EXAM IIA IIA-CIA-PART2 DEMO | IIA-CIA-PART2 NEW DUMPS PDF

Exam IIA IIA-CIA-Part2 Demo | IIA-CIA-Part2 New Dumps Pdf

Exam IIA IIA-CIA-Part2 Demo | IIA-CIA-Part2 New Dumps Pdf

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To be eligible to take the IIA-CIA-Part2 Exam, candidates must have a minimum of two years of internal auditing experience, or a combination of education and experience. IIA-CIA-Part2 exam consists of 100 multiple-choice questions, and candidates have three hours to complete it. The passing score for the exam is 600 out of a possible 800 points.

IIA Practice of Internal Auditing Sample Questions (Q43-Q48):

NEW QUESTION # 43
During a review of the treasury function an internal auditor identified a risk that all bank accounts may net to include in the daily reconciliation process.
Which of the following responses would be most effective to mitigate this risk?

  • A. The treasury supervisor establishes a threshold for amounts on bank statements to be reconciled against data in the system
  • B. The treasury analyst performs a daily reconciliation of al bank statements obtained via email against data in the system
  • C. The treasury analyst reviews a daily report automatically generated by the treasury system, which shows bank statements that have not been uploaded into the accounting system.
  • D. The treasury supervisor seeks an annual confirmation from the bank regarding the bank statements processed within a year

Answer: C

Explanation:
To mitigate the risk that all bank accounts may not be included in the daily reconciliation process, the most effective response is to ensure that the treasury analyst reviews a daily report generated by the treasury system.
This report highlights any bank statements that have not been uploaded into the accounting system, ensuring that all accounts are accounted for in the reconciliation process. This automated approach reduces the risk of human error and ensures completeness and accuracy in the reconciliation process.
References:
* The Institute of Internal Auditors (IIA) Practice Guide: Auditing the Treasury Function
* IIA Standard 2130 - Control


NEW QUESTION # 44
Which of the following should management action plans include at a minimum?

  • A. The internal auditor's next review date of the action plan
  • B. An owner of the action plan
  • C. Detailed procedures for the action plan
  • D. An implementer for the action plan

Answer: B

Explanation:
Management action plans should include, at a minimum, an owner of the action plan. The owner is responsible for ensuring that the action plan is implemented and for overseeing the corrective measures. This accountability is crucial for effective follow-up and resolution of audit findings.
Reference:
IIA Standards: 2500 - Monitoring Progress
IIA Practice Guide: Follow-up Process in the Internal Audit Activity


NEW QUESTION # 45
Acceding to MA guidance, when of the Mowing strategies would like provide the most assurance to the chief audit executive (CAE) that the internal audit activity's recommendations are being acted upon?

  • A. The CAE develops a tracking system to monitor the stains of engagement recommendations reported to management for action
  • B. The CAE works with the engagement supervisor to monitor the recommendations issued to management for corrective action
  • C. The CAE communicates with impacted department managers to determine whether corrective actions have addressed engagement recommendations
  • D. The CAF obtains a formal response from senior management regarding the corrective actions they plan to take w address the recommendations.

Answer: A

Explanation:
Developing a tracking system to monitor the status of engagement recommendations ensures that the chief audit executive (CAE) can systematically track the progress and implementation of corrective actions. This approach provides continuous assurance that recommendations are being acted upon and allows the CAE to identify and address any delays or issues in the implementation process. It is a proactive strategy that enables regular follow-ups and reporting to senior management, thus maintaining accountability and transparency.
References:
* The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2500 - Monitoring Progress


NEW QUESTION # 46
Which of the following audit steps would be most effective to review proper recording of and accountability over physical assets?
1. Physically inspect all assets on the organization's property.
2. Select a sample department and physically inspect assets in the department.
3. Select a sample from the organization's records of physical assets and physically locate each asset.
4. Identify assets at a sample of locations and trace to the organization's records.

  • A. I only
  • B. I and IV only
  • C. II and III only
  • D. III and IV only

Answer: D


NEW QUESTION # 47
While planning for an accounts payable audit an internal auditor performs an entity level controls analysis.
Which of the following statements is true regarding me approach used by the auditor?

  • A. It enables the auditor to categorize the population of transactions within the accounts payable process
  • B. It enables the auditor to identify the inherent risks to the effective operation of accounts payable process controls.
  • C. It enables the auditor to understand the framework of the activities and associated accounts payable subprocesses
  • D. it enables the auditor to understand the accounts payable process and its flow, including key steps and systems.

Answer: C

Explanation:
Performing an entity-level controls analysis helps the auditor understand the overarching framework of activities and subprocesses within the accounts payable function. This approach provides a high-level view of the control environment and how different processes interrelate and contribute to the overall control objectives. By understanding the framework, the auditor can identify key controls, assess their design and implementation, and determine areas of potential risk. This foundational understanding is crucial before delving into more detailed, transaction-level testing.References:
* Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2130 - Control.


NEW QUESTION # 48
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