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IIA-CIA-Part2 certification exam is a computer-based test, consisting of 100 multiple-choice questions. Candidates have two and a half hours to complete the exam, and a passing score of 600 or higher out of 750 is required to obtain the certification. IIA-CIA-Part2 exam is available in multiple languages and can be taken at any Pearson VUE test center globally. Upon passing the exam, candidates receive the Practice of Internal Auditing certification, which is valid for three years, after which a recertification process is required to maintain the certification.
To be eligible to take the IIA-CIA-Part2 certification exam, candidates must have completed the IIA-CIA-Part1 exam and have at least 24 months of experience in internal auditing or a related field. In addition, candidates must adhere to the IIA's Code of Ethics and meet the organization's education and experience requirements.
Individuals who successfully pass the IIA-CIA-Part2 Exam are recognized as knowledgeable and skilled professionals in the field of internal auditing. Practice of Internal Auditing certification provides individuals with an opportunity to advance their careers and earn higher salaries. It also demonstrates a commitment to the profession and a dedication to maintaining the highest standards of integrity and professionalism.
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IIA Practice of Internal Auditing Sample Questions (Q193-Q198):
NEW QUESTION # 193
Which of the following is a justifiable reason for omitting advance client notice when planning an audit engagement?
Answer: A
Explanation:
Omitting advance client notice when planning an audit engagement is justifiable if the engagement includes audit assurance procedures that involve sensitive or restricted assets. Providing advance notice in such cases could compromise the integrity of the audit, as it may give management an opportunity to conceal or alter the status of these assets. The goal is to ensure that the auditors can observe the actual condition and handling of sensitive assets without any prior alteration. Reference: IIA Standard 2201 - Planning Considerations, IIA Practice Advisory 2201-1
NEW QUESTION # 194
Audit supervision includes approval of the engagement report in order to ensure that:
Answer: B
Explanation:
Section: Volume C
NEW QUESTION # 195
During the preliminary survey of the procurement department, an internal auditor noted a major control weakness in the organization's ordering and receiving process. According to IIA guidance, which of the following is the most appropriate action the internal auditor should take?
Answer: C
Explanation:
When an internal auditor identifies a major control weakness during a preliminary survey, the appropriate response is to bring it to the attention of the process owner for resolution. This approach aligns with the standards and guidelines provided by the Institute of Internal Auditors (IIA), particularly under the International Standards for the Professional Practice of Internal Auditing (Standards).
Detailed Explanation:
IIA Standard 2120 - Risk Management:
According to Standard 2120, the internal auditor must evaluate the effectiveness of the organization's risk management processes. Identifying and reporting control weaknesses is a key aspect of this evaluation. By bringing the issue to the attention of the process owner, the internal auditor ensures that those responsible for managing the process are aware of the risk and can take appropriate corrective actions.
IIA Standard 2060 - Reporting to Senior Management and the Board:
While it might seem logical to report directly to senior management (as option A suggests), the IIA recommends that the process owner be given the opportunity to address the issue first. Standard 2060 emphasizes that significant risk exposures and control issues should be reported to senior management and the board, but only after they have been discussed with the appropriate process owners.
IIA Standard 2440 - Disseminating Results:
According to Standard 2440, the communication of audit results should be consistent with the objectives of the audit engagement. It is good practice to inform the process owner promptly so they can address the issue before the audit report is finalized. This approach helps in mitigating the risk at an early stage and ensures that the control weaknesses are appropriately managed.
Ethical Considerations:
The IIA's Code of Ethics requires internal auditors to act with integrity and to ensure that their communications are honest and constructive. Notifying the process owner immediately reflects a proactive and ethical approach to audit findings. It allows for timely corrective actions and demonstrates the auditor's commitment to improving the organization's control environment.
Why Not Other Options?
Option A (Issue a final report to senior management): This step is premature at this stage of the audit. Issuing a final report without allowing the process owner to address the issue could lead to unnecessary escalation and may undermine the collaborative nature of the audit process.
Option C (Note the control weakness for discussion during the exit meeting): While discussing the issue during the exit meeting is part of the process, it is more effective to address the control weakness immediately rather than waiting until the exit meeting, where valuable time might be lost.
Option D (Carry out an investigation for disciplinary action): This is beyond the internal auditor's scope unless the situation specifically warrants an investigation. The focus of the auditor should be on control improvements rather than disciplinary measures, which are typically managed by HR or legal departments.
NEW QUESTION # 196
Which of the following controls in a computerized consumer loan system of a major bank would be the least effective in detecting a fraudulent loan?
Answer: D
NEW QUESTION # 197
The use of standard operating procedure questionnaires in audit fieldwork can be beneficial because.
Answer: C
NEW QUESTION # 198
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