Practice Free IIA-CIA-Part2 Exam Online Questions
The board has asked the internal audit activity (IAA) to be involved in the organization’s enterprise risk management process.
Which of the following activities is appropriate for IAA to perform without safeguards?
- A . Coach management in responding to risks.
- B . Develop risk management strategies for board approval.
- C . Facilitate identification and evaluation of risks.
- D . Evaluate risk management processes.
Which of the following approaches would best help an internal auditor determine whether a retailer database of 100,000 customers has nay duplicate accounts?
- A . Stratifying the customer information
- B . Extracting the customer information
- C . Filtering the customer information
- D . Sorting the customer information
Which of the following reasonably represents best practices regarding what should be the level of internal audit resource investment in monitoring and following up on engagement outcomes?
- A . Limited resources should be employed since the actual engagement is already completed and the onus of corrective actions rests with management
- B . No resources should be exclusively deployed for that at all rather it should be planned as part of future engagements in the same area
- C . Resources should only be provided towards this if doing so does not result in depletion of resources for new engagements planned in the current period
- D . Resources should be allocated to this without conditions as long as doing so meets the expectations of management and the judgment of the chief audit executive.
An internal auditor is performing a review of an organization’s vendor for any possible conflicts of
interest.
Which of the following would provide the greatest assistance to the auditor in meeting this objective?
- A . Vendor contracts.
- B . Employee master list.
- C . Payment records.
- D . Purchasing policy.
B
Explanation:
Step-by-Step Detailed Explanation
A chief audit executive’s report to the board showed a significant trend of recent aud4s going over planned budgeted hours.
Which of the following factors could cause this trend?
- A . Poor engagement supervision
- B . ineffective board reporting
- C . Untimely observation follows up and closure
- D . Limited staff resources
A chief audit executive’s report to the board showed a significant trend of recent aud4s going over planned budgeted hours.
Which of the following factors could cause this trend?
- A . Poor engagement supervision
- B . ineffective board reporting
- C . Untimely observation follows up and closure
- D . Limited staff resources
The chief audit executive was asked to define me internal audit activity s key performance indicators (KPIs) tor the upcoming year. The KPIs must measure efficiency and effectiveness.
Which of the following is an example of a KPI that measures effectiveness?
- A . Internal audit reports are consistently submitted prior to the audit report deadline
- B . Post engagement surveys completed by management indicate a "meets or exceeds expectations" idling
- C . There is a significant reduction of travel costs per project over the next fiscal year
- D . Internal auditors identify a minimum number of issues and provide recommendations to address them for each audit
A senior internal auditor is hired within the internal audit activity for a period of two years before advancing to an operations manager role within the business operations team.
When staffing arrangement is being used in this scenario?
- A . Comer of competence
- B . Career model
- C . Rotational model
- D . Cosourcing agreement
The final engagement communication contains the following observation:
The internal auditor discovered that three of the 10 contracts reviewed failed to meet the organization’s competitive bidding requirements Management explained that senior management deemed these purchases to be critical and awarded them as sole-source."
Which of the following components is missing in the documentation of the observation?
- A . Criteria.
- B . Effect
- C . Condition
- D . Cause
What is the primary objective of an engagement supervisor’s review of key activities performed during the engagement?
- A . To ensure that the engagement is completed on time and within budget
- B . To ensure that all work performed meets acceptable quality standards
- C . To ensure that management has provided suitable responses to all observations
- D . To ensure that management is satisfied with the progress of the engagement