Section: Volume E

A : 1 and 3

B : 1 and 4

C : 2 and 3

D :

2 and 4

Answer: B

Question 3

At the conclusion of an audit of an organization's treasury department, a report was issued to the treasurer,

chief financial officer, president, and board. Because of the sensitivity of some findings, a follow-up review was

performed. The auditor should provide the report of follow-up findings to the:

I. Treasurer.

II. Chief financial officer.

III. President.

IV. Board.

Section: Volume B

A : I and II only

B : III and IV only

C : I, II, and III only

D : I, II, III, and IV.

Answer: D

Question 4

The newly appointed chief audit executive (CAE) of a large multinational corporation, with seasoned internal audit departments located around the world, is reviewing responsibilities for engagement reports. According to IIA guidance, which of the following statements is true?

A : The CAE is required to review, approve, and sign every engagement report.

B : The CAE is required to review, approve, and sign all regulatory compliance engagement reports only

C : The CAE may delegate responsibility for reviewing, approving and signing engagement reports, but should review the reports after they are issued.

D : The internal audit charter must identify authorized signers of engagement reports.

Answer: C

Question 5

To effectively communicate the acceptance of risk in an organization, a chief audit executive must first consider which of the following?

Section: Volume E

A : The organization's view on risk tolerance.

B : The organization's principal risk events.

C :

The organization's risk response strategies.

D : The organization's major control activities.

Answer: B

Name:	Practice of Internal Auditing
Exam Code:	IIA-CIA-Part2
Certification:	Certified Internal Auditor
Vendor:	IIA
Total Questions:	1029
Last Updated:	Apr 23, 2024

IIA IIA-CIA-Part2