IIA-CIA-Part2 Exam Dumps

Certification Exams

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Number Of Questions: 463

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Exam Details

Exam Name:

Practice of Internal Auditing

Exam Code:

IIA-CIA-Part2

Total Questions in Exam:

463

Demo Questions

Q1. Which of the following is an advantage of nonstatistical sampling over statistical sampling?

A.Nonstatistical sampling provides more objective recommendations for management.

B. Nonstatistical sampling provides an opportunity to select the minimum sample size required to satisfy the objectives of the audit tests.

C. Nonstatistical sampling provides for the use of subjective judgment in determining the sample size.

D. Nonstatistical sampling permits the auditor to specify a level of reliability and the desired degree of precision.

Answer

Correct Answer: C

Q2. While reviewing the organization's financial year-end processes, an internal auditor discovered an erroneous journal entry. If the error is not addressed, it will result in a material misstatement of the financial records. The internal auditor needs an additional four weeks to complete the audit engagement. How should the auditor communicate this finding?

A.The auditor should issue an interim report to management prior to completion of the audit and issuance of the final report.

B. The auditor should include this item in the final audit report, marked with an asterisk, indicating that it is a high-risk item.

C. The auditor should discuss the finding with the appropriate accounting staff who can make the correction immediately, and if corrected before the engagement is concluded, the finding would not need to be included in the audit report.

D. The auditor is obligated to bypass management and immediately report the error directly to regulatory authorities.

Answer

Correct Answer: C

Q3. An internal auditor selects a sample of paid invoices and matches them to receiving reports. What is the most likely purpose for this procedure?

A.To ensure all customer shipments are billed appropriately.

B. To ensure invoices are only paid for goods received.

C. To ensure all liabilities have been satisfied.

D. To ensure invoices are only paid for goods ordered.

Answer

Correct Answer: B

Q4. Which of the following steps should an internal auditor complete when conducting a review of an electronic data interchange application provided by a third-party service? Ensure encryption keys meet ISO standards. Determine whether an independent review of the service provider's operation has been conducted. Verify that the service provider's contracts include necessary clauses. Verify that only public-switched data networks are used by the service provider.

A.1 and 3.

B. 1 and 4.

C. 2 and 3.

D. 2 and 4.

Answer

Correct Answer: C

Answer

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IIA-CIA-Part2 Exam Dumps

Certification Exams

Downloadable PDF versions

100% Confidential

Updated Regularly

Advanced Features

Number Of Questions: 463

Exam Details

Demo Questions

Q1. Which of the following is an advantage of nonstatistical sampling over statistical sampling?

A.Nonstatistical sampling provides more objective recommendations for management.

B. Nonstatistical sampling provides an opportunity to select the minimum sample size required to satisfy the objectives of the audit tests.

C. Nonstatistical sampling provides for the use of subjective judgment in determining the sample size.

D. Nonstatistical sampling permits the auditor to specify a level of reliability and the desired degree of precision.

A.The auditor should issue an interim report to management prior to completion of the audit and issuance of the final report.

B. The auditor should include this item in the final audit report, marked with an asterisk, indicating that it is a high-risk item.

C. The auditor should discuss the finding with the appropriate accounting staff who can make the correction immediately, and if corrected before the engagement is concluded, the finding would not need to be included in the audit report.

D. The auditor is obligated to bypass management and immediately report the error directly to regulatory authorities.

Q3. An internal auditor selects a sample of paid invoices and matches them to receiving reports. What is the most likely purpose for this procedure?

A.To ensure all customer shipments are billed appropriately.

B. To ensure invoices are only paid for goods received.

C. To ensure all liabilities have been satisfied.

D. To ensure invoices are only paid for goods ordered.

A.1 and 3.

B. 1 and 4.

C. 2 and 3.

D. 2 and 4.

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