IIA-CIA-Part2 Free Dumps (Part 3, Q81-Q110) of V17.03 Are Online to Help You Check More Demo Questions

1. Which of the following statements describes an engagement planning best practice?

2. According to HA guidance, the chief audit executive is directly responsible for which of the following?

3. According to IIA guidance, which of the following statements are true regarding the internal audit plan?

1. The audit plan is based on an assessment of risks to the organization.

2. The audit plan is designed to determine the effectiveness of the organization's risk management process.

3. The audit plan is developed by senior management of the organization.

4. The audit plan is aligned with the organization's goals.

4. As part of internal audit's assistance with an annual external audit, the internal auditors are required to do a preliminary analytical review of an bank account balances. This involves verifying the current year end balances as web as comparing the current year end balances with previous year end balances to highlight significant changes.

Which of the following is the most reliable source for verification of the current year end bank balances?

5. Acceding to IIA guidance, when of the Mowing is an assurance service commonly performed by the internal audit activity?

6. A draft internal audit report that cites deficient conditions generally should be reviewed with which of the following groups?

1. The client manager and her superior.

2. Anyone who may object to the report’s validity.

3. Anyone required to take action.

4. The same individuals who receive the final report.

7. An internal auditor uses a data query tool in the purchasing process to review the vendor master file for authorizations.

Which of the following describes the control objective likely being tested?

8. An internal auditor was reviewing the procurement department's tender documentation for completeness He documented all discrepancies but the procurement manager disagreed with his findings Upon further review, the internal auditor noted that all discrepancies had been corrected in the tender database.

Which of the following courses of action would have prevented this situation?

9. When constructing a staffing schedule for the internal audit activity (IAA), which of the following criteria are most important for the chief audit executive to consider for the effective use of audit resources?

1. The competency and qualifications of the audit staff for specific assignments.

2. The effectiveness of IAA staff performance measures.

3. The number of training hours received by staff auditors compared to the budget.

4. The geographical dispersion of audit staff across the organization.

10. After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis.

Which of the following is most likely to be a disadvantage of this outsourcing decision?

11. A newly promoted chief audit executive (CAE) is faced with a backlog of assurance engagement reports to review for approval. In an attempt to attach a priority for this review, the CAE scans the opinion statement on each report.

According to IIA guidance, which of the following opinions would receive the lowest review priority?

1. Graded positive opinion.

2. Negative assurance opinion.

3. Limited assurance opinion.

4. Third-party opinion.

12. Which of the following should be included in a privacy audit engagement?

1. Assess the appropriateness of the information gathered.

2. Review the methods used to collect information.

3. Consider whether the information collected is in compliance with applicable laws.

4. Determine how the information is stored.

13. Internal control questionnaires are used to achieve which of the following objectives?

14. According to IIA guidance, which of the following actions might place the independence of the internal audit function in jeopardy?

15. An internal auditor is assigned to validate calculations on the organization's building application As pad of the test the internal auditor is required to use an automated audit tool to simulate transactions for testing.

Which of the following would most appropriately be used for this purpose?

16. An internal auditor recommended that an organization implement computerized controls in its sales system in order to prevent sales representatives from executing contracts in excess of their delegated authority levels A follow-up review found that the sales system had not been modified, but a process had been implemented to obtain written approval by the vice president of sales for all contracts in excess of S1 million.

The chief audit executive (CAE) would be justified in reporting this situation to the organization's board under which of the following circumstances'?

1. In the opinion of the CAE the level of residual risk assumed by senior management is too high

2. Testing of compliance with the new process finds that all new contracts in excess of $1 million have been approved by the vice president of sales

3. The cost of modifying the sales system to include a preventive control is less than

S100.000

17. An organization s inventory is stored m multiple warehouses. During an inventory audit which of the following activities would most benefit from the use of computerized audit tools?

18. Which of the following situations would justify the removal of a finding from the final audit report?

19. An internal auditor is conducting a financial audit.

Which of the following audit procedures is most appropriate when existing internal controls are weak?

20. During a review of the treasury function an internal auditor identified a risk that all bank accounts may net to include in the daily reconciliation process.

Which of the following responses would be most effective to mitigate this risk?

21. During an assurance engagement, an internal auditor noted that the time staff spent accessing customer information in large Excel spreadsheets could be reduced significantly through the use of macros. The auditor would like to train staff on how to use the macros.

Which of the following is the most appropriate course of action for the internal auditor to take?

22. Which of the following is the most important determinant of the objectives and scope of assurance engagements?

23. Acceding to MA guidance, when of the Mowing strategies would like provide the most assurance to the chief audit executive (CAE) that the internal audit activity's recommendations are being acted upon?

24. Which of the following is one of the five attributes that internal auditors include when documenting a deficiency?

25. Which of the following attribute sampling methods would be most appropriate to use to measure the total misstatement posted to an accounts payable ledger?

26. A chief audit executive (CAE) is determining which engagements to include on the annual audit plan. She would like to consider the organization's attitude toward risk and the degree of difficulty in achieving objectives.

Which of the following resources should the CAE consult?

27. After finalizing an assurance engagement concerning safety operations in the oil mining process, the audit team concluded that no key controls were compromised. However, some opportunities for improvement were noted.

Which of the following would be the most appropriate way for the chief audit executive (CAE) to report these results?

28. The chief audit executive (CAE) determined that the internal audit activity lacks the resources needed to complete the internal audit plan.

Which of the following would be the most appropriate action tor the CAE to take?

29. While conducting a review of the logistics department the internal audit team identified a crucial control weakness. The chief audit executive (CAE) decided to prepare an audit memorandum for management of the logistics department followed by an informal meeting.

What is the most likely reason the CAE decided to prepare the audit memorandum?

30. According to IIA guidance, which of the following are the most important objectives for helping to ensure the appropriate completion of an engagement?

1. Coordinate audit team members to ensure the efficient execution of all engagement procedures.

2. Confirm engagement workpapers properly support the observations, recommendations, and conclusions.

3. Provide structured learning opportunities for engagement auditors when possible.

4. Ensure engagement objectives are reviewed for satisfactory achievement and are documented properly.