Questions And Answers PDF
IIA IIA-CIA-PART2 Certified Internal Auditor - Part 2 Conducting the Internal Audit Engagement
Version: DEMO
http://www.TestWarrior.com/IIA-CIA-PART2-practice-exam.html
FOR IIA-CIA-PART2 Candidates: We offer Two Products: 1st - We have Practice Tests Software with Actual Exam Questions 2nd - Questions and Answers in PDF Format. Try a Free DEMO of these Exam Products via below Link:
http://www.TestWarrior.com/IIA-CIA-PART2-practice-exam.html
TestWarrior.com
1
Questions And Answers PDF
Question 1 An auditor, assigned to review a complex computer system that had undergone a few system changes, obtained the prior fowchart used. Which of the following would be the most efcient way to document the changes? A. Create a new fowchart refeccng the system changes. B. Prepare a detailed narracve instead of a fowchart to describe the updated system. C. Add a detailed narracve to the prior fowchart to describe the changes to the system. D. Make the necessary adjustments on a copy of the prior fowchart and save as a new version.
Aoswern D Question 2 When interrogacng an individual who is suspected of fraud, it is appropriate to A. Tell the individual that any informacon disclosed in the interrogacon will not be disclosed outside of the company. B. Start the interview with quescons to which the interviewer already knows the answer. C. Disconcnue quesconing once the individual has confessed to the fraud. D. Prepare a list of quescons prior to the interrogacon and strictly adhere to the list.
Aoswern B Question 3 Which of the following is typically not a reason for commitng fnancial statement fraud? A. To dispel negacve market percepcon. B. To disguise a duplicate payment to a vendor. C. To obtain more favorable terms on fnancing. D. To receive performance related bonuses.
Aoswern B Question 4 A company regularly invests excess short-term cash in trading securices. A reliable test of the valuacon of those securices would be a A. Recalculacon of investment carrying value using the equity method. B. Comparison of cost data with current market quotacons. C. Confrmacon of securices held by the broker. D. Calculacon of premium or discount amorciacon.
Aoswern B
TestWarrior.com
2
Questions And Answers PDF
Question 5 Which of the following sampling plans should an internal auditor use to escmate the number of units in a certain class of inventory without councng each item? A. Atributes sampling. B. Discovery sampling. C. Variables sampling. D. Stop or go sampling.
Aoswern C Question 6 Which of the following is an example of sampling risk? A. Overlooking material errors. B. Failing to analyie results properly. C. Checking invoices that are not representacve of the populacon. D. Using audit procedures that are not appropriate for the given audit objeccve.
Aoswern C Question 7 Which of the following would consctute a violacon of the IIA Code of Ethics? A. An internal auditor, who has recently joined the organiiacon, has accepted an assignment to audit the electronics manufacturing division. The auditor previously served as senior auditor for the external audit of that division and has audited many electronics companies during the past two years. B. An internal auditor has accepted an assignment to audit the warehousing funccon six months from now. The auditor has no expercse in that area but has signed up for courses in warehousing that will be completed before the assignment begins. C. An internal auditor has no ambicons for promocon and has not engaged in training or other professional development accvices during the last three years. The auditor's performance assessments indicate consistent quality of work. D. An internal auditor discovered an internal fnancial fraud during the year, and the fnancial statements were adjusted to properly refect the loss associated with the fraud. The auditor discussed the fraud with the external auditor during the external auditor's review of the working papers detailing the incident.
Aoswern C Question 8 A staf auditor, nearly fnished with an audit engagement, discovers that the director of markecng has a gambling habit. The gambling issue is not directly related to the exiscng engagement and there
TestWarrior.com
3
Questions And Answers PDF
is pressure to complete the current engagement. The auditor notes the problem and forwards the informacon to the chief audit execucve but performs no further followup. The auditor's accons would I. Be in violacon of the IIA Code of Ethics for withholding meaningful informacon. II. Be in violacon of the Standards because the auditor did not properly follow up on a red fag that might indicate the existence of fraud. III. Not be in violacon of either the IIA Code of Ethics or Standards. A. I only. B. II only. C. III only. D. I and II only.
Aoswern C Question 9 A code of ethics within the internal audicng profession is necessary in order to A. Reduce the likelihood that members of the profession will be sued for substandard work. B. Ensure that all members of the profession perform at approximately the same level of competence. C. Provide guidance to internal auditors in their service to others. D. Require members of the profession to exhibit loyalty in all maters pertaining to the afairs of their organiiacon.
Aoswern C Question 10 An investment portolio manager has the authority to use fnancial derivacves to hedge transaccons but is not supposed to take speculacve posicons. However, the manager launches a scheme which includes (1) taking a posicon larger than required by the hedge; (2) putng the speculacve gains in a suspense account; and (3) transferring the funds to a nonexistent broker and from there to a personal account. Which of the following audit procedures would be least efeccve in deteccng this fraud? A. Select a sample of individual trades and examine to determine whether the trades violate the authoriiacon limit for the manager. B. Select a sample of individual trades and determine the exact matching of the hedge. Schedule and invescgate all diferences. C. Select a sample of all debits to the suspense account and examine their disposicon. D. Select a sample of fund transfers to brokers and determine if the brokers are on the authoriied list for company transaccons.
Aoswern A
TestWarrior.com
4
Questions And Answers PDF
TestWarrior.com
5
Questions And Answers PDF
Thank You for Trying Our Product Visit Our Site to Purchase the Full Set of Actual IIA-CIA-PART2 Exam Questions With Answers.
http://www.TestWarrior.com/IIA-CIA-PART2-practice-exam.html We Also Provide Practice Exam Software That Simulates Real Exam Environment And Has Many Self-Assessment Features. Download Free Product Demo From:
Download Free Product Demo from: http://www.TestWarrior.com/IIA-CIA-PART2-practice-exam.html
Check Out Our Customer Testimonials
TestWarrior.com
6