CUSTOMIZABLE IIA-CIA-PART2 PRACTICE TEST SOFTWARE

Customizable IIA-CIA-Part2 Practice Test Software

Customizable IIA-CIA-Part2 Practice Test Software

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Preparing for the IIA-CIA-Part2 Exam requires a significant amount of study and review. Candidates must have a thorough understanding of internal audit principles and practices, as well as a familiarity with the exam format and question types. To help candidates prepare for the exam, the IIA offers study materials, including textbooks, online courses, and practice exams. Additionally, many candidates choose to join study groups or hire a tutor to help them prepare for the exam.

IIA Practice of Internal Auditing Sample Questions (Q453-Q458):

NEW QUESTION # 453
Which of the following events would most likely cause the chief audit executive to consider changing the current year's audit plan?
1. The government announced that new regulatory requirements will be introduced in the coming years which may significantly impact the organization's primary product.
2. A major competitor unexpectedly introduced a new model at a lower price point to compete with the organization's market leading product.
3. The organization announced a new joint venture with a long time corporate partner to introduce a new product with development costs and sales beginning next fiscal year.
4. An equal joint venture partner filed a lawsuit against the organization and requested that the court issue an immediate suspension of future product shipments.

  • A. 1 and 2 only
  • B. 3 and 4 only
  • C. 1 and 3 only
  • D. 2 and 4 only

Answer: D

Explanation:
Section: Volume D


NEW QUESTION # 454
According to the International Professional Practices Framework, which of the following is correct regarding conducting and reporting follow-up activities by the internal audit activity (IAA)?

  • A. A newly appointed auditor immediately proceeds to conduct follow-up testing based on previous work performed for the engagement and then reports the results to the chief audit executive (CAE).
  • B. In situations where the identified risk may have a significant impact to the business and senior management has accepted the risk, it is not necessary for the CAE to inform the board of the decision.
  • C. Management has stopped implementing several key recommendations citing a growing disagreement with their effectiveness. The auditor communicates the situation to the CAE who then escalates the matter to senior management.
  • D. Due to management changes, the IAA is advised by management that no further work will be done. Further follow-up work is not required as management has accepted the related risk.

Answer: C


NEW QUESTION # 455
Due to a recent system upgrade, an audit is planned to test the payroll process. Which of the following audit objectives would be most important to prevent fraud?

  • A. Verify that benefits deductions are accurate.
  • B. Verify that amounts are correct.
  • C. Verify that payments are on time.
  • D. Verify that recipients are valid employees.

Answer: D

Explanation:
Verifying that recipients are valid employees is crucial in preventing payroll fraud. This audit objective ensures that only legitimate employees receive payments, thereby mitigating the risk of ghost employees or payments to terminated employees. While verifying amounts, payment timeliness, and benefit deductions are important, ensuring the validity of recipients directly addresses the potential for fraudulent activities in the payroll process.
Reference:
IIA Practice Guide on Auditing Employee Compensation and Benefits.
IIA Standard 1220: Due Professional Care.


NEW QUESTION # 456
An internal auditor is conducting tests to determine if an organization is in compliance with its payment approval policies. After reviewing a sample of vouchers selected, the internal auditor concluded that there were indicators of fraud. Which of the following would be the most appropriate method to expand the audit test to achieve the audit objective?
I.
Validate the completeness of the accounts payable files.
II.
Examine the sample of vouchers in greater detail.
III.
Increase the number of vouchers in the sample.
IV.
Broaden the scope of the examination to include credits received by accounts payable.

  • A. II and III only
  • B. I, II, and IV only
  • C. I and II only
  • D. I, III, and IV only

Answer: A


NEW QUESTION # 457
Which statistical sampling approach would an internal auditor typically utilize if she wishes to test for fraud and the expected deviation rate is very low?

  • A. Stratified sampling
  • B. Haphazard sampling
  • C. Attribute sampling
  • D. Discovery sampling

Answer: D

Explanation:
Discovery sampling is typically used when testing for fraud, especially when the expected deviation rate is very low. This method is designed to detect at least one occurrence of a specific characteristic (such as fraud) within a given sample size, making it effective for identifying rare but critical issues. It is particularly useful when the auditor suspects that fraud may exist but expects it to be infrequent.
Reference:
Institute of Internal Auditors (IIA), Practice Guide - Auditing for Fraud.


NEW QUESTION # 458
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