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IIA-CIA-Part2 exam is a certification exam offered by the Institute of Internal Auditors (IIA) that focuses on the practice of internal auditing. IIA-CIA-Part2 exam is designed to test the knowledge and skills of candidates in areas such as internal audit planning, execution, communication, and risk management. Practice of Internal Auditing certification is highly respected in the internal audit profession as it demonstrates a level of competence and expertise in the practice of internal auditing.
NEW QUESTION # 147
During an information security audit, an auditor discovers that the current disaster recovery plan was developed three years ago but never tested. There have been significant changes to information systems since the plan was developed. The auditor should:
- A. Ask management to test the recovery plan immediately.
- B. Recommend that management and users update and test the recovery plan.
- C. Review the recovery plan and report weaknesses to management.
- D. Update the recovery plan for management as part of the review.
Answer: B
NEW QUESTION # 148
Which of the following statements is true regarding the audit objective for an assurance engagement?
- A. The audit objective may or may not consider the possibility of fraud depending on the assessed likelihood and impact
- B. The audit objective may be adjusted after the start of an engagement and it does not need to align with the assessed risks
- C. Operational management must determine the audit objective in cooperation with the internal auditor
- D. The audit objective must consider the possibility of fraud and noncompliance
Answer: D
NEW QUESTION # 149
In response to an accounts receivable confirmation, a customer indicated that the invoice listed on the confirmation letter had been paid two months earlier.
This may indicate that:
- A. Fraudulent activity has occurred.
- B. The receivable should be written off.
- C. The customer is a bad credit risk.
- D. The receivable was selected for confirmation in error.
Answer: A
Explanation:
Section: Volume B
NEW QUESTION # 150
An auditor prepared a workpaper that consisted of a list of employee names and identification numbers as well as the following statement:
"A statistical sample of 40 employee personnel files was selected to verify that they contain all documents required by company policy 501 (copy attached). No exceptions were noted."
The auditor did not place any audit verification symbols on this workpaper. Which of the following changes would most improve the auditor's workpaper?
- A. Removal of the employee names to protect their confidentiality.
- B. Justification for the sample size.
- C. Listing of the actual documents examined for each employee.
- D. Use of audit verification symbols to show that each file was examined.
Answer: B
NEW QUESTION # 151
Access control software on an organization's mainframe computer records detailed information concerning both successful and unsuccessful log-on attempts to applications. Which of the following audit tools would be best suited to review the access information that has been recorded?
- A. Generalized audit software.
- B. Flowcharting.
- C. Integrated test facility.
- D. Test data.
Answer: A
Explanation:
Section: Volume A
NEW QUESTION # 152
Which of the following would be an appropriate and effective control self-assessment approach in an organization with an authoritative culture?
I. Facilitated meeting
II. Survey
III. Management-produced analysis
- A. I, II, and III
- B. I only
- C. II and III only
- D. I and III only
Answer: C
Explanation:
Section: Volume A
NEW QUESTION # 153
An internal auditor has completed an audit of an organization's activities and is ready to issue a report. However, the client disagrees with the internal auditor's conclusions. The auditor should:
- A. Perform additional work, with the client's concurrence, to resolve the areas of disagreement and delay the issuance of the report until agreement is reached.
- B. Withhold the issuance of the audit report until agreement on the issues is obtained.
- C. Issue the audit report and omit the client's conclusion as it is not the opinion of the internal auditor.
- D. Issue the audit report and state both the auditor and client positions and the reasons for the disagreement.
Answer: D
NEW QUESTION # 154
During the planning phase of an audit of the treasury function, an internal auditor conducted a risk assessment of the function in order to:
- A. Report any high-risk exposures of the treasury function to management and the board.
- B. Determine whether appropriate resources are present to carry out the treasury function.
- C. Identify areas of the treasury function that should be considered for potential engagement objectives.
- D. Comply with the internal audit charter and applicable regulatory requirements.
Answer: C
NEW QUESTION # 155
Given the scarcity of internal audit resources, a chief audit executive (CAE) decides not to schedule a follow-up of audit recommendations when developing engagement work schedules. Why does the CAE's decision violate the Standards?
- A. Follow-up actions should take priority over new engagements in scheduling.
- B. When resources are scarce, the follow-up can be incorporated into the next engagement.
- C. It is not the CAE's responsibility to establish a process for a follow-up.
- D. Lack of resources is not a sufficient reason to forgo a follow-up.
Answer: D
Explanation:
Section: Volume C
NEW QUESTION # 156
----
When determining if appropriate resources exist to achieve engagement objectives, which of the following factors should a chief audit executive consider?
