IIA-CIA-Part2 exam

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...

A corporate merger decision prompts the cruel audit executive (CAE) to propose interim changes lo the existing annual audit plan to account for emerging risks. When of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan?A . Present the...

Which of the following statements describes an engagement planning best practice?A . It is best to determine planning activities on a case-by-case basis because they can vary widely from engagement to engagement.B . If the engagement subject matter is not unique, it is not necessary to outline specific testing procedures...

Third-party opinion.A . 1 and 3B . 1 and 4C . 2 and 3D . 2 and 4View AnswerAnswer: C

Internal control questionnaires are used to achieve which of the following objectives?A . To ascertain the operating effectiveness of a procedureB . To verify the accuracy of Information in a reportC . To assess the controls mitigating major risksD . To determine whether specified contra procedures are in placeView AnswerAnswer:...

Which of the following would not be a typical activity for the chief audit executive to perform following an audit engagement?A . Report follow-up activities to senior management.B . Implement follow-up procedures to evaluate residual risk.C . Determine the costs of implementing the recommendations.D . Evaluate the extent of improvements.View...

An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?A . Manage and coordinate risk management processes.B . Audit risk...

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...

The board of directors expressed concerns about potential external risks that could impact the organization s ability to meet its annual objectives and goals The board requested consulting services from the internal audit activity to gain insight regarding the external risks. Which of the following engagement objectives would be appropriate...

An audit observation states the following: "Despite the rules of the organization there is no approved credit risk management policy in the subsidiary. The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor...