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IIA IIA-CIA-Part2 Exam Dumps

Practice of Internal Auditing

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Update Date : April 01, 2024
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IIA IIA-CIA-Part2 Sample Questions

Question # 1

An internal audit activity is participating in the due diligence work for an acquisition that a company is considering. One engagement objective is to determine if the acquisition's accounts payable contain all outstanding liabilities. Which of the following audit procedures would not be relevant for this objective?

A. Examine supporting documentation of subsequent (after-period) cash disbursements and verify period of liability.
B. Send confirmations, including zero-