[Apr-2024] Latest IIA IIA-CIA-Part2 exam dumps and online Test Engine
IIA IIA-CIA-Part2: Selling Certified Internal Products and Solutions
IIA-CIA-Part2 exam consists of 100 multiple-choice questions and has a duration of two hours and forty-five minutes. IIA-CIA-Part2 exam is computer-based and is available at Pearson VUE testing centers worldwide. Candidates must achieve a score of 600 or higher to pass the exam and earn the IIA-CIA-Part2 certification. IIA-CIA-Part2 exam content is regularly reviewed and updated to ensure that it remains relevant to the changing needs of the internal audit profession.
NEW QUESTION # 205
Which of the following items should be addressed in an organization's privacy statement?
I.Intended use of collected information.
II.
Data storage and security.
III.
Network/infrastructure authentication controls.
IV.
Data retention policy of the organization.
Parties authorized to access information.
- A. I and IV only.
- B. I, II, and V only.
- C. I and II only.
- D. II, III, IV, and V only.
Answer: B
NEW QUESTION # 206
During an audit of a contract for computer security, a governmental auditor finds that a contractor has developed a system that could be the most advanced in the industry. If it seems that the contractor is charging the government for developmental cost of a system that might be sold to other organizations, what is the auditor's best course of action?
- A. Estimate the added cost, report it to management, and suggest that management meet with its lawyers and the contractor to resolve differences.
- B. Estimate the cost to develop the advanced security system and inform the contractor that it will be a disallowed cost.
- C. Compare the cost of the security program with previous costs incurred by governmental operations and inform the contractor that the difference will be a disallowed cost.
- D. Exclude the observation from the engagement final communication because the contract was vague and the level of security is clearly acceptable.
Answer: A
Explanation:
Section: Volume C
NEW QUESTION # 207
Which of the following computerized audit tools or techniques should be used if the internal auditor wants to extract specific files and records in the database?
- A. An expert or decision support system
- B. Generalized audit software
- C. An integrated test facility
- D. A system utility program
Answer: D
NEW QUESTION # 208
Confirmation would be most effective in addressing the existence assertion for:
- A. The addition of a milling machine to a machine shop.
- B. Sales of merchandise during the regular course of business.
- C. The granting of a patent for a special process developed by the organization.
- D. Inventory held on consignment.
Answer: D
Explanation:
Section: Volume C
Explanation/Reference:
NEW QUESTION # 209
An organization does not have a formal risk management function. According to the Standards, which of the following are conditions where the internal audit activity (IAA) may provide risk management consulting?
- There is a clear strategy and timeline to migrate risk management responsibility
back to management. - The IAA has the final approval on any risk management decisions. - The IAA does not give objective assurance on any part of the risk management
framework for which it is responsible. - The nature of services provided to the organization is documented in the internal audit charter.
- A. 1, 2, and 3 only.
- B. 1, 3, and 4 only.
- C. 1, 2, and 4 only.
- D. 2, 3, and 4 only.
Answer: B
NEW QUESTION # 210
Which of the following statements describes an engagement planning best practice?
- A. Engagement planning activities include setting engagement objectives that align with audit client's business objectives.
- B. The engagement plan includes the expected distribution of the audit results, which should be kept confidential until the audit report is final.
- C. If the engagement subject matter is not unique, it is not necessary to outline specific testing procedures during the planning phase.
- D. It is best to determine planning activities on a case-by-case basis because they can vary widely from engagement to engagement.
Answer: A
Explanation:
Section: Volume E
NEW QUESTION # 211
After issuance of the engagement final communication for an audit of an organization's accounts payable function, which of the following should be sent satisfaction surveys?
I. Manager of disbursements.
II. Controller.
III. Chief operating officer.
IV. Audit committee members.
- A. I only
- B. I and II only
- C. II, III, and IV only
- D. II and III only
Answer: B
Explanation:
Section: Volume B
NEW QUESTION # 212
Which of the following evaluation criteria would be the most useful to help the chief audit executive determine whether an external service provider possesses the knowledge, skills, and other competencies needed to perform a review?
- A. The relationship the service provider may have had with the organization or the activities being reviewed.
- B. The service provider's experience in the type of work being considered.
- C. Compensation or other incentives that may be applicable to the service provider.
