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IIA-CIA-Part2 Complete Exam Dumps, Reliable IIA-CIA-Part2 Exam VceFree IIA IIA-CIA-Part2 Dumps to prepare for the Practice of Internal Auditing IIA-CIA-Part2 exam is a great way to gauge your progress in preparation. You can also check your progress with the help of evaluation reports. These reports will help you know where you stand in your preparation and boost your confidence.
IIA-CIA-Part2 certification exam is designed for professionals who are looking to enhance their skills and knowledge of internal auditing practices. Practice of Internal Auditing certification exam is offered by the Institute of Internal Auditors (IIA) and is the second part of the Certified Internal Auditor (CIA) program. The IIA-CIA-Part2 Exam focuses on the practice of internal auditing and covers topics such as risk management, internal control, and fraud detection. IIA Practice of Internal Auditing Sample Questions (Q359-Q364):NEW QUESTION # 359
Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?
A. Observation.
B. Surveys.
C. Workshops.
D. Interviews.
Answer: B
Explanation:
Self-assessment of controls can be efficiently conducted using various client-facilitated approaches. The choice of method depends on factors such as the size of the department, the nature of the controls, and the need for comprehensive feedback.
* Efficiency in Large Groups: Surveys are particularly effective for large groups (such as a 200-person department) as they allow for the collection of data from many individuals quickly and efficiently.
Reference: IIA Practice Guide on "Control Self-Assessment," which suggests using surveys for broad-based data collection when assessing control effectiveness across larger groups.
Standardized Feedback: Surveys provide standardized questions, ensuring consistent data collection and making it easier to analyze the responses.
Practical Example: A survey might include questions rating the effectiveness of different control measures on a scale, allowing management to identify areas of strength and weakness.
Anonymity and Honest Responses: Surveys can be conducted anonymously, encouraging more honest and candid feedback from employees who might hesitate to speak openly in workshops or interviews.
Advantage: This anonymity can lead to more accurate assessments of the controls' effectiveness, as employees might feel more comfortable pointing out issues without fear of repercussions.
Comparison to Other Methods:
Workshops (A): While useful for in-depth discussions, they are time-consuming and less efficient for large groups.
Interviews (C): Provide detailed insights but are also time-consuming and not practical for a 200-person department.
Observation (D): Useful for firsthand assessment but not efficient for gathering widespread feedback across a large department.
Conclusion: The correct answer is B, as surveys are the most efficient method for self-assessing the overall effectiveness of controls in a large department, offering a balance of broad coverage, standardized data, and anonymity.
NEW QUESTION # 360
Which of the following would be an appropriate improvement to controls over large quantities of consumable material that are charged to expense when placed in bins which are accessible to production workers?
A. None of the above actions are needed for items of minor cost and size.
B. Relocate bins to the inventory warehouse.
C. Require management to compare the cost of consumable items used to the budget.
D. Lock the bins during normal working hours.
Answer: C
NEW QUESTION # 361
Which of the following actions should the chief audit executive take when senior management decides to accept risks by choosing to do business with a questionable vendor?
A. Accept senior management's assumption of the risks.
B. Cancel issuing the engagement report due to the assumed risks.
C. Discuss the issue with the board for them to take appropriate action.
D. Persuade senior management to take appropriate action.
Answer: C
Explanation:
If senior management decides to accept risks, such as doing business with a questionable vendor, and the chief audit executive (CAE) believes this poses a significant risk to the organization, the CAE should escalate the issue to the board. The board has the ultimate responsibility for overseeing risk management and can decide on the appropriate action to take in response to the risk.
IIA Reference:
IIA Standard 2600: Communicating the Acceptance of Risks states that when the CAE believes that senior management has accepted a level of residual risk that may be unacceptable to the organization, the CAE must discuss the matter with senior management. If the decision regarding risk remains unchanged, the CAE must inform the board.
The Practice Guide on Risk Management highlights the importance of the CAE keeping the board informed of significant risks that management has chosen to accept, particularly when these risks could have a material impact on the organization.
NEW QUESTION # 362
The chief audit executive (CAE) of a new organization is in the process of determining the manner in which audit reports will be distributed and to whom. According to the Standards, which of the following is the most appropriate course of action for the CAE to take to develop this distribution process?
A. The CAE should independently implement the report distribution, using best judgment to ensure that all relevant stakeholders are informed.
B. The CAE should request that senior management and the board meet to determine the most appropriate reporting method.
C. The process should be determined in meetings with the external auditor and senior management to ensure alignment with external reporting.
D. The CAE should meet with senior management for their input, but finalize the distribution of all reports with the board.
Answer: D
NEW QUESTION # 363
According to the Standards, which of the following should be the basis for scheduling follow-up of engagement recommendations?
A. The risks and exposures involved.
B. The follow-up manual procedures.
C. The internal audit charter.
D. The agreement made between internal auditors and management.
Answer: A
NEW QUESTION # 364
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