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Question # 1



Which of the followings statements describes a best practice regarding assurance engagement communication activities?
A. All assurance engagement observations should be communicated to the audit committee.
B. All assurance engagement observations should be included in the main section of the engagement communication.
C. During the "communicate" phase of an assurance engagement, it is best to define the methods and timing of engagement communications.
D. A detailed escalation process should be developed during the planning stage of an assurance engagement.



D.   A detailed escalation process should be developed during the planning stage of an assurance engagement.




Question # 2



A chief audit executive (CAE) received a detailed internal report of senior management's internal control assessment. Which of the following subsequent actions by the CAE would provide the greatest assurance over management's assertions?
A. Assert whether the described and reported control processes and systems exist.
B. Assess whether senior management adequately supports and promotes the internal control culture described in the report.
C. Evaluate the completeness of the report and management's responses to identified deficiencies.
D. Determine whether management's operating style and the philosophy described in the report reflect the effective functioning of internal controls



C.   Evaluate the completeness of the report and management's responses to identified deficiencies.




Question # 3



During an audit of the accounts receivable (AR) process, an internal auditor noted that reconciliations are still not performed regularly by the AR staff, a recommendation that was made following a previous audit. Monitoring by the financial reporting function has failed to detect the shortcoming. Both the financial reporting function and AR report to the controller, who is responsible for implementing action plans. Which of the following supports the internal auditor's decision to combine both observations into one reported finding?
A. The observation was made during the same audit, and the action plan has a common owner.
B. The observation relates to the same control activity within a common process.
C. The observation has a common control, and it was noted in a prior audit.
D. The observation has a common process, and the action plan for the observation has a common owner.



D.   The observation has a common process, and the action plan for the observation has a common owner.




Question # 4



Which of the following would not be a typical activity for the chief audit executive to perform following an audit engagement?
A. Report follow-up activities to senior management.
B. Implement follow-up procedures to evaluate residual risk.
C. Determine the costs of implementing the recommendations.
D. Evaluate the extent of improvements.



C.   Determine the costs of implementing the recommendations.




Question # 5



Which of the following is an appropriate role for the internal audit activity with regard to the organization's risk management program?
A. Identify and manage risks in line with the organization's risk appetite.
B. Ensure that a proper and effective risk management process exists.
C. Attain an adequate understanding of the organization's key risk mitigation strategies.
D. Identify and ensure that appropriate controls exist to mitigate risks.



C.   Attain an adequate understanding of the organization's key risk mitigation strategies.




Question # 6



According to IIA guidance, which of the following is least likely to be a key financial control in an organization's accounts payable process?
A. Require the approval of additions and changes to the vendor master listing, where the inherent risk of false vendors is high.
B. Monitor amounts paid each period and compare them to the budget to identify potential issues.
C. Compare employee addresses to vendor addresses to identify potential employee fraud.
D. Monitor customer quality complaints compared to the prior period to identify vendor issues.



D.   Monitor customer quality complaints compared to the prior period to identify vendor issues.




Question # 7



According to IIA guidance, which of the following factors should the auditor in charge consider when determining the resource requirements for an audit engagement?
A. The number, experience, and availability of audit staff as well as the nature, complexity, and time constraints of the engagement.
B. The appropriateness and sufficiency of resources and the ability to coordinate with external auditors.
C. The number, proficiency, experience, and availability of audit staff as well as the ability to coordinate with external auditors.
D. The appropriateness and sufficiency of resources as well as the nature, complexity, and time constraints of the engagement.



D.   The appropriateness and sufficiency of resources as well as the nature, complexity, and time constraints of the engagement.




Question # 8



According to IIA guidance, which of the following accurately describes the responsibilities of the chief audit executive with respect to the final audit report?
1. Coordinate post-engagement conferences to discuss the final audit report with management.
2. Include management's responses in the final audit report.
3. Review and approve the final audit report.
4. Determine who will receive the final audit report.
A.

1 and 2

B.

1 and 4

C.

2 and 3

D.

3 and 4




D.   

3 and 4






Question # 9



According to IIA guidance, which of the following statements is false regarding a review of the controls in place to prevent fraud?
A.

The review should focus on the efficiency of the controls in place to prevent fraud.

B.

The scope of the review does not need to include all operating areas of the organization.

C.

The cost of the control should be compared to the benefit of mitigating the related risk.

D.

The review should assess whether the internal controls can be circumvented.




A.   

The review should focus on the efficiency of the controls in place to prevent fraud.






Question # 10



Which of the following statements is true pertaining to interviewing a fraud suspect?
1. Information gathered can be subjective as well as objective to be useful.
2. The primary objective is to obtain a voluntary written confession.
3. The interviewer is likely to begin the interview with open-ended questions.
4. Video recordings always should be used to provide the highest quality evidence.
A.

1 only

B.

4 only

C.

1 and 3

D.

2 and 4




C.   

1 and 3





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Certified Internal Auditor - Part 2, Conducting the Internal Audit Engagement Exam Dumps


Exam Code: IIA-CIA-Part2
Exam Name: Certified Internal Auditor - Part 2, Conducting the Internal Audit Engagement

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