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IIA-CIA-Part2 exam is a part of the Certified Internal Auditor (CIA) program and is aimed at individuals who have completed the IIA-CIA-Part1 exam. IIA-CIA-Part2 Exam consists of 100 multiple-choice questions and is conducted in a computer-based format. IIA-CIA-Part2 exam is divided into four sections, namely Managing the Internal Audit Activity, Planning the Engagement, Performing the Engagement, and Communicating Engagement Results.
IIA Practice of Internal Auditing Sample Questions (Q37-Q42):
NEW QUESTION # 37
Which of the following data analysis techniques is used to identify inappropriately matching values, such as names, addresses, and account numbers in disparate systems?
- A. Gap testing
- B. Stratification of numeric values
- C. Duplicate testing
- D. Joining different data sources
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
* Stratification groups numeric values into categories.
* Gap testing identifies missing values in sequences.
* Duplicate testing identifies repeated identical entries within a dataset.
* Joining different data sources allows matching of information across disparate systems (e.g., comparing vendor names in accounts payable vs. vendor master records).
Since the question refers to identifying inconsistencies across different systems, the correct technique is joining different data sources (Option C).
NEW QUESTION # 38
An audit of a company's accounts payable found that the individuals responsible for maintaining the vendor master file could also enter vendor invoices into the accounts payable system. During the exit conference, management agreed to correct this problem. When performing a follow-up engagement of accounts payable, the auditor should expect to find that management has:
- A. Changed the access control system to prevent employees from both entering invoices and approving payments.
- B. Compared the vendor and employee master files to determine if any unauthorized vendors have been added to the vendor master file.
- C. Transferred the individuals who maintained the vendor master file to another department to ensure that responsibilities are appropriately segregated.
- D. Modified the accounts payable system to prevent individuals who maintain the vendor master file from entering invoices.
Answer: D
NEW QUESTION # 39
After completing a net present value (NPV) calculation on a proposed project, an analyst explores the change in NPV with changes in the interest rate. This additional analysis is referred to as:
- A. Sensitivity analysis.
- B. Variance analysis.
- C. simul-ation.
- D. Decision analysis.
Answer: A
NEW QUESTION # 40
An internal auditor finds inconsistencies in a risk area that needs immediate attention. Which of the following actions is most appropriate for the auditor?
- A. Assess the risk of the inconsistencies against the organization's mission
- B. Prepare an action plan to address the inconsistencies
- C. Contact regulatory agencies to report the inconsistencies and recommended corrective actions
- D. Issue an interim report to senior management
Answer: D
Explanation:
Comprehensive and Detailed Explanation:
Per IIA Standard 2440 - Disseminating Results, if an engagement reveals issues that require urgent management action, the auditor should issue an interim communication rather than waiting for the final report. This ensures that management is alerted promptly to risks that could materially affect the organization.
Option A is not appropriate because developing corrective action plans is management's responsibility, not audit's. Option B, direct reporting to regulators, bypasses governance channels unless laws require immediate external reporting. Option C (risk assessment) is part of planning but does not satisfy the urgency of immediate communication. The best response is Option D: communicate the critical inconsistencies promptly to senior management through an interim report, allowing them to take timely corrective measures.
NEW QUESTION # 41
According to IIA guidance, which of the following are appropriate actions for the chief audit executive regarding management's response to audit recommendations?
- A. Oversee the corrective actions undertaken by management, and establish timelines for corrective action by management.
- B. Evaluate and verify management's response, and determine the need and scope for additional work.
- C. Evaluate and verify management's response, and establish timelines for corrective action by management.
- D. Oversee the corrective actions undertaken by management, and determine the need and scope for additional work.
Answer: B
Explanation:
According to IIA guidance, the chief audit executive (CAE) is responsible for evaluating and verifying management's response to audit recommendations. The CAE must also determine the need and scope for additional work based on the adequacy and timeliness of management's corrective actions. This ensures that the audit recommendations are effectively implemented and that any residual risks are appropriately managed. Reference: IIA Standard 2500 - Monitoring Progress, IIA Practice Advisory 2500.A1-1
NEW QUESTION # 42
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