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Latest IIA-CIA-Part2 Exam Review, IIA-CIA-Part2 Reliable Practice Materials

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IIA-CIA-Part2 exam is a globally recognized certification that demonstrates a candidate's expertise in internal auditing practices. Practice of Internal Auditing certification is particularly valuable for individuals working in internal audit departments, as it enhances their credibility and validates their knowledge and skills. Practice of Internal Auditing certification exam is based on the International Professional Practices Framework (IPPF), which is a globally recognized framework for internal auditing.

IIA-CIA-Part2 exam is an essential certification for individuals who wish to pursue a career in internal auditing. IIA-CIA-Part2 Exam covers a broad range of topics and is designed to test the knowledge and skills of individuals in these areas. Passing the exam demonstrates a commitment to the profession and provides individuals with an opportunity to advance their careers.

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The Practice of Internal Auditing is an essential function that helps organizations achieve their objectives by providing assurance on the effectiveness of risk management, control, and governance processes. The IIA-CIA-Part2 Exam is designed to evaluate an individual's knowledge of internal audit practices, including how to plan, execute, and report on internal audit engagements. Additionally, the exam covers the International Professional Practices Framework (IPPF), which is a comprehensive set of guidance and standards developed by the IIA to promote effective internal auditing.

IIA Practice of Internal Auditing Sample Questions (Q312-Q317):

NEW QUESTION # 312
Checklists used to assess audit risk have been criticized for all of the following reasons except:

A. Providing a false sense of security that all relevant factors are addressed.
B. Being incapable of translating the experience or sound reasoning intended to be captured by each item on the checklist.
C. Decreasing the uniformity of data acquisition.
D. Inappropriately implying equal weight to each item on the checklist.

Answer: C

Explanation:
Section: Volume B

NEW QUESTION # 313
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 senior auditor, who carefully researches and studies the company's IT infrastructure.
B. Contract an external service provider auditor with the experience necessary to perform the audit.
C. Perform the audit herself and work closely with the information security function to obtain expertise in the area.
D. Assign the engagement to a staff auditor and closely review his work and report.

Answer: B

Explanation:
When the internal audit activity lacks the necessary IT expertise to review the information security function, the chief audit executive (CAE) should contract an external service provider with the required experience. This ensures that the audit is conducted effectively and in accordance with the Standards, which require internal auditors to have or acquire the necessary skills to perform their work.
IIA Reference:
IIA Standard 1210: Proficiency requires internal auditors to possess the knowledge, skills, and other competencies needed to perform their responsibilities. When the necessary expertise is not available within the internal audit activity, the CAE must obtain competent advice and assistance by either contracting external experts or outsourcing the audit.
The Practice Guide on Engaging External Service Providers suggests that when specialized skills are required, engaging an external service provider is a practical solution to ensure the audit's quality and effectiveness.

NEW QUESTION # 314
Which of the following actions is the most appropriate response for an internal auditor to take when a significant risk is identified during a consulting engagement?

A. Report the risk identified from the consulting engagement to senior management.
B. Do not include the risk in the assessment of risk management processes, as that is management's responsibility.
C. Include the risk identified from the consulting engagement in the next annual risk assessment only if it is part of the consulting engagement objectives.
D. Do not report the risk, as it is out of scope for the consulting engagement.

Answer: A

Explanation:
When a significant risk is identified during a consulting engagement, the most appropriate response is to report the risk to senior management. Even if the engagement is consulting in nature, it is still crucial for the internal audit activity to ensure that significant risks are communicated to those responsible for managing them.
IIA References:
* IIA Standard 2120: Risk Management requires that internal auditors evaluate the effectiveness of risk management processes and communicate significant risks to senior management. This applies regardless of whether the engagement is assurance or consulting.
* The Practice Guide on Consulting Services advises that internal auditors must ensure that significant risks identified during consulting engagements are brought to the attention of senior management so that they can take appropriate action.

NEW QUESTION # 315
Which procedure should an internal auditor perform to determine the audit objective?

A. Meet with the board to discuss emerging issues and concerns
B. Conduct a risk assessment of the area under review
C. Establish the boundaries of the engagement
D. Outline what will be included in the review

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
Audit objectives must be tied to the risks relevant to the activity under review. According to Standard 2210 - Engagement Objectives, objectives must be established for each engagement based on a preliminary risk assessment. Meeting with the board (A) may help in identifying broad concerns, but objectives are engagement-specific. Establishing boundaries (C) and outlining scope (D) are done after objectives are defined. Therefore, the auditor must first conduct a risk assessment (B) to determine the key exposures and align objectives to those risks. This ensures the engagement is risk-based and adds value by focusing on areas of highest importance.

NEW QUESTION # 316
Which characteristic of risk assessment makes it a useful tool for audit planning?

A. It evaluates the probability that an event or action may adversely affect the organization.
B. It provides a process for identifying and analyzing potentially adverse effects.
C. It provides a list of auditable activities in the organization.
D. It ranks the severity of potentially adverse effects on the organization.

Answer: B

Explanation:
Section: Volume C

NEW QUESTION # 317
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