IIA-CIA-Part2-3P-CHS Practice Online

Question 1

A chief audit executive (CAE) determined that operational management did not address an open internal

control issue, which creates a risk of material misstatement of the organization's financial statements. Which of

the following is the best course of action for the CAE to take?

Section: Volume E

A :

Immediately report the issue to the board.

B : Take the necessary corrective action to address the issue.

C : Escalate the issue to senior management.

D : Inform the external auditors about the issue.

Answer: A

Question 2

Which of the following audit steps would an internal auditor perform when reviewing cash disbursements to satisfy IIA guidance on due professional care?

A : The calculated statistical sample size is 50 however the internal auditor believes errors exist so he decides to increase the sample size to 80

B : The internal auditor traces serial numbers of computer equipment listed on an invoice to the fixed asset inventory

C : The internal auditor reviews the accounts payable manager's petty cash fund and vouchers

D : The internal auditor reviews the related invoice purchase order and receiving report for each sample selection

Answer: D

Question 3

An audit of management's quality program includes testing the accuracy of the cost-of-quality reports provided to management. Which of the following internal control objectives is the focus of this testing?

Section: Volume A

A : To ensure compliance with policies, plans, procedures, laws, and regulations.

B : To ensure the accomplishment of established objectives and goals for operations or programs.

C : To ensure the reliability and integrity of information.

D : To ensure the economical and efficient use of resources.

Answer: C

Question 4

When determining if appropriate resources exist to achieve engagement objectives, which of the following factors should a chief audit executive consider?

1. Nature and complexity of the audit engagement.

2. Time constraints.

3. Effectiveness of the audit committee.

4. Availability of resources for the engagement.

Section: Volume D

A : 1 and 2 only

B : 1, 2, and 3 only

C : 1, 2, and 4 only

D : 1, 3, and 4 only

Answer: C

Question 5

Which of the following best describes a risk that is deemed "unacceptable" to the organization?

Section: Volume E

A : A risk where likelihood and impact are high.

B :

A risk where inherent risk exceeds its residual risk.

C : A risk where inherent risk exceeds the tolerance level.

D : A risk where residual risk exceeds the tolerance level.

Answer: C

Name:	Certified Internal Auditor - Part 2, Internal Audit Practice
Exam Code:	IIA-CIA-Part2-3P-CHS
Certification:	Certified Internal Auditor
Vendor:	IIA
Total Questions:	1029
Last Updated:	May 13, 2024

Download Demo IIA-CIA-Part2-3P-CHS Dumps

Create Account

Password Recovery

IIA-CIA-Part2-3P-CHS Practice Online

Download Demo IIA-CIA-Part2-3P-CHS Dumps

Member Login

Create Account

Password Recovery

IIA-CIA-Part2-3P-CHS Practice Online