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IIA IIA-CIA-Part2 Exam Syllabus Topics:
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NEW QUESTION 260
Which of the following is true of engagement recommendations?
I. Specific suggestions for implementation must be included.
II. The internal auditor's observations and conclusions may serve as the basis.
III. Actions to correct existing conditions or improve operations may be included.
IV. Approaches to correcting or enhancing performance may be suggested.
- A. III only
- B. I, III, and IV only
- C. I only
- D. II, III, and IV only
Answer: D
NEW QUESTION 261
According to IIA guidance, which of the following is true regarding the exit conference for an internal audit engagement?
- A. The exit conference provides only anticipated results for inclusion in the final audit communication.
- B. A primary purpose of the exit conference is to provide for the timely communication of observations that call for immediate management action.
- C. Both the chief audit executive and the chief executive over the activity or function reviewed must attend the exit conference to validate the findings.
- D. During the exit conference, the performance of the internal auditors who executed the engagement is reviewed.
Answer: A
NEW QUESTION 262
What is the primary factor that determines the depth and breadth of audit follow-up?
- A. The auditor's assessment of personnel responsible for correcting audit findings.
- B. The availability of audit personnel and financial resources.
- C. The auditor's assessment of risk associated with the audit findings.
- D. The engagement client's written response to the audit findings.
Answer: C
Explanation:
Section: Volume B
Explanation
NEW QUESTION 263
Which of the following is true of engagement recommendations?
1. Specific suggestions for implementation must be included.
2. The internal auditor's observations and conclusions may serve as the basis.
3. Actions to correct existing conditions or improve operations may be included.
4. Approaches to correcting or enhancing performance may be suggested.
- A. III only
- B. I, III, and IV only
- C. I only
- D. II, III, and IV only
Answer: D
NEW QUESTION 264
Which of the following might alert an auditor to the possibility of fraud in a division?
I. The division is not scheduled for an external audit this year.
II. Sales have increased by 10 percent.
III. A significant portion of management's compensation is directly tied to reported net income of the division.
- A. III only
- B. I and II only
- C. I only
- D. I, II, and III
Answer: A
Explanation:
Section: Volume A
NEW QUESTION 265
According to IIA guidance, which of the following factors should the auditor in charge consider when determining the resource requirements for an audit engagement?
- A. The number, proficiency, experience, and availability of audit staff as well as the ability to coordinate with external auditors.
- B. The appropriateness and sufficiency of resources and the ability to coordinate with external auditors.
- C. The number, experience, and availability of audit staff as well as the nature, complexity, and time constraints of the engagement.
- D. The appropriateness and sufficiency of resources as well as the nature, complexity, and time constraints of the engagement.
Answer: D
NEW QUESTION 266
Once an audit report is drafted, the auditor's supervisor should review it primarily to ensure that all:
- A. Statements are supported and can be authenticated.
- B. Sample sizes appear appropriate for any issues found.
- C. Processes within the audited area were reviewed.
- D. Recommendations for corrective action are clear.
Answer: A
Explanation:
Section: Volume B
NEW QUESTION 267
During the development of a purchasing system, an auditor reviewed the payment authorization program. Which of the following actions should the auditor recommend for a situation in which the quantity invoiced is greater than the quantity received?
- A. Pay the amount billed and adjust the inventory account for the difference.
- B. Return the invoice to the vendor for correction.
- C. Issue an exception report.
- D. Authorize payment of the full invoice, but maintain an open purchase order record for the missing goods.
Answer: C
NEW QUESTION 268
In forming a team to investigate an organization's potential adoption of an activity-based costing system, the best reason to include an internal auditor on the team would be the auditor's knowledge of:
- A. Internal control alternatives.
- B. Information processing procedures.
- C. Activities and cost drivers.
- D. Current product cost structures.
Answer: A
NEW QUESTION 269
Which of the following is not a direct benefit of control self-assessment (CSA)?
- A. CSA can improve the control environment.
- B. CSA increases control consciousness.
- C. CSA allows management to have input into the audit plan.
- D. CSA allows process owners to identify, evaluate, and recommend improving control deficiencies.
Answer: C
NEW QUESTION 270
When developing the scope of an audit engagement, which of the following would the internal auditor typically not need to consider?
- A. The potential impact of key risks.
- B. The need and availability of automated support.
- C. The expected outcomes and deliverables.
- D. The operational and geographic boundaries.
Answer: A
Explanation:
Section: Volume E
NEW QUESTION 271
During a payroll audit of a large organization, an internal auditor noted that the assistant personnel director is responsible for many aspects of the computerized payroll system, including adding new employees in the system; entering direct-deposit information for employees; approving and entering all payroll changes; and providing training for system users. After discussions with the director of personnel, the auditor concluded that the director was not comfortable dealing with information technology issues and felt obliged to support all actions taken by the assistant director. The auditor should:
- A. Review the engagement program to ensure testing of direct deposits to employee bank accounts is adequately covered.
- B. Continue to follow the engagement program because the engagement scope and objectives have already been discussed with management.
- C. Test a sample of payroll changes to ensure that they were approved by the assistant director before being processed.
- D. Recommend to the chief audit executive that a fraud investigation be started.
Answer: A
NEW QUESTION 272
An organization does not have a formal risk management function. According to the Standards, which of the following are conditions where the internal audit activity (IAA) may provide risk management consulting?
1.There is a clear strategy and timeline to migrate risk management responsibility back to management.
2.The IAA has the final approval on any risk management decisions.
3.The IAA does not give objective assurance on any part of the risk management framework for which it is responsible.
4.The nature of services provided to the organization is documented in the internal audit charter.
- A. 2, 3, and 4 only
- B. 1, 2, and 4 only
- C. 1, 3, and 4 only
- D. 1, 2, and 3 only
Answer: C
NEW QUESTION 273
While investigating a compromised Web server, an auditor found that the Web server logs had been deleted.
The auditor should recommend that the Web server logs be:
- A. Generated and maintained on a separate secure server.
- B. Restored automatically to the Web server from backup files.
- C. Accessible by administrative users only
- D. Encrypted to ensure that the logs cannot be deleted.
Answer: A
Explanation:
Section: Volume B
NEW QUESTION 274
During an audit of a contract for computer security, a governmental auditor finds that a contractor has developed a system that could be the most advanced in the industry. If it seems that the contractor is charging the government for developmental cost of a system that might be sold to other organizations, what is the auditor's best course of action?
- A. Exclude the observation from the engagement final communication because the contract was vague and the level of security is clearly acceptable.
- B. Estimate the cost to develop the advanced security system and inform the contractor that it will be a disallowed cost.
- C. Compare the cost of the security program with previous costs incurred by governmental operations and inform the contractor that the difference will be a disallowed cost.
- D. Estimate the added cost, report it to management, and suggest that management meet with its lawyers and the contractor to resolve differences.
Answer: D
Explanation:
Section: Volume C
NEW QUESTION 275
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