Online Access Free IIA.IIA-CIA-Part2.v2021-11-18.q532 Practice Test (Page 63)

IIA-CIA-Part2 Exam Question 306

As part of an operational audit, an auditor compared records of current inventory with usage during the prior two-year period and determined that the spare parts inventory was excessive. What step should the auditor perform first?

A.Determine the effects of a stock-out on the organization's profitability.

B.Determine whether a clear policy exists for setting inventory limits.

C.Determine who approved the purchase orders for the spare parts.

D.Determine whether purchases were properly recorded.

IIA-CIA-Part2 Exam Question 307

According to IIA guidance, which of the following is true regarding the exit conference for an internal audit engagement?

A.A primary purpose of the exit conference is to provide for the timely communication of observations that call for immediate management action.

B.Both the chief audit executive and the chief executive over the activity or function reviewed must attend the exit conference to validate the findings.

C.The exit conference provides only anticipated results for inclusion in the final audit communication.

D.During the exit conference, the performance of the internal auditors who executed the engagement is reviewed.

IIA-CIA-Part2 Exam Question 308

Which of the following is a detective control for managing the risk of fraud?

A.Contractor non-disclosure agreements.

B.Verification of currency exchange rates.

C.Receipts for employee expenses.

D.Awareness of prior incidents of fraud.

IIA-CIA-Part2 Exam Question 309

According to IIA guidance, which of the following strategies would add the least value to the achievement of the internal audit activity's (IAA's) objectives?

A.Use the results of IAA engagement and advisory reporting to guide current and future internal audit activities.

B.Establish a format and frequency for IAA reporting that is appropriate and aligns with the organization's governance structure.

C.Align organizational activities to internal audit activities and measure according to the approved IAA performance measures.

D.Establish a periodic review of monitoring and reporting processes to help ensure relevant IAA reporting.

IIA-CIA-Part2 Exam Question 310

An auditor is using an internal control questionnaire as part of a preliminary survey. Which of the following is the best reason for the auditor to interview management regarding the questionnaire responses?

A.Interviews provide the opportunity to insert questions to probe promising areas.

B.Interviews are the most efficient way to upgrade the information to the level of objective evidence.

C.Interviewing is the only audit procedure which does not require confirmation of the information that is obtained.

D.Interviewing is the least costly audit technique when a large amount of information is involved.

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IIA-CIA-Part2 Exam Question 306

IIA-CIA-Part2 Exam Question 307

IIA-CIA-Part2 Exam Question 308

IIA-CIA-Part2 Exam Question 309

IIA-CIA-Part2 Exam Question 310

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