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IIA-CIA-Part2 Exam covers a wide range of topics related to internal auditing, including governance and risk management, fraud risks and controls, internal control and audit planning, information technology and communication, and business processes. IIA-CIA-Part2 Exam is designed to test the candidate's understanding of the principles and practices of internal auditing, as well as their ability to apply this knowledge in practical situations.

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IIA Practice of Internal Auditing Sample Questions (Q115-Q120):

NEW QUESTION # 115
CORRECT TEXT
A fast-food company is developing a computer simulation involving arrival time at a drive-through restaurant. The distribution for arrival times is:
Time Single-Digit Random Between Arrivals Probability Number Assigned 1 minute
0.1 0 2 minutes
0.2 1, 2 3 minutes 0.3
3, 4, 5
4 minutes
0.4
6, 7, 8, 9
Six random numbers are selected to represent the arrival of six cars: 1, 6, 9, 0, 5, 6. The mean time between arrivals for these cars, in this run of the simulation model, is:

A. 3 minutes.
B. 4 minutes.
C. 1 minute.
D. 2 minutes.

Answer: A

NEW QUESTION # 116
A staff auditor, nearly finished with an audit engagement, discovers that the director of marketing has a gambling habit. The gambling issue is not directly related to the existing engagement and there is pressure to complete the current engagement. The auditor notes the problem and forwards the information to the chief audit executive but performs no further follow-up. The auditor's actions would:
I.Be in violation of the IIA Code of Ethics for withholding meaningful information.
II.
Be in violation of the Standards because the auditor did not properly follow up on a red flag that might indicate the existence of fraud.
III.
Not be in violation of either the IIA Code of Ethics or Standards.

A. I and II only.
B. III only.
C. II only.
D. I only.

Answer: B

NEW QUESTION # 117
During a review of the treasury function an internal auditor identified a risk that all bank accounts may net to include in the daily reconciliation process.
Which of the following responses would be most effective to mitigate this risk?

A. The treasury analyst reviews a daily report automatically generated by the treasury system, which shows bank statements that have not been uploaded into the accounting system.
B. The treasury analyst performs a daily reconciliation of al bank statements obtained via email against data in the system
C. The treasury supervisor seeks an annual confirmation from the bank regarding the bank statements processed within a year
D. The treasury supervisor establishes a threshold for amounts on bank statements to be reconciled against data in the system

Answer: A

Explanation:
To mitigate the risk that all bank accounts may not be included in the daily reconciliation process, the most effective response is to ensure that the treasury analyst reviews a daily report generated by the treasury system. This report highlights any bank statements that have not been uploaded into the accounting system, ensuring that all accounts are accounted for in the reconciliation process. This automated approach reduces the risk of human error and ensures completeness and accuracy in the reconciliation process.
Reference:
The Institute of Internal Auditors (IIA) Practice Guide: Auditing the Treasury Function IIA Standard 2130 - Control

NEW QUESTION # 118
An internal auditor has completed an audit of an organization's activities and is ready to issue a report.
However, the client disagrees with the internal auditor's conclusions. The auditor should:

A. Issue the audit report and state both the auditor and client positions and the reasons for the disagreement.
B. Perform additional work, with the client's concurrence, to resolve the areas of disagreement and delay the issuance of the report until agreement is reached.
C. Issue the audit report and omit the client's conclusion as it is not the opinion of the internal auditor.
D. Withhold the issuance of the audit report until agreement on the issues is obtained.

Answer: A

Explanation:
Section: Volume C

NEW QUESTION # 119
Which of the following information is most appropriate for the chief audit executive to share when coordinating audit plans with other internal and external assurance providers?

A. All plan information, including risk assessments, planned tests and past results to maximize the opportunity for coordination with internal and external providers.
B. Objectives scope and timing at a high level to support coordination while adhering to confidentiality requirements
C. No information should be shared with internal and external provider as it could introduce bias into the engagement results.
D. The area and timing of the audit engagement to ensure confidentially and avoid conflict of interest.

Answer: B

Explanation:
Coordinating audit plans with other internal and external assurance providers is critical to ensure coverage and avoid duplication of efforts. According to IIA Practice Advisory 2050-1, sharing high-level information such as objectives, scope, and timing supports effective coordination and minimizes the risk of conflicts of interest, while still maintaining confidentiality. Detailed sharing of risk assessments, planned tests, and past results might breach confidentiality and independence standards.
Reference:
The Institute of Internal Auditors (IIA) - Practice Advisory 2050-1: Coordination of Internal and External Audit Activities

NEW QUESTION # 120
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