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IIA-CIA-Part2 Exam, also known as the Practice of Internal Auditing, is a certification exam offered by the Institute of Internal Auditors (IIA). It is designed to test the knowledge and skills of internal auditors who are responsible for planning, performing, and reporting the results of internal audits. IIA-CIA-Part2 Exam covers a wide range of topics related to internal auditing, including risk management, governance, and internal control.
Free PDF Quiz 2026 IIA IIA-CIA-Part2: High Pass-Rate Practice of Internal Auditing Best Preparation MaterialsActual4test is a learning website which provides IIA-CIA-Part2 latest dumps and answers, and almost covers every knowledge of IIA-CIA-Part2 exam questions. Using our learning textbooks to prepare IIA-CIA-Part2 test is your best choice. Actual4test with latest IIA-CIA-Part2 exam simulations will help you Pass IIA-CIA-Part2 Exam in a short time in a fast way. We promise that we will refund fully if the IIA-CIA-Part2 vce dumps and training materials have any problems or you fail the IIA-CIA-Part2 exam with our IIA-CIA-Part2 braindumps. IIA Practice of Internal Auditing Sample Questions (Q672-Q677):NEW QUESTION # 672
According to IIA guidance, which of the following individuals should receive the final audit report on a compliance engagement for the organization's cash disbursements process?
A. The accounts payable manager, purchasing manager, and receiving manager.
B. The accounts payable supervisor, accounts payable manager, and controller.
C. The accounts payable supervisor, controller, and treasurer.
D. The accounts payable manager, chief financial officer, and audit committee.
Answer: D
Explanation:
For compliance engagements, particularly those related to critical processes such as cash disbursements, it is important to distribute the final audit report to individuals with oversight and decision-making responsibilities. The accounts payable manager oversees the process, the chief financial officer (CFO) has overall financial oversight, and the audit committee provides governance and oversight of the audit function.
This ensures that the report is reviewed by those with the authority to implement changes and address any issues identified. References:
* IIA Standards - 2440: Disseminating Results
* IIA Practice Advisory - 2440-1: Disseminating Results
NEW QUESTION # 673
An internal audit activity plans its engagements based on an organization-wide risk assessment. According to IIA guidance, which of the following statements is true regarding the required frequency of the risk assessment?
A. The risk assessment must be performed at least once every five years, in alignment with the internal audit activity's quality assurance and improvement program.
B. The risk assessment must be performed at least quarterly.
C. The risk assessment must be performed at least annually.
D. There is no specific requirement; a risk assessment should be performed as needed to account for changes in the business environment.
Answer: D
Explanation:
According to IIA guidance, there is no specific frequency mandated for conducting organization-wide risk assessments. Instead, the internal audit activity should perform risk assessments as necessary to reflect significant changes in the organization's business environment, risk profile, and operations. This flexibility allows the internal audit activity to remain responsive and relevant in a dynamic risk landscape.
IIA References:
* IIA Standard 2010: Planning requires the CAE to establish risk-based plans to determine the priorities of the internal audit activity, consistent with the organization's goals. The frequency and timing of risk assessments should be adapted to the organization's changing conditions.
* The IIA Practice Guide on Risk Assessment in Audit Planning emphasizes that risk assessments should be updated as needed, particularly when there are significant changes in the organization or external environment.
NEW QUESTION # 674
Which of the following is an appropriate role for the internal audit activity with regard to the organization's risk management program?
A. Ensure that a proper and effective risk management process exists.
B. Attain an adequate understanding of the organization's key risk mitigation strategies.
C. Identify and manage risks in line with the organization's risk appetite.
D. Identify and ensure that appropriate controls exist to mitigate risks.
Answer: B
Explanation:
According to IIA guidance, an appropriate role for the internal audit activity with regard to the organization's risk management program is to attain an adequate understanding of the organization's key risk mitigation strategies. This enables internal auditors to evaluate the effectiveness of risk management processes and provide assurance on the adequacy of risk controls. Identifying and managing risks, ensuring risk management processes exist, and ensuring controls exist to mitigate risks are responsibilities of management, not internal audit.
IIA Standards: 2120 - Risk Management
IIA Practice Guide: Internal Audit's Role in Risk Management
NEW QUESTION # 675
An internal auditor wants to examine the intensity of correlation between electricity price and wind speed.
Which of the following analytical approaches would be most appropriate for this purpose?
A. A SIPOC diagram
B. A RACI chart
C. A Gantt chart
D. A scatter diagram
Answer: D
Explanation:
A scatter diagram plots two variables on a graph to examine whether there is a correlation or relationship.
Here, electricity price and wind speed can be plotted to test if changes in one relate to changes in the other.
* A Gantt chart (A) is for project scheduling.
* A RACI chart (C) clarifies roles and responsibilities.
* A SIPOC diagram (D) maps processes.
Therefore, the best analytical tool for correlation analysis is the scatter diagram.
NEW QUESTION # 676
Which of the following internal control attributes should internal auditors consider testing during a review of the board of directors?
A. The established philosophy and operating style of senior management
B. The presence of an independent critical mass
C. The organization's employee recruiting and retention policies
D. The articulated internal control objectives of the organization
Answer: B
Explanation:
When reviewing the board of directors, internal auditors should consider testing the presence of an independent critical mass. This refers to the existence of a sufficient number of independent directors who can provide unbiased judgment and oversight. Independence is a cornerstone of effective governance, ensuring that decisions are made in the best interest of the organization without undue influence from management.
This attribute is crucial for maintaining the integrity and objectivity of the board's decisions and actions.References: IIA's Practice Guide on Assessing Organizational Governance.
NEW QUESTION # 677
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