IIA-CIA-Part2 Real Questions, IIA-CIA-Part2 Practice Exam, IIA-CIA-Part2 PDF VCE

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IIA-CIA-Part2 exam is designed by the Institute of Internal Auditors (IIA) and is an important certification for individuals who wish to pursue a career in the field of internal auditing. IIA-CIA-Part2 Exam is known as the Practice of Internal Auditing and is one of the three exams required to become a Certified Internal Auditor (CIA).

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IIA Practice of Internal Auditing Sample Questions (Q462-Q467):

NEW QUESTION # 462
An organization's policies allow buyers to authorize expenditures up to $50,000 without any other approval.
Which of the following audit procedures would be most effective in determining if fraud in the form of payments to fictitious companies has occurred?

A. Use generalized audit software to select a sample of paid invoices to new vendors and examine evidence that shows that services or goods were received.
B. Develop a snapshot technique to trace all transactions by suspected buyers.
C. Use generalized audit software to list all purchases over $50,000 to determine whether they were properly approved.
D. Use generalized audit software to take a random sample of all expenditures under $50,000 to determine whether they were properly approved.

Answer: A

NEW QUESTION # 463
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 identify the inherent risks to the effective operation of accounts payable process controls.
B. It enables the auditor to understand the framework of the activities and associated accounts payable subprocesses
C. it enables the auditor to understand the accounts payable process and its flow, including key steps and systems.
D. It enables the auditor to categorize the population of transactions within the accounts payable process

Answer: B

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.
Reference:
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2130 - Control.

NEW QUESTION # 464
According to IIA guidance, which of the following is the most appropriate action to be taken by the chief executive (CAE) if management refuses to accept audit recommendations and implement corrective actions, Even after escalation to senior management?

A. The CAE should note in the final report that management has decided to accept the risk.
B. The CAE should continue to meet with management to obtain their agreement for corrective action
C. The CAE should ask that additional testing be undertaken to strengthen his case as to the need for corrective action.
D. The CAE should advise senior management of his intention to escalate the matter to the board.

Answer: D

NEW QUESTION # 465
A company has recently incurred significant cost overruns on one of its construction projects. Management suspects that these overruns were caused by the contractor improperly accounting for costs related to contract change orders. Which of the following procedures would be appropriate for testing this suspicion?
I. Verify that the contractor has not charged change orders with costs that have already been billed to the original contract.
II. Determine if the contractor has billed for original contract work that was canceled as a result of change orders.
III. Verify that the change orders were properly approved by management.

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

Answer: D

NEW QUESTION # 466
What would be used to determine the collectability of accounts receivable balances?

A. The file of related shipping documents.
B. Positive accounts receivable confirmations.
C. An aged accounts receivable listing.
D. Negative accounts receivable confirmations.

Answer: C

NEW QUESTION # 467
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