IIA EXAM IIA-CIA-PART2 FLASHCARDS - REALISTIC PRACTICE OF INTERNAL AUDITING STUDY MATERIAL

IIA Exam IIA-CIA-Part2 Flashcards - Realistic Practice of Internal Auditing Study Material

IIA Exam IIA-CIA-Part2 Flashcards - Realistic Practice of Internal Auditing Study Material

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Individuals who successfully pass the IIA-CIA-Part2 Exam are recognized as knowledgeable and skilled professionals in the field of internal auditing. Practice of Internal Auditing certification provides individuals with an opportunity to advance their careers and earn higher salaries. It also demonstrates a commitment to the profession and a dedication to maintaining the highest standards of integrity and professionalism.

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Actual IIA-CIA-Part2 Practice of Internal Auditing Exam Questions with accurate answers

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IIA Practice of Internal Auditing Sample Questions (Q251-Q256):

NEW QUESTION # 251
An internal auditor provided the following statement about division A's performance during the month: "Because supplies of raw material X were scarce, division A's profits declined by 15 percent."
Which of the following can be validly concluded from the auditor's statement?
I. Division A's production level declined by 15 percent.
II. Division A could have sold more products than it produced.
III.
Division A usually sells all of the products that it produces.

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

Answer: C


NEW QUESTION # 252
Which of the following statements is true regarding a drawback of using internal control questionnaires (ICQs)?

  • A. It is generally difficult for internal auditors lo compile appropriate ICQs for business activities that are governed by standardized operating procedures
  • B. When internal auditors need to cover many control procedures using ICQs is generally less efficient than conducting observations and inspections
  • C. ICQs are inadequate to provide effective assurance on how organizational processes are executed in practice.
  • D. It is generally difficult for internal auditors to process completed questionnaires, because ICQs frequently elicit detailed comments and long answers from management

Answer: C


NEW QUESTION # 253
A bank is developing an integrated customer information system. The type of audit involvement that would most likely help avoid implementation of a system that does not cover all types of accounts would be:

  • A. A design review.
  • B. An application control review.
  • C. An access control review.
  • D. A source code review.

Answer: A

Explanation:
Section: Volume B


NEW QUESTION # 254
Which of the following are key characteristics of enterprise risk management?
1.It considers risk in the formulation of strategy.
2.It applies risk management in some units of an entity.
3.It takes a portfolio view of risks throughout the enterprise.
4.It restricts the organization's ability to seize opportunities inherent in future events.

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

Answer: C


NEW QUESTION # 255
During the quarterly review of the internal audit activity's performance, the chief audit executive (CAE) notes that actual engagement hours consistently exceed the budget. Which of the following strategies would most likely help the CAE address this problem?
----
The budget should consider time spent on similar engagements.
The budget should consider the proficiency of the assigned auditors.
The budget estimate should provide for unexpected delays.
The budget should be specific as to time for each work assignment.

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

Answer: D

Explanation:
Topic 5, Volume E


NEW QUESTION # 256
......

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