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[General] Pass IIA-CIA-Part2 Exam Confidently with RealValidExam Real Dumps

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【General】 Pass IIA-CIA-Part2 Exam Confidently with RealValidExam Real Dumps

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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.
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To be eligible for the IIA-CIA-Part2 Exam, candidates must have completed the first part of the CIA certification program, which focuses on the essentials of internal auditing. Additionally, candidates must have a minimum of 24 months of internal auditing experience or equivalent education and experience.
IIA Practice of Internal Auditing Sample Questions (Q171-Q176):NEW QUESTION # 171
A chief audit executive (CAE) reviews the supervision of an internal audit engagement Which of the following would most likely assure the CAE that the engagement had adequate supervision?
  • A. The supervisor reviews and initials internal audit workpapers for the engagement
  • B. The supervisor reviews weekly progress reports from the audit team members
  • C. The engagement supervisor has an open door pokey for audit team members to discuss concerns
  • D. The supervisor meets periodically with management in the reviewed area to get feedback during the engagement.
Answer: A
Explanation:
Reviewing and initialing internal audit workpapers ensures that the engagement has adequate supervision. This practice demonstrates that the supervisor has reviewed the work performed by the audit team, verified the accuracy and completeness of the documentation, and provided necessary guidance. It is a critical step in the quality assurance process, ensuring that the audit findings and conclusions are supported by sufficient and appropriate evidence.
Reference:
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2340 - Engagement Supervision.

NEW QUESTION # 172
An organization has a large number of vendors supplying goods to its various branches across the region. The code of conduct statements signed by the employees specify that the employees or their families will not sell goods to the organization. However, during the internal audit of a branch, the internal auditor suspected that some of the employees may be supplying goods to the organization contrary to the code of conduct. The chief audit executive has requested that a thorough review be completed to identify the potential employee vendors. Of the following tests, it would be least useful to compare [List A] with [List B].
[List A]
[List B]
  • A. Dates of payments to vendors Dates of salary payments to employees
  • B. Addresses of vendors from the vendor database Addresses of employees from the employee database D .Vendor names Employee names
  • C. Vendor bank account numbers Employee bank account numbers
Answer: A

NEW QUESTION # 173
An organization contracted a third party to construct a new facility that was estimated to cost $25 million. Which of the following is the most pertinent reason for the organization to audit the contractor's records?
  • A. The contractor will be paid on a cost-plus basis.
  • B. The estimated cost is high.
  • C. The contractor has subcontracted much of the work.
  • D. The contract includes a right-to-audit clause.
Answer: A
Explanation:
Section: Volume B

NEW QUESTION # 174
Which of the following is an inherent risk of issuing an opinion on the overall effectiveness of internal control?
  • A. The results of individual engagements do not support a satisfactory opinion on the effectiveness of internal control.
  • B. The reliance on other assurance providers increases
  • C. The results of the individual engagements do not support a positive assurance opinion on the effectiveness of internal control
  • D. The audit risk and associated legal implications increase
Answer: D
Explanation:
Issuing an opinion on the overall effectiveness of internal control inherently carries the risk of increased audit risk and associated legal implications. This is because the opinion represents a high level of assurance, and any errors or omissions in the underlying audit work can lead to significant consequences, including potential legal liability. Therefore, auditors must be thorough and ensure that their conclusions are well-supported by the evidence obtained during the audit process.
The Institute of Internal Auditors (IIA) Practice Guide: Forming an Opinion on the Overall Adequacy and Effectiveness of Internal Controls IIA Standard 2400 - Communicating Results

NEW QUESTION # 175
An audit client responded to recommendations from a recent consulting engagement. The client indicated that several recommended process improvements would not be implemented. Which of the following actions should the internal audit activity take in response?
  • A. Confirm the decision with management and document this decision in the audit file.
  • B. Escalate the unresolved issues to the board, because they could pose significant risk exposures to the organization.
  • C. Initiate an assurance engagement on the unresolved issues.
  • D. Document the issue in the audit file and follow up until the issues are resolved.
Answer: A
Explanation:
When a client decides not to implement recommended process improvements from a consulting engagement, the internal audit activity should confirm the decision with management and document it in the audit file. This approach ensures that the audit trail is complete and that there is a record of management's acceptance of the associated risks. Escalating the issue to the board (Option A) or initiating an assurance engagement (Option D) might be necessary if the risks are significant, but these actions are not the immediate next steps.
Continuous follow-up (Option C) is more relevant to assurance engagements rather than consulting engagements.
IIA Standard 2500: Monitoring Progress.
IIA Practice Guide on Consulting Engagements.

NEW QUESTION # 176
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