IIA IIA-CIA-Part2 Daily Practice Exam New 2022 Updated 600 Questions
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IIA IIA-CIA-Part2 Exam Syllabus Topics:
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NEW QUESTION 301
Which of the following is most appropriate when conducting an interview during the course of a fraud investigation?
- A. Schedule the interview well in advance.
- B. Explain the detailed purpose to the interviewee.
- C. Have a witness present during the interview.
- D. Assume that the interviewee is guilty.
Answer: C
NEW QUESTION 302
Controls are implemented to:
- A. Eliminate risk and reduce the potential for loss.
- B. Mitigate risk and eliminate the potential for loss.
- C. Mitigate risk and reduce the potential for loss.
- D. Eliminate risk and eliminate potential for loss.
Answer: C
NEW QUESTION 303
Which of the following conditions is the strongest indicator of possible fraud?
- A. Independent reconciliations of subsidiary to general ledgers that are not always completed on a timely basis.
- B. An assistant treasurer who refuses to take vacations.
- C. A condition of excess manufacturing waste material.
- D. A manager who is often over budget at the end of a reporting period.
Answer: B
NEW QUESTION 304
During an information security audit, an auditor discovers that the current disaster recovery plan was developed three years ago but never tested. There have been significant changes to information systems since the plan was developed. The auditor should:
- A. Update the recovery plan for management as part of the review.
- B. Ask management to test the recovery plan immediately.
- C. Review the recovery plan and report weaknesses to management.
- D. Recommend that management and users update and test the recovery plan.
Answer: D
NEW QUESTION 305
Which of the following would most likely contribute to discrepancies between receiving reports and the number of units in a shipment?
- A. Failing to compare the quality of goods received with specifications.
- B. Using inadequate vendor selection procedures.
- C. Accepting improper authorization for purchases.
- D. Indicating the quantities ordered on the receiving department's copy of the purchase order.
Answer: D
NEW QUESTION 306
An organization decides to create an internal audit function and hires a new chief audit executive (CAE).
Which of the following should the CAE first consider when developing the internal audit process?
- A. An appropriate training plan for audit staff.
- B. Sufficient resources to adequately meet the needs of the annual audit plan.
- C. Alignment of internal audit objectives with the organization's strategic plan.
- D. Requirements of the external auditors to ensure an efficient coordination of audit effort.
Answer: C
NEW QUESTION 307
Because of a new marketing initiative, an organization has reduced requirements for extending credit to new customers. As a result, outstanding accounts receivable as a percentage of revenue has increased significantly during the past two years. Which of the following would be least useful in monitoring this finding?
- A. Updates from the manager of accounts receivable regarding collection of outstanding receivables.
- B. Updates from the information technology division regarding development of a new accounts receivable system.
- C. Updates from the controller regarding the status of corrective actions.
- D. Updates from the credit and marketing personnel tasked with reevaluating credit policies.
Answer: B
NEW QUESTION 308
An internal auditor provided the following statement about division A's performance during the month: "Because supplies of raw material X were scarce, division A's profits declined by 15 percent." Which of the following can be validly concluded from the auditor's statement?
1. Division A's production level declined by 15 percent.
2. Division A could have sold more products than it produced.
3. Division A usually sells all of the products that it produces.
- A. I and II only
- B. III only
- C. I only
- D. II only
Answer: D
NEW QUESTION 309
Which of the following would most likely cause an internal auditor to consider adding fraud work steps to the audit program?
- A. An employee's reported concerns.
- B. Lack of an ethics policy.
- C. Incentives and bonus programs.
- D. Improper segregation of duties.
Answer: A
NEW QUESTION 310
Which of the following is least likely to vary when conducting audit engagements in different regions of an international organization?
- A. Work schedules and holidays of the individual regions.
- B. Availability of technology and technical support.
- C. Level of workpaper documentation needed to support audit observations.
- D. Application of governmental regulations to business activities.
Answer: C
Explanation:
Section: Volume C
Explanation/Reference:
NEW QUESTION 311
To furnish useful and timely information and promote improvements in operations, internal auditors should provide:
- A. Reports that meet the expectations of both operational and senior management.
- B. Operating management with reports that emphasize general concerns and risks.
- C. Information in written form before it is discussed with the engagement client.
- D. Senior management with reports that emphasize the operational details of defective conditions.
Answer: A
Explanation:
Section: Volume C
NEW QUESTION 312
Which of the following would provide the best evidence of compliance with an airline's standard of having aircraft refueled and cleaned within a specified time of arrival at an airport?
- A. Vendor fuel invoices that have been reconciled to inventory records.
- B. Time cards completed by aircraft cleaning and fueling crews.
- C. Observation of selected aircraft while they are being refueled and cleaned.
- D. Comparison of the standard hourly labor costs for cleaning and fueling personnel with actual labor charges.
Answer: C
NEW QUESTION 313
An auditor-in-charge is preparing her audit team for a consulting engagement at one of the organization's foreign subsidiaries. According to the Standards, which of the following would not be a necessary step prior to beginning the engagement?
- A. Agree, in writing, with the subsidiary's senior management regarding the scope of the engagement.
- B. Communicate what logistical support will be provided by the subsidiary for the duration of the engagement.
- C. Communicate a time frame as well as a contingency plan in the event the engagement may take longer than expected.
- D. Verify that none of the audit team worked for the foreign subsidiary within the last year to ensure independence.
Answer: D
NEW QUESTION 314
An internal auditor has completed an audit of an organization's activities and is ready to issue a report. However, the client disagrees with the internal auditor's conclusions. The auditor should:
- A. Perform additional work, with the client's concurrence, to resolve the areas of disagreement and delay the issuance of the report until agreement is reached.
- B. Withhold the issuance of the audit report until agreement on the issues is obtained.
- C. Issue the audit report and omit the client's conclusion as it is not the opinion of the internal auditor.
- D. Issue the audit report and state both the auditor and client positions and the reasons for the disagreement.
Answer: D
NEW QUESTION 315
An audit of a company's accounts payable found that the individuals responsible for maintaining the vendor master file could also enter vendor invoices into the accounts payable system. During the exit conference, management agreed to correct this problem. When performing a follow-up engagement of accounts payable, the auditor should expect to find that management has:
- A. Changed the access control system to prevent employees from both entering invoices and approving payments.
- B. Transferred the individuals who maintained the vendor master file to another department to ensure that responsibilities are appropriately segregated.
- C. Compared the vendor and employee master files to determine if any unauthorized vendors have been added to the vendor master file.
- D. Modified the accounts payable system to prevent individuals who maintain the vendor master file from entering invoices.
Answer: D
NEW QUESTION 316
Which of the following statements about internal audit's follow-up process is true?
- A. Internal auditors have responsibility for determining if management and the board have implemented the recommended action or otherwise accepted the risk.
- B. The nature, timing, and extent of follow-up for assurance engagements is standardized to ensure quality performance.
- C. The follow-up process must be complete and documented in the working papers in order to conclude the engagement.
- D. The actions of external auditors and other external assurance providers is not encompassed by internal audit's follow-up process.
Answer: A
Explanation:
Section: Volume E
NEW QUESTION 317
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