HIGH-QUALITY EXAM IIA-CIA-PART2 ONLINE | RELIABLE RELIABLE IIA-CIA-PART2 EXAM REVIEW: PRACTICE OF INTERNAL AUDITING

High-quality Exam IIA-CIA-Part2 Online | Reliable Reliable IIA-CIA-Part2 Exam Review: Practice of Internal Auditing

High-quality Exam IIA-CIA-Part2 Online | Reliable Reliable IIA-CIA-Part2 Exam Review: Practice of Internal Auditing

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IIA-CIA-Part2 exam is an important certification for individuals who want to pursue a career in internal auditing. Obtaining this certification demonstrates a candidate's knowledge and skills in the practice of internal auditing, which is an essential function in any organization. Practice of Internal Auditing certification also enhances a candidate's credibility and marketability, making them more attractive to potential employers.

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IIA Practice of Internal Auditing Sample Questions (Q490-Q495):

NEW QUESTION # 490
An internal auditor is analyzing sates records and is concerned whether a transaction is recorded in the coned period. The accounting manager explains that the external auditor approved the records and produces an email from the external audit team leader. How should tie internal auditor respond?

  • A. Ask the external auditor to review the same transaction again as an independent third party
  • B. Consult account accounting principles, standards, and relevant guidelines in regard to timing of the entry
  • C. Interview the chief financial officer and obtain her opinion on how the transactions should be recorded
  • D. Compare the recording of this transaction to now similar ones were executed last year

Answer: B

Explanation:
When concerned about whether a transaction is recorded in the correct period, the internal auditor should consult accounting principles, standards, and relevant guidelines to determine the appropriate timing of the entry. External auditor approval does not negate the internal auditor's responsibility to ensure that the transaction complies with established accounting standards and principles. Consulting the relevant guidelines provides an objective basis for assessing the accuracy of the transaction's recording.
Reference:
The Institute of Internal Auditors (IIA) Standard 1220 - Due Professional Care: "Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor." Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) depending on the applicable framework.


NEW QUESTION # 491
An internal auditor accessed accounts payable records and extracted data related to fuel purchased tor the organization's vehicles As a first step, she sorted the data by vehicle and used spreadsheet functions to identify all instances of refueling on the same or sequential dates She then performed other tests Based on the auditor's actions which of the following is most likely the objective of this engagement1?

  • A. To estimate future fuel costs for the organization's fleet of vehicles
  • B. To determine whether the organization is paying more than the industry average for fuel
  • C. To determine trends in average fuel consumption by vehicle
  • D. To identify whether fuel was purchased for work-related purposes

Answer: D

Explanation:
The internal auditor's objective in sorting the data by vehicle and identifying instances of refueling on the same or sequential dates is most likely to determine whether fuel purchases were legitimate and for work-related purposes. By analyzing patterns of refueling, the auditor can identify any anomalies or unusual activity that may suggest misuse or personal use of the organization's vehicles. This helps ensure that organizational resources are being used appropriately and that there are no instances of fraud or abuse.
References:
* The Institute of Internal Auditors (IIA) Standard 1220 - Due Professional Care: "Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor."
* IIA Practice Guide on "Data Analytics and Continuous Auditing"


NEW QUESTION # 492
An internal auditor is conducting an initial risk assessment of an audit area and wants to assess management's compliance with privacy laws for safeguarding customer information stored on the organization's servers Which course of action is appropriate for this phase of the engagement?

  • A. Consult with legal counsel about new privacy laws to establish appropriate criteria
  • B. Obtain the most current approved copies of the organization's privacy policy
  • C. Solicit the services of a specialist information systems auditor
  • D. Consider the detection risk of noncompliance with the laws

Answer: A


NEW QUESTION # 493
Which of the following is the most appropriate step for the chief audit executive to take in order to avoid defamation of character of the principal suspect in a fraud investigation?

  • A. Destroy all investigation workpapers and reports if the fraud cannot be proven.
  • B. Label all workpapers, reports, and correspondence of the internal audit activity as private.
  • C. Restrict discussions of the fraud to members of management who express an interest in the investigation.
  • D. Restrict the use of potentially damaging words to privileged reports or discussions.

Answer: D


NEW QUESTION # 494
Which of the following items should be addressed in an organization's privacy statement?
I.Intended use of collected information.
II.
Data storage and security.
III.
Network/infrastructure authentication controls.
IV.
Data retention policy of the organization.

  • A. I, II, and V only.
  • B. II, III, IV, and V only.
    Parties authorized to access information.
  • C. I and IV only.
  • D. I and II only.

Answer: A


NEW QUESTION # 495
......

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