IIA-CIA-Part2 exam

Communicate to senior management a summary report on the status and adequacy of audit resources.A . 1 and 3 onlyB . 2 and 4 onlyC . 1, 2, and 4D . 2, 3, and 4View AnswerAnswer: C

A preliminary observation document contains more detail than tie observation description in the engagement workpapersA . 1 and 2B . 1 and 4C . 2 and3D . 3 and 4View AnswerAnswer: C

According to HA guidance, the chief audit executive is directly responsible for which of the following?A . Maintaining a quality assurance program even in the absence of management supportB . Periodically reviewing and approving the internal audit charierC . Providing opportunities for all staff auditors to satisfy their professional development...

The cost of modifying the sales system to include a preventive control is less than S100.000A . 1 onlyB . 3 onlyC . 1 and 3 onlyD . 1, 2, and3View AnswerAnswer: A

An organization's finance manager plans to implement a state-of-the-art management system to better manage the organization's receivables. The finance manager consulted the chief audit executive (CAE) and asked for her assistance in determining whether the organization is able to accommodate this system. How would the CAE proceed to determine the...

Which of The following best describes a risk that is deemed "unacceptable" to the organization?A . A risk where likelihood and impact are highB . A risk where inherent risk exceeds its residual riskC . A risk where inherent risk exceeds the tolerance levelD . A risk where residual risk...

What is the best course of action for a chief audit executive if an internal auditor identifies in the early stage of an audit that some employees have inappropriate access to a key system?A . Contact the audit committee chair to discuss the findingB . Obtain verbal assurance from management...

Which of the following statements is false regarding audit criteria?A . Audit criteria should be consistent across audit assignments.B . Audit criteria should represent reasonable standards against which to assess existing conditions.C . Audit criteria should provide flexibility but allow identification of nonadherence.D . Audit criteria should equate to good...

The board of directors expressed concerns about potential external risks that could impact the organization s ability to meet its annual objectives and goals The board requested consulting services from the internal audit activity to gain insight regarding the external risks. Which of the following engagement objectives would be appropriate...

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...