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IIA-CIA-Part2 exam covers a wide range of topics related to internal auditing, including internal control and risk management, fraud detection and prevention, governance and ethics, and communication skills. IIA-CIA-Part2 Exam consists of 100 multiple-choice questions, which must be completed within 2.5 hours. To pass the exam, candidates must achieve a minimum score of 600 out of a possible 800 points.
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During an audit of an ethics program, which of the following procedures are most appropriate to evaluate the effectiveness of the program?
* Testing whether corrective actions taken on involved parties breaching the ethics program are adequate.
* Testing whether all employees are mandated through policy to comply with the ethics program.
* Testing whether all employees are required to confirm in writing their compliance with the ethics program.
* Testing through surveys employee's level of understanding and commitment to the ethics program.
A. 1 and 4 only
B. 1 and 2 only
C. 2 and 3 only
D. 3 and 4 only
Answer: A
Explanation:
Section: Volume C
NEW QUESTION # 259
An audit of customer accounts receivable found that outstanding receivables as a percentage of revenue had increased significantly during the past two years. The increase was attributed to the extension of credit, at the urging of the marketing department, to a number of companies that were not creditworthy. Which of the following would be least useful in monitoring the disposition of this finding?
A. Responses from the manager of accounts receivable regarding collection of outstanding receivables.
B. Periodic updates from the controller regarding the status of corrective actions.
C. Information from the credit and marketing personnel assigned the responsibility for reevaluating credit policies.
D. Updates from the information technology division regarding implementation of a new accounts receivable system.
Answer: D
NEW QUESTION # 260
Which of the following is critical for assessing the effectiveness of an organization's risk management framework?
A. The organization's ongoing risk monitoring process.
B. The organization's attitude to hierarchy.
C. The organization's risk management policy.
D. The organization's whistleblowing strategy.
Answer: A
Explanation:
The organization's ongoing risk monitoring process is the most critical factor because risk management is a continuous activity. The Chief Audit Executive (CAE) must ensure that identified risks are addressed within the context of ongoing risk monitoring. This enables management to take corrective action and integrate risk mitigation into strategic planning.
* The organization's attitude to hierarchy (A) may influence communication effectiveness but does not determine risk response.
* The organization's whistleblowing strategy (B) relates more to reporting misconduct rather than managing identified risks.
* The organization's risk management policy (D) sets overall guidelines, but ongoing risk monitoring ensures practical application.
Reference:IIA's International Standards for the Professional Practice of Internal Auditing (Standards) - Standard 2120: Risk Management.
NEW QUESTION # 261
During an entity-level controls assessment, internal auditors deploy an internal control questionnaire to test the controls. Which of the following is a major drawback of this testing method?
A. It is an inefficient method of gathering evidence.
B. Limited information can be gathered with this method.
C. Information obtained by this method is difficult to quantify.
D. Information obtained by this method can be repudiated.
Answer: D
Explanation:
An internal control questionnaire (ICQ) is a commonly used tool in the assessment of entity-level controls. It is a structured set of questions that auditors use to gather information about the controls in place within an organization. However, while this method can be efficient for gathering broad-based information, it has certain limitations, one of the most significant being that the information obtained can be repudiated.
Repudiation refers to the possibility that the information provided by respondents can be denied or questioned later. This is a key drawback because the responses in an ICQ are typically self-reported and may not be fully accurate or reliable. Respondents may either misunderstand the questions or provide answers that are overly optimistic, biased, or not fully truthful. This can compromise the reliability of the evidence gathered through this method.
IIA References:
* According to IIA's International Professional Practices Framework (IPPF), particularly in the Implementation Guides that accompany the Standards, internal auditors are encouraged to use various techniques for gathering evidence to ensure the completeness, accuracy, and reliability of the information. The guide cautions that self-reported data, such as that obtained through questionnaires, should be corroborated with additional evidence.
* IIA Standard 2310: Identifying Information states that internal auditors must identify sufficient, reliable, relevant, and useful information to achieve the engagement's objectives. The limitations of the ICQ, particularly the risk of repudiation, directly relate to the reliability of the information obtained.
* Additionally, the IIA's Practice Guide on Evaluating Internal Controls suggests that while ICQs are useful in gaining an initial understanding of control environments, they should not be relied upon as the sole source of evidence. This emphasizes the need for corroborative evidence to address the risk of repudiation.
Given these considerations, the correct answer is A. Information obtained by this method can be repudiated because the self-reported nature of ICQs inherently carries the risk of repudiation, thus questioning the reliability of the control assessment finding
NEW QUESTION # 262
Which of the following is a red flag associated with improper asset valuation?
A. Unusual increase in gross margin.
B. Allowance for bad debts that is increasing in percentage terms.
C. Recurring positive cash flows from operations.
D. Unusual decrease in the number of days' purchases in inventory.
Answer: A
NEW QUESTION # 263
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