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IIA-CIA-Part2 certification exam is a rigorous exam that requires a significant amount of preparation and study. However, for individuals who are committed to advancing their careers in internal auditing, this certification can be a valuable asset and can help them stand out in a competitive job market.
The Practice of Internal Auditing certification exam covers a broad range of topics, including internal control and risk management, governance, fraud risk, ethics, and compliance. IIA-CIA-Part2 exam is designed to test the candidate's knowledge of the internal auditing profession and their ability to apply this knowledge in real-world scenarios.
To be eligible for the IIA-CIA-Part2 exam, candidates must have successfully completed the IIA-CIA-Part1 exam and meet the educational and professional requirements set by the IIA. IIA-CIA-Part2 Exam consists of 100 multiple-choice questions and is administered through a computer-based testing system. Candidates have four hours to complete the exam, and a passing score of 600 or higher is required to earn the certification. The IIA-CIA-Part2 exam is a challenging and rigorous exam that requires candidates to have a deep understanding of the principles and practices of internal auditing. However, achieving this certification can open up many opportunities for career advancement and professional development in the field of internal auditing.
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In today's IIA world getting the Practice of Internal Auditing (IIA-CIA-Part2) certification exam is very crucial. With the growing popularity of credentials, the demand for IIA-CIA-Part2 certification exam holders has increased. Success in the IIA-CIA-Part2 Exam has become the need of time. People who fail the IIA IIA-CIA-Part2 certification exam face loss of time and money.
NEW QUESTION # 343
Which of the following, if observed, would not indicate the need to extend the search for other indicators of fraud in a purchasing department?
Answer: D
NEW QUESTION # 344
Which of the following has the greatest effect on the efficiency of an audit?
Answer: D
Explanation:
The efficiency of an audit is greatly influenced by the adequacy of preliminary survey information. Thorough preliminary surveys help auditors understand the audit scope, identify potential issues early, and plan their work efficiently, thereby increasing overall audit efficiency. References: = IIA Practice Guide: "Engagement Planning: Establishing Objectives and Scope" and IIA Standard 2201 - Planning Considerations.
NEW QUESTION # 345
Which of the following components should be included in an audit finding?
1. The scope of the audit.
2. The standard(s) used by the auditor to make the evaluation.
3. The engagement's objectives.
4. The factual evidence that the internal auditor found in the course of the examination.
Answer: A
Explanation:
An audit finding should include the standard(s) used by the auditor to make the evaluation (2) and the factual evidence found during the examination (4). These components provide the basis for the auditor's conclusions and ensure that the findings are well-supported and objective. The scope of the audit (1) and the engagement's objectives (3) are typically included in the overall audit report but are not components of individual audit findings.
NEW QUESTION # 346
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?
Answer: C
Explanation:
The most likely reason the Chief Audit Executive (CAE) decided to prepare an audit memorandum for management of the logistics department is to allow management to address the identified weakness timely. An audit memorandum serves as a formal communication that highlights the issue and provides management with the necessary details to understand and address the control weakness promptly. This approach facilitates immediate corrective action, thereby reducing the risk associated with the identified weakness.
References:
* The Institute of Internal Auditors (IIA) Standard 2420 - Quality of Communications: "Communications must be accurate, objective, clear, concise, constructive, complete, and timely."
* IIA Practice Guide on "Engagement Communication"
NEW QUESTION # 347
An internal auditor tested whether purchase orders were supported by appropriately approved purchase requisitions She sampled a population of purchase documents and identified instances where purchase requisitions were missing However, she did not notice that n some cases purchase requisitions were approved by an unauthorized person Which of the following risks most appropriately describes this situation?
Answer: C
Explanation:
Nonsampling risk is the risk that the auditor may reach incorrect conclusions for reasons not related to the sampling process, such as failure to recognize exceptions or misinterpretation of audit results. In this case, the internal auditor did not notice that some purchase requisitions were approved by unauthorized persons, which is an oversight unrelated to the sample size or selection process. This is distinct from sampling risk, which is the risk that the sample selected does not represent the population. References:
* The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2320 - Analysis and Evaluation.
* The IIA's Practice Guide on Audit Sampling.
NEW QUESTION # 348
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