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IIA-CIA-Part2 exam is a comprehensive exam that covers a broad range of topics. IIA-CIA-Part2 exam includes 100 multiple-choice questions that are designed to test the candidate's understanding of the key concepts in internal auditing. IIA-CIA-Part2 exam is divided into four sections: governance and risk management, conducting internal audit engagements, business acumen, and information security. IIA-CIA-Part2 Exam is designed to be challenging, and candidates are required to demonstrate their knowledge of the subject matter to pass.

IIA Practice of Internal Auditing Sample Questions (Q237-Q242):

NEW QUESTION # 237
An organization has developed a large database that tracks employees, employee benefits, payroll deductions, job classifications, and other similar information. The internal auditor reviews the retirement benefits plan and determines that the pension and medical benefits have been changed several times in the past ten years. The auditor wishes to determine whether there is justification to perform further audit investigation. The most appropriate audit procedure would be to:

A. Review reasonableness of retirement pay and medical expenses on a per-person basis stratified by which plan was in effect when the employee retired.
B. Use generalized audit software to select a monetary-unit sample of retirement pay, and determine whether each retired employee was paid correctly.
C. Use generalized audit software to select an attributes sample of retirement pay, and perform detailed testing to determine whether each person chosen was given the proper benefits.
D. Review the trend of overall retirement expense over the last ten years. If the retirement expense increased, it would indicate the need for further investigation.

Answer: A

NEW QUESTION # 238
An employee in the sales department completes a purchase requisition and forwards it to the purchaser. The purchaser places competitive bids and orders the requested items using approved purchase orders. When the employee receives the ordered items, she forwards the packing slips to the accounts payable department. The invoice for the ordered items is sent directly to the sales department, and an administrative assistant in the sales department forwards the invoices to the accounts payable department for payment. Which of the following audit steps best addresses the risk of fraud in the cash receipts process?

A. Examine whether the sales department supervisor approves invoices for payment.
B. Determine whether the accounts payable department reconciles all purchasing documents prior to payment.
C. Observe whether the purchase orders are sequentially numbered.
D. Verify that approvals of purchasing documents comply with the authority matrix.

Answer: A

NEW QUESTION # 239
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 # 240
During a routine audit of a customer service hotline, an internal auditor noticed that an unusually high number of customer complaints pertained to payments not being applied to the customers' accounts.
Which of the following would most likely be the reason for the high volume of complaints?

A. Submission of fraudulent expense reports.
B. Check tampering by an employee.
C. Poor controls in the invoice approval processes.
D. An ineffective customer service department.

Answer: B

NEW QUESTION # 241
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. Consider the detection risk of noncompliance with the laws
C. Obtain the most current approved copies of the organization's privacy policy
D. Solicit the services of a specialist information systems auditor

Answer: C

Explanation:
In the initial risk assessment phase, it is critical for the internal auditor to understand the current policies and procedures in place. By obtaining the most current approved copies of the organization's privacy policy, the auditor can assess whether these policies are in compliance with privacy laws and are effectively implemented. This approach provides a solid foundation for understanding the existing controls and identifying areas where there may be gaps or weaknesses. Consulting with legal counsel or a specialist can be subsequent steps if further expertise is needed, but understanding the internal policies is the primary and essential first step.References:
* Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2210 - Engagement Objectives.

NEW QUESTION # 242
......

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Current IIA-CIA-Part2 Exam Content, IIA-CIA-Part2 Valid Test Tips

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IIA Practice of Internal Auditing Sample Questions (Q237-Q242):

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Current IIA-CIA-Part2 Exam Content, IIA-CIA-Part2 Valid Test Tips

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IIA Practice of Internal Auditing Sample Questions (Q237-Q242):

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Training Venue : GR – MEDICAL M 2 LGF Greater Kailash Part 1 New Delhi 110048 INDIA

GM - Medical

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