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IIA-CIA-Part2 Exam Questions and Answers, Certified Internal Auditor | SPOTO

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Question #1
Which of the following statements is true regarding risk assessments, including the evaluation and prioritization of risk and control factors?
A. A risk-by-process matrix enables the user to determine associations between any of the processes and the risks
B. The risk-factor approach for linking business processes and risks is more direct than the use of a risk-by-process matrix
C. Internal risk factors are built into the environment and the nature of the process itself
D. A risk map is used primarily to depict which risks will be reduced and which will be shared
View answer
Correct Answer: A
Question #2
Which of the following procedures would provide the best evidence of the effectiveness of a credit-granting function?
A. Observe the process
B. Review the trend in receivables write-offs
C. Ask the credit manager about the effectiveness of the function
D. Check for evidence of credit approval on a sample of customer orders
View answer
Correct Answer: B
Question #3
Which of the following would be a red flag that indicates the possibility of inventory fraud? I. The controller has assumed responsibility for approving all payments to certain vendors. II. The controller has continuously delayed installation of a new accounts payable system, despite a corporate directive to implement it. III. Sales commissions are not consistent with the organization's increased levels of sales. IV. Payments to certain vendors are supported by copies of receiving memos, rather than origina
A. I and II only
B. II and III only
C. I, II, and IV only
D. I, III, and IV only
View answer
Correct Answer: C
Question #4
When internal auditors provide consulting services, the scope of the engagement is primarily determined by:
A. Internal auditing standards
B. The audit engagement team
C. The engagement client
D. The internal audit activity's charter
View answer
Correct Answer: C
Question #5
An internal auditor is assigned to conduct an audit of security for a local area network (LAN) in the finance department of the organization. Investment decisions, including the use of hedging strategies and financial derivatives, use data and financial models which run on the LAN. The LAN is also used to download data from the mainframe to assist in decisions. Which of the following should be considered outside the scope of this security audit engagement?
A. Investigation of the physical security over access to the components of the LAN
B. The ability of the LAN application to identify data items at the field or record level and implement user access security at that level
C. Interviews with users to determine their assessment of the level of security in the system and the vulnerability of the system to compromise
D. The level of security of other LANs in the company which also utilize sensitive data
View answer
Correct Answer: D
Question #6
Which of the following statements is true regarding engagement planning?
A. The scope of the engagement should be planned according to the internal audit activity's budget and then aligned to the risk universe
B. The audit engagement objectives should be based on operational management's view of risk objectives
C. The planning phase of the engagement should be completed and approved before the fieldwork of the engagement begins
D. The main purpose of the engagement work program is to determine the nature and timing of procedures required to gather audit evidence
View answer
Correct Answer: C
Question #7
Which of the following situations might allow an employee to steal checks sent to an organization and subsequently cash them?
A. Checks are not restrictively endorsed when received
B. Only one signature is required on the organization's checks
C. One employee handles both accounts receivable and purchase orders
D. One employee handles both cash deposits and accounts payable
View answer
Correct Answer: A
Question #8
When assessing the risk associated with an activity, an internal auditor should:
A. Determine how the risk should best be managed
B. Provide assurance on the management of the risk
C. Modify the risk management process based on risk exposures
D. Design controls to mitigate the identified risks
View answer
Correct Answer: B
Question #9
Which of the following actions should the chief audit executive take when senior management decides to accept risks by choosing to do business with a questionable vendor?
A. Persuade senior management to take appropriate action
B. Cancel issuing the engagement report due to the assumed risks
C. Accept senior management's assumption of the risks
D. Discuss the issue with the board for them to take appropriate action
View answer
Correct Answer: D
Question #10
Which of the following would be the most reliable source of documentary evidence?
A. Confirmation letters
B. Remittance advices
C. Policy statements
D. Canceled checks
View answer
Correct Answer: A
Question #11
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?
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
View answer
Correct Answer: C
Question #12
During an operational audit of a chain of pizza delivery stores, an auditor determined that cold pizzas were causing customer dissatisfaction. A review of oven calibration records for the last six months revealed that adjustments were made on over 40 percent of the ovens. Based on this, the auditor:
A. Has enough evidence to conclude that improperly functioning ovens are the cause
B. Needs to conduct further inquiries and reviews to determine the impact of the oven variations on the pizza temperature
C. Has enough evidence to recommend the replacement of some of the ovens
D. Must search for another cause since approximately 60 percent of the ovens did not require adjustment
View answer
Correct Answer: B
Question #13
A manufacturing process could create hazardous waste at several production stages, from raw materials handling to finished goods storage. If the objective of a pollution prevention audit engagement is to identify opportunities for minimizing waste, in what order should the following opportunities be considered? I. Recycling and reuse. II. Elimination at the source. III. Energy conservation. IV. Recovery as a usable product Treatment.
A. V, II, IV, I, III
B. IV, II, I, III, V
C. I, III, IV, II, V
D. III, IV, II, V, I
View answer
Correct Answer: B
Question #14
The internal audit activity needs to review the information security function but does not have the IT expertise needed for the engagement. Which of the following actions should the chief audit executive take to ensure the internal audit activity conforms with the Standards?
A. Assign the engagement to a staff auditor and closely review his work and report
B. Assign the engagement to a senior auditor, who carefully researches and studies the company's IT infrastructure
C. Contract an external service provider auditor with the experience necessary to perform the audit
D. Perform the audit herself and work closely with the information security function to obtain expertise in the area
View answer
Correct Answer: C
Question #15
The most effective way for internal auditors to enhance the reliability of computerized financial and operating information is by:
A. Determining if controls over record keeping and reporting are adequate and effective
B. Reviewing data provided by information systems to test compliance with external requirements
C. Determining if information systems provide management with timely information
D. Determining if information systems provide complete information
View answer
Correct Answer: A

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