IIA IIA-CIA-Part2 CIA Exam Part Two: Practice of Internal Auditing Online Training
IIA IIA-CIA-Part2 Online Training
The questions for IIA-CIA-Part2 were last updated at Jan 29,2025.
- Exam Code: IIA-CIA-Part2
- Exam Name: CIA Exam Part Two: Practice of Internal Auditing
- Certification Provider: IIA
- Latest update: Jan 29,2025
An audit observation states the following:
"Despite the rules of the organization there is no approved credit risk management policy in the subsidiary. The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor credit history"
Which of the following components are missing in the observation?
- A . Cause and effect.
- B . Effect and criteria
- C . Condition and cause
- D . Criteria and condition.
An audit observation states the following:
"Despite the rules of the organization there is no approved credit risk management policy in the subsidiary. The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor credit history"
Which of the following components are missing in the observation?
- A . Cause and effect.
- B . Effect and criteria
- C . Condition and cause
- D . Criteria and condition.
An audit observation states the following:
"Despite the rules of the organization there is no approved credit risk management policy in the subsidiary. The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor credit history"
Which of the following components are missing in the observation?
- A . Cause and effect.
- B . Effect and criteria
- C . Condition and cause
- D . Criteria and condition.
An audit observation states the following:
"Despite the rules of the organization there is no approved credit risk management policy in the subsidiary. The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor credit history"
Which of the following components are missing in the observation?
- A . Cause and effect.
- B . Effect and criteria
- C . Condition and cause
- D . Criteria and condition.
A preliminary observation document contains more detail than tie observation description in the engagement workpapers
- A . 1 and 2
- B . 1 and 4
- C . 2 and3
- D . 3 and 4
Which of the following recommendations made by the internal audit activity (IAA) is most likely to help prevent fraud?
- A . A review of password policy compliance found that employees frequently use the same password more than once during a year. The IAA recommends that the access control software reject any password used more than once during a 12-month period.
- B . A review of internal service-level agreement compliance in financial services found that requests for information frequently are fulfilled up to two weeks late. The IAA recommends that the financial services unit be eliminated for its ineffectiveness.
- C . A vacation policy compliance review found that employees frequently leave on vacation before their leave applications are signed by their manager. The IAA recommends that the manager attend to the leave applications in a more timely fashion.
- D . A review of customer service-level agreements found that orders to several customers are frequently delivered late. The IAA recommends that the organization extend the expected delivery time advertised on its website.
Which of the following statements concerning workpapers is the most accurate?
- A . The organization and the format of workpapers is the same for all engagements
- B . The extent of what is included in workpapers is a matter of professional judgment
- C . Workpapers should be complete so that every conceivable question that can be raised should be answered
- D . Copies of operational managements records should not be included, but referenced so that they can be located
In which of the following populations would the internal auditor most likely choose to use a stratified sampling approach?
- A . Inventory comprised of the same items stored in different warehouses
- B . Batches of materials that must be confirmed as meeting quality standards
- C . Revenue that is earned by an organization through cash receipts or as receivable.
- D . Tax reports submitted to meet the requirements of the local taxation authority
An internal auditor is asked to review a recently completed renovation to a retail outlet.
Which of the following would provide the most reliable evidence that the completed work conformed to the plan?
- A . An interview with the employee who performed the work
- B . An analysis of purchasing and receiving documentation
- C . Existence of a signed completion document accepting the work
- D . A physical inspection of the retail outlet.
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
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