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IIA - IIA-CIA-Part2 - High Pass-Rate Practice of Internal Auditing Test King

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IIA Practice of Internal Auditing Sample Questions (Q80-Q85):

NEW QUESTION # 80
Which of the following is an advantage of utilizing an external fraud specialist in a suspected fraud investigation?

A. Increased access to the organization's employees.
B. Increased ability to preserve evidence and the chain of command.
C. Increased ability to scrutinize the organization's key business processes.
D. Increased access to the organization's software and proprietary data.

Answer: B

Explanation:
Utilizing an external fraud specialist in a suspected fraud investigation offers several advantages, particularly in preserving evidence and maintaining the chain of command. This is crucial for ensuring that the investigation is conducted legally and that any findings can be used in potential legal proceedings.
Detailed Explanation:
Expertise in Evidence Handling:
External fraud specialists typically have specific expertise in collecting, preserving, and documenting evidence in a manner that maintains its integrity. This includes maintaining a proper chain of custody, which is essential for legal admissibility.
IIA Practice Guide on Fraud Investigations:
The IIA suggests that involving specialists can enhance the credibility and effectiveness of an investigation. Specialists are trained to handle sensitive evidence and ensure that it is preserved correctly, reducing the risk of contamination or loss.
Chain of Command:
Maintaining a clear and secure chain of command during an investigation is critical. An external specialist is often better equipped to manage this process, ensuring that evidence is not tampered with and that all actions are documented appropriately.
Why Not Other Options?
Option A (Increased access to employees): While an external specialist may interview employees, this is not their primary advantage over internal auditors.
Option C (Increased ability to scrutinize processes): Specialists are skilled at this, but the key advantage lies in evidence preservation.
Option D (Increased access to software and data): Access to proprietary data is important, but internal auditors usually have this access as well.

NEW QUESTION # 81
According to IIA guidance,when performing a compliance audit of data security standards for a large e- commerce retailer, which of the following would represent the least likely area of risk exposure?

A. Operational risks.
B. Physical security risks.
C. Change or configuration risks.
D. Access risks.

Answer: B

Explanation:
Section: Volume D

NEW QUESTION # 82
During a review of the organization's waste management processes, the internal auditor discovered that wastewater is being disposed of inappropriately. The auditor's recommendations, suggested to mitigate the risk of regulatory sanctions and reputational damages, were accepted and timelines for implementation were agreed. However, during the internal audit activity's periodic follow-up exercise, management indicated that the recommendation was too expensive to implement and the current disposal method has been cost-effective. What should the chief audit executive do in this case?

A. Contact the regulatory agency responsible for monitoring such matters in order to convince management to implement the recommendations.
B. Nothing, as the internal audit activity has fulfilled its responsibility of providing recommendations to mitigate the risks to which the organization is exposed.
C. Highlight the current exposure to the external auditors so they too can highlight the issue and further pressure management to address the concern.
D. Convene a meeting with senior management and discuss the issue and the potential impact it may have on the organization.

Answer: D

Explanation:
When management decides not to implement a critical recommendation, especially one related to regulatory compliance and potential reputational risk, it is essential for the chief audit executive (CAE) to escalate the issue to senior management. This step ensures that management fully understands the risks involved and can make an informed decision.
Detailed Explanation:
IIA Standard 2600 - Communicating the Acceptance of Risks:
This standard requires the CAE to communicate to senior management and the board when management has accepted a level of risk that the CAE believes is unacceptable. The CAE must ensure that the decision-makers are aware of the potential consequences.
Importance of Escalation:
By convening a meeting with senior management, the CAE can discuss the risks of non-compliance, including potential regulatory sanctions and reputational damage. This discussion provides an opportunity for senior management to reassess the decision in light of these risks.
IIA Practice Advisory 2600-1:
The advisory suggests that when significant risks are not being addressed by management, the CAE should communicate these concerns to higher levels of the organization. This ensures that the risks are not ignored and that appropriate action can be taken.
Why Not Other Options?
Option A (Do nothing): This is not appropriate, as the CAE has a responsibility to escalate significant risks.
Option B (Contact regulatory agency): This is an extreme step and should not be the first course of action. The issue should be discussed internally before involving external regulators.
Option D (Highlight to external auditors): While external auditors might need to be informed, the issue should first be addressed within the organization.

NEW QUESTION # 83
Considering the five-attribute approach to documenting deficiencies in an area under review which of the following answers the question. "What should be in place?''

A. Action plan
B. Condition
C. Recommendation
D. Criteria

Answer: D

Explanation:
In the five-attribute approach to documenting deficiencies, the attribute that answers the question "What should be in place?" is Criteria. Criteria represent the standards, measures, or expectations used in making an evaluation and/or verification (what should be). It defines what the process or control should achieve, serving as a benchmark against which the actual condition (what is) is compared. The criteria are essential for identifying deviations and determining the nature and significance of deficiencies.References: IIA's International Standards for the Professional Practice of Internal Auditing, Standard 2410 - Criteria for Communicating.

NEW QUESTION # 84
How do internal auditors generally determine the priority of the areas within the engagement scope?

A. By counting the number of red flags indicating the potential fraudulent activities within the area.
B. By estimating the likelihood of a risks occurring and the potential impact of that risk on the organization
C. By calculating the period of time when the area was last audited try internal auditors
D. By totaling the monetary value of the processes within the organization in the scope of the engagement

Answer: B

Explanation:
Internal auditors generally determine the priority of the areas within the engagement scope by assessing the risk of those areas. This involves estimating the likelihood of a risk occurring and the potential impact of that risk on the organization. High-risk areas with a high likelihood of occurrence and significant impact are prioritized to ensure that critical risks are addressed promptly. This risk-based approach to prioritization helps ensure that the audit resources are focused on the most significant areas, enhancing the effectiveness and efficiency of the audit.References:
* The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2010 - Planning

NEW QUESTION # 85
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Ed White Ed White

Biography

IIA - IIA-CIA-Part2 - High Pass-Rate Practice of Internal Auditing Test King

What is the salary of the IIA CIA Part 2 Exam

Test IIA-CIA-Part2 Online, IIA-CIA-Part2 New Braindumps Sheet

IIA Practice of Internal Auditing Sample Questions (Q80-Q85):

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