Nature and complexity of the audit engagement.
Time constraints.
Effectiveness of the audit committee.
Availability of resources for the engagement.
- A. 1, 2, and 3 only.
- B. 1, 3, and 4 only.
- C. 1 and 2 only.
- D. 1, 2, and 4 only.
Answer: D
NEW QUESTION # 157
A chief audit executive (CAE) is determining which engagements to include on the annual audit plan. She would like to consider the organization's attitude toward risk and the degree of difficulty in achieving objectives.
Which of the following resources should the CAE consult?
- A. The corporate risk register.
- B. Internal and external audit reports.
- C. The strategic plan.
- D. The board's meeting records.
Answer: C
Explanation:
Section: Volume E
NEW QUESTION # 158
An auditor prepared a workpaper that consisted of a list of employee names and identification numbers as well as the following statement:
"A statistical sample of 40 employee personnel files was selected to verify that they contain all documents required by company policy 501 (copy attached). No exceptions were noted." The auditor did not place any audit verification symbols on this workpaper. Which of the following changes would most improve the auditor's workpaper?
- A. Removal of the employee names to protect their confidentiality.
- B. Justification for the sample size.
- C. Listing of the actual documents examined for each employee.
- D. Use of audit verification symbols to show that each file was examined.
Answer: B
NEW QUESTION # 159
Which of the following information is most appropriate for the chief audit executive to share when coordinating audit plans with other internal and external assurance providers?
- A. No information should be shared with internal and external provider as it could introduce bias into the engagement results.
- B. Objectives scope and timing at a high level to support coordination while adhering to confidentiality requirements
- C. The area and timing of the audit engagement to ensure confidentially and avoid conflict of interest.
- D. All plan information, including risk assessments, planned tests and past results to maximize the opportunity for coordination with internal and external providers.
Answer: C
NEW QUESTION # 160
Which of the following is a detective control for managing the risk of fraud?
- A. Awareness of prior incidents of fraud.
- B. Receipts for employee expenses.
- C. Contractor non-disclosure agreements.
- D. Verification of currency exchange rates.
Answer: D
Explanation:
Section: Volume E
NEW QUESTION # 161
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. Eliminate intentional misrepresentations.
- C. Test whether respondents are reading the questionnaire.
- D. Make it possible to get information about more than one population parameter using the same questions.
Answer: A
Explanation:
Section: Volume A
Explanation
NEW QUESTION # 162
According to IIA guidance,when performing a compliance audit of data security standards for a large e-commerce retailer, which of the following would represent the least likely area of risk exposure?
- A. Operational risks.
- B. Access risks.
- C. Change or configuration risks.
- D. Physical security risks.
Answer: D
NEW QUESTION # 163
The use of standard operating procedure questionnaires in audit fieldwork can be beneficial because:
- A. Standard operating procedures are essential to the effectiveness and efficiency of operations.
- B. These questionnaires do not normally require prior clearance with management of the audited area.
- C. These questionnaires can both identify discrepancies and educate clients.
- D. These questionnaires are more comprehensive than are other types of techniques for gathering data during fieldwork.
Answer: C
NEW QUESTION # 164
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 originals.
- A. I, II, and IV only
- B. II and III only
- C. I and II only
- D. I, III, and IV only
Answer: A
NEW QUESTION # 165
During an interview with a manager in a company's claims department, an auditor noted that the manager became nervous and changed the subject whenever the auditor raised questions about certain types of claims.
The manager's answers were consistent with company policies and procedures. When documenting the interview, the auditor should:
- A. Conclude that the nonverbal communication is persuasive and that sufficient evidence exists to begin a fraud investigation.
- B. Document the manager's answers but not the nonverbal communication because it is subjective and is not corroborated.
- C. Disregard the interview entirely because the verbal and nonverbal communications were contradictory.
- D. Document the manager's answers, noting the nature of the nonverbal communication.
Answer: D
Explanation:
Section: Volume A
NEW QUESTION # 166
A newly appointed chief audit executive (CAE) of a small organization is developing a resource management plan Which of the following approaches would be most beneficial to help the CAE obtain details of the Internal audit activity's collective knowledge skills, and other competencies?
- A. Request the internal audit staff to submit a document that summarizes their most recent performance appraisals and post audit reviews
- B. Conduct an objective written test of the internal audit staff to assess their knowledge and skills related to core internal audit competencies
- C. Obtain from the human resources department the job descriptions and position requirements for all internal audit staff
- D. Review or establish a documented skills assessment of the internal audit staff and gather information from post-audit surveys
Answer: D
NEW QUESTION # 167
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