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Reliable IIA-CIA-Part2 Test Pattern - IIA-CIA-Part2 New Test Bootcamp

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IIA Practice of Internal Auditing Sample Questions (Q408-Q413):

NEW QUESTION # 408
Which type of assurance engagement is conducted to determine whether a process or area is performing as intended, accomplishing its objectives, and doing so in an efficient and economical way?

A. Provider audit.
B. Financial audit.
C. Operational audit.
D. Compliance audit.

Answer: C

Explanation:
An operational audit is conducted to evaluate whether an organization's processes or areas are performing as intended, accomplishing their objectives, and doing so in an efficient and economical way. This type of audit focuses on the effectiveness, efficiency, and economy of operations.
* IIA Definition of Operational Auditing:
* Operational auditing involves reviewing and assessing the effectiveness and efficiency of operations. The goal is to ensure that the organization's operations are running as intended and achieving their objectives in a cost-effective manner.
* IIA Standard 2100 - Nature of Work:
* This standard emphasizes that internal audit activity should evaluate the effectiveness and efficiency of operations, aligning with the objectives of an operational audit.
* Key Aspects of Operational Audits:
* Effectiveness: Evaluates whether objectives are being met.
* Efficiency: Assesses whether resources are being used optimally.
* Economy: Ensures that costs are minimized without compromising quality or performance.
* Option A (Compliance audit): Focuses on whether the organization adheres to laws, regulations, and policies, not on operational efficiency.
* Option C (Financial audit): Involves verifying the accuracy of financial records, not the operational performance.
* Option D (Provider audit): This term is not commonly used in IIA guidance and does not accurately describe the scenario.
Detailed Explanation:Why Not Other Options?

NEW QUESTION # 409
An audit reveals that a manager's spouse is receiving paychecks, but is not employed by the organization.
According to IIA guidance, which of the following actions should the internal auditor take?

A. Meet with the local manager to obtain more information on the finding before taking further action.
B. Contact the external auditor and provide all relevant documentation.
C. Bypass the normal chain of command and contact the board directly to report the finding.
D. Report the finding to senior management in a timely manner, following the normal chain of command.

Answer: D

Explanation:
When an internal auditor discovers a significant issue, such as a manager's spouse receiving paychecks without being employed, it's essential to follow the appropriate protocols for reporting the finding.
* IIA Standard 2060 - Reporting to Senior Management and the Board:
* This standard mandates that the chief audit executive (CAE) must communicate significant risk exposures and control issues to senior management and the board. Following the normal chain of command ensures that the issue is escalated appropriately without bypassing necessary channels.
* Ethical Considerations and Confidentiality:
* According to the IIA's Code of Ethics, internal auditors must respect the confidentiality of the information they handle. Reporting through the established chain of command ensures that sensitive issues are handled discreetly and appropriately.
* IIA Standard 2440 - Disseminating Results:
* This standard requires that the results of the audit, including significant findings, should be communicated to the appropriate parties. Reporting to senior management first allows for an initial review and appropriate action before escalating to higher levels, if necessary.
* Option A (Contacting the external auditor): While external auditors may need to be informed, this step should follow internal reporting protocols, not precede them.
* Option C (Meeting with the local manager): This could compromise the investigation, as the local manager may be involved in the issue.
* Option D (Bypassing the chain of command): This should only be done in extreme circumstances, such as when senior management is directly involved in the wrongdoing, which is not indicated in this scenario.
Detailed Explanation:Why Not Other Options?

NEW QUESTION # 410
An audit of customer accounts receivable found that outstanding receivables as a percentage of revenue had increased significantly during the past two years. The increase was attributed to the extension of credit, at the urging of the marketing department, to a number of companies that were not creditworthy. Which of the following would be least useful in monitoring the disposition of this finding?

A. Updates from the information technology division regarding implementation of a new accounts receivable system.
B. Periodic updates from the controller regarding the status of corrective actions.
C. Responses from the manager of accounts receivable regarding collection of outstanding receivables.
D. Information from the credit and marketing personnel assigned the responsibility for reevaluating credit policies.

Answer: A

NEW QUESTION # 411
Which of the following is one of the five attributes that internal auditors include when documenting a deficiency?

A. The proposed follow-up engagement work to be performed
B. The methodology used to analyze data
C. The criteria used to make the evaluation
D. The scope of work performed during the engagement

Answer: C

Explanation:
One of the five attributes that internal auditors include when documenting a deficiency is the criteria used to make the evaluation. The criteria represent the standards, measures, or expectations used in the evaluation process. Documenting the criteria is essential as it provides a benchmark against which the actual conditions can be compared, thereby helping to identify and explain deficiencies in controls or processes.
:
The Institute of Internal Auditors (IIA) Standard 2410 - Criteria for Communicating: "Final communication of engagement results must, where appropriate, contain the internal auditors' overall opinion and/or conclusions, as well as the criteria used for evaluation." IIA Practice Guide on "Documenting Internal Audit Observations"

NEW QUESTION # 412
Which of the following is the most appropriate objective for establishing a professional development plan for the internal audit activity?

A. A plan that ensures internal auditors collectively possess expertise in various fields to avoid outsourcing.
B. A plan that focuses on filling gaps in the current skills needed to complete audit objectives.
C. A plan that focuses on furthering the independence of the internal audit activity.
D. A plan based on individual preferences and proposals, which helps internal auditors achieve greater success.

Answer: B

Explanation:
Step-by-Step Detailed Explanation:
A . A plan that focuses on furthering the independence of the internal audit activity:
While independence is essential, it is not directly related to professional development planning, which addresses skill enhancement.
B . A plan that ensures internal auditors collectively possess expertise in various fields to avoid outsourcing:
This may be a benefit of professional development but is not its primary objective.
C . A plan based on individual preferences and proposals, which helps internal auditors achieve greater success:
This option emphasizes individual goals rather than aligning professional development with organizational needs.
D . A plan that focuses on filling gaps in the current skills needed to complete audit objectives:
Correct. Professional development should address skill gaps to enhance the internal audit activity's ability to meet its objectives effectively.
CIA Exam Syllabus Reference:
Domain IV: Managing the Internal Audit Function - Professional Development and Resource Management.

NEW QUESTION # 413
......

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