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IIA-CIA-Part2 exam consists of 100 multiple-choice questions that test candidates' knowledge and understanding of internal audit practices, including risk management, governance, and internal control. Candidates must pass IIA-CIA-Part2 exam to move on to the third and final part of the CIA exam. Passing IIA-CIA-Part2 Exam demonstrates to employers and clients that an individual has a strong understanding of the principles and practices of internal auditing, and is capable of providing valuable insights and recommendations to help organizations improve their operations and mitigate risk. IIA Practice of Internal Auditing Sample Questions (Q539-Q544):NEW QUESTION # 539
A chief audit executive (CAE) is trying to balance the internal audit activity's needs for technical audit skills budget efficiency and staff development opportunities. Which of the following would best assist the CAE in achieving this balance1?
A. Loan staff arrangement
B. Strategic sourcing
C. Hierarchical organizational structure
D. Flat organizational structure
Answer: B
NEW QUESTION # 540
Which of the following is a significant governance issue that should be reported by the chief audit executive to the board?
A. There is no risk management and control process and risk management is solely tie responsibility of operational managers
B. Reconciliation of planned board meeting agendas to meeting minutes finds that one meeting was canceled, and the agenda topics were covered at the following meeting.
C. The organisation's code of conduct is distributed to employees each year however employees are not required to attest that they will operate In compliance with the code.
D. The review of the five-year strategic plan shows that the details of the plan have not been dearly communicated to employees throughout the organization
Answer: A
Explanation:
A significant governance issue that must be reported to the board is the absence of a formal risk management and control process, with risk management being solely the responsibility of operational managers. Effective governance requires a structured risk management framework overseen at the highest levels of the organization. The lack of such a process indicates a critical deficiency that can have severe implications for the organization's ability to manage and mitigate risks.
The Institute of Internal Auditors (IIA) Standard 2110 - Governance: "The internal audit activity must assess and make appropriate recommendations to improve the organization's governance processes."
NEW QUESTION # 541
Which of the following statements describes an engagement planning best practice?
A. The engagement plan includes the expected distribution of the audit results, which should be kept confidential until the audit report is final.
B. Engagement planning activities include setting engagement objectives that align with audit client's business objectives.
C. If the engagement subject matter is not unique, it is not necessary to outline specific testing procedures during the planning phase.
D. It is best to determine planning activities on a case-by-case basis because they can vary widely from engagement to engagement.
Answer: B
NEW QUESTION # 542
In which of the following populations would the internal auditor most likely choose to use a stratified sampling approach?
A. Revenue that is earned by an organization through cash receipts or as receivable.
B. Inventory comprised of the same items stored in different warehouses
C. Batches of materials that must be confirmed as meeting quality standards
D. Tax reports submitted to meet the requirements of the local taxation authority
Answer: A
Explanation:
Stratified sampling is used when the population can be divided into distinct subgroups (strata) that differ significantly from each other but are internally homogeneous. In the context of auditing, revenue earned through cash receipts or as receivables would have different characteristics and risk profiles. Stratifying the population allows the auditor to ensure that each subgroup is adequately represented in the sample, leading to more reliable and accurate audit conclusions.
The Institute of Internal Auditors (IIA) Practice Guide: Audit Sampling IIA Standard 2320 - Analysis and Evaluation
NEW QUESTION # 543
Which of the following is the best option for the chief audit executive to consider for effective coordination of assurance coverage?
A. LIMIT ricks inventory to identify the risks and controls in place and the relevant control owners.
B. Prepare a risk likelihood and impact heal map to prioritize assurance coverage coordination.
C. Rely on the risk and control and management testing information maintained for compliance with the regulatory framework
D. Create an assurance map to illustrate each provider's level of assurance and planned activities for each area of the organization
Answer: D
NEW QUESTION # 544
......
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