- D. The financial interest the service provider may have in the organization.
Answer: B
NEW QUESTION # 213
An internal auditor submitted a report containing recommendations for management to enhance internal controls related to investments. To follow up, which of the following is the most appropriate action for the internal auditor to take?
- A. Seek a management assurance declaration.
- B. Observe corrective measures.
- C. Follow up during the next scheduled audit.
- D. Conduct appropriate testing to verify management responses.
Answer: D
Explanation:
Section: Volume E
NEW QUESTION # 214
A large retail organization, which sells most of its products online, experiences a computer hacking incident.
The chief IT officer immediately investigates the incident and concludes that the attempt was not successful.
The chief audit executive (CAE) learns of the attack in a casual conversation with an IT auditor. Which of the following actions should the CAE take?
1. Meet with the chief IT officer to discuss the report and control improvements that will be implemented as a result of the security breach, if any.
2. Immediately inform the chair of the audit committee of the security breach, because thus far only the chief IT officer is aware of the incident.
3. Meet with the IT auditor to develop an appropriate audit program to review the organization's Internet-based sales process and key controls.
4. Include the incident in the next quarterly report to the audit committee.
- A. 1 and 2
- B. 1 and 3
- C. 3 and 4
- D. 2 and 4
Answer: A
Explanation:
Section: Volume E
NEW QUESTION # 215
Which of the following best defines an audit opinion?
- A. A recommendation for corrective action.
- B. A summary of the significant audit observations and recommendations.
- C. A conclusion which must be included in the audit report.
- D. An auditor's evaluation of the effects of the observations and recommendations on the activities reviewed.
Answer: D
NEW QUESTION # 216
Which of the following types of sampling techniques should an internal auditor use when testing the effectiveness of internal controls?
- A. Mean-per-unit sampling.
- B. Variables sampling.
- C. Attributes sampling.
- D. Dollar-unit sampling.
Answer: C
NEW QUESTION # 217
Many questionnaires are made up of a series of different questions that use the same response categories (for example: strongly agree, agree, neither, disagree, strongly disagree). Some designs will have different groups of respondents answer alternate versions of the questionnaire that present the questions in different orders and reverse the orientation of the endpoints of the scale (for example: agree on the right and disagree on the left).
The purpose of such questionnaire variations is to:
- A. Reduce the effects of pattern response tendencies.
- B. Test whether respondents are reading the questionnaire.
- C. Eliminate intentional misrepresentations.
- D. Make it possible to get information about more than one population parameter using the same questions.
Answer: A
NEW QUESTION # 218
Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward contracts to hedge against fluctuations in the exchange rate. When recalculating the exchange losses from individual purchases of jet fuel, which of the following details does the internal auditor need to validate?
1.The hedge documentation designating the hedge.
2.The spot exchange rate on the transaction date.
3.The terms of the forward contract.
4.The amount of fuel purchased.
- A. 2 and 3
- B. 1 and 2
- C. 3 and 4
- D. 1 and 4
Answer: A
NEW QUESTION # 219
According to IIA guidance, which of the following statements best justifies a chief audit executive's request for external consultants to complement internal audit activity (IAA) resources?
- A. The organization's audit universe is extensive and diverse.
- B. There has been an increase in unanticipated requests for advisory work.
- C. A recent benchmarking study found that using external service providers is a common practice of similarly-sized IAAs in other organizations.
- D. Previous work provided by the external service provider has been of great quality and value.
Answer: B
NEW QUESTION # 220
Which of the following should be included in a privacy audit engagement?
1. Assess the appropriateness of the information gathered.
2. Review the methods used to collect information.
3. Consider whether the information collected is in compliance with applicable laws.
4. Determine how the information is stored.
- A. 2 and 4 only
- B. 1, 2, 3, and 4
- C. 1, 3, and 4 only
- D. 1 and 3 only
Answer: B
Explanation:
Section: Volume E
NEW QUESTION # 221
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IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is a professional certification exam offered by the Institute of Internal Auditors (IIA). Practice of Internal Auditing certification exam is designed for individuals who are interested in pursuing a career in internal auditing or for those who are already working in the field but want to enhance their skills and knowledge. The IIA-CIA-Part2 certification exam assesses the candidate's understanding of the principles and practices of internal auditing.
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