VALIDVCE REAL IIA IIA-CIA-PART2 QUESTIONS PDF

ValidVCE Real IIA IIA-CIA-Part2 Questions PDF

ValidVCE Real IIA IIA-CIA-Part2 Questions PDF

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The objective of ValidVCE is to provide Practice of Internal Auditing (IIA-CIA-Part2) exam applicants with IIA-CIA-Part2 actual questions they require to expeditiously crack the IIA IIA-CIA-Part2 Exam Dumps. Customers can be sure they are obtaining the updated IIA-CIA-Part2 PDF Questions, customizable practice exams, with 24/7 customer assistance. Purchase IIA IIA-CIA-Part2 study material right away to get started on the road to success in the real exam.

IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is one of the most respected certifications in the field of internal auditing. It is offered by the Institute of Internal Auditors (IIA), which is the global leader in the internal audit profession. Practice of Internal Auditing certification is designed to assess the knowledge and skills of internal auditors in the practice of internal auditing. It is a valuable credential for individuals who want to demonstrate their competence in this field.

IIA-CIA-Part2 exam consists of 100 multiple-choice questions that test candidates' knowledge and understanding of internal audit practices, including risk management, governance, and internal control. Candidates must Pass IIA-CIA-Part2 Exam to move on to the third and final part of the CIA exam. Passing IIA-CIA-Part2 exam demonstrates to employers and clients that an individual has a strong understanding of the principles and practices of internal auditing, and is capable of providing valuable insights and recommendations to help organizations improve their operations and mitigate risk.

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IIA Practice of Internal Auditing Sample Questions (Q427-Q432):

NEW QUESTION # 427
The chief audit executive (CAE) should determine whether the internal audit activity has confirmed the status of all of management's corrective actions Doing so would help the CAE assess which of the following?

  • A. Disclosure risk.
  • B. Compliance risk
  • C. Inherent risk
  • D. Residual risk

Answer: D

Explanation:
When the CAE determines whether the internal audit activity has confirmed the status of all management's corrective actions, it helps in assessing residual risk. Residual risk is the risk that remains after management's actions to mitigate inherent risk. By confirming the status of corrective actions, the CAE can evaluate whether the risks identified during the audit have been adequately addressed and what level of risk still exists, ensuring that the internal control environment is effective and that management's risk responses are appropriate.References: COSO's Enterprise Risk Management Framework and The IIA's International Standards for the Professional Practice of Internal Auditing.


NEW QUESTION # 428
While preparing the annual audit plan, the newly assigned chief audit executive (CAE) learns that the organization has not yet implemented a risk framework. Which of the following would be the most appropriate action for the CAE to take regarding potential engagements?

  • A. Use the previous three-year audit plan to extrapolate potential engagements for the upcoming year's schedule of engagement.
  • B. Consult with senior management and the board and make adjustments regarding risk.
  • C. Prioritize the engagements that were not done in previous years and schedule them for the upcoming year.
  • D. Review all outstanding recommendations from prior audit engagements and focus on them in the upcoming year.

Answer: B


NEW QUESTION # 429
An audit client responded to recommendations from a recent consulting engagement. The client indicated that several recommended process improvements would not be implemented. Which of the following actions should the internal audit activity take in response?

  • A. Initiate an assurance engagement on the unresolved issues.
  • B. Escalate the unresolved issues to the board, because they could pose significant risk exposures to the organization.
  • C. Confirm the decision with management and document this decision in the audit file.
  • D. Document the issue in the audit file and follow up until the issues are resolved.

Answer: C

Explanation:
When a client decides not to implement recommended process improvements from a consulting engagement, the internal audit activity should confirm the decision with management and document it in the audit file. This approach ensures that the audit trail is complete and that there is a record of management's acceptance of the associated risks. Escalating the issue to the board (Option A) or initiating an assurance engagement (Option D) might be necessary if the risks are significant, but these actions are not the immediate next steps. Continuous follow-up (Option C) is more relevant to assurance engagements rather than consulting engagements.
References:
* IIA Standard 2500: Monitoring Progress.
* IIA Practice Guide on Consulting Engagements.


NEW QUESTION # 430
An internal auditor discovered a control weakness that needs to be communicated to management. Which of the following is the best method for first communicating the weakness?

  • A. Verbal communication during the engagement, followed by the final report issuance.
  • B. Final report, after review by audit management.
  • C. Draft report, to be reviewed by management just prior to final report issuance.
  • D. Preliminary observation document, discussed during the engagement.

Answer: A

Explanation:
Step-by-Step Detailed Explanation:
A . Draft report:
Delays action on the weakness, which could be addressed sooner.
B . Preliminary observation document:
While helpful, this is not as immediate as verbal communication.
C . Final report:
Waiting until the final report would unnecessarily delay corrective action.
D . Verbal communication during the engagement, followed by the final report issuance:
Correct. Verbal communication allows immediate management action, with documentation to follow.
CIA Exam Syllabus Reference:
Domain V: Performing Internal Audit Services - Effective Communication of Findings.


NEW QUESTION # 431
Which of the following would be most helpful to a governmental auditor searching for the existence of multiple welfare claims that were filed under different names but used the same address?

  • A. Spreadsheet analysis.
  • B. Integrated test facility.
  • C. Tagging and tracing.
  • D. Generalized audit software.

Answer: D

Explanation:
Section: Volume A


NEW QUESTION # 432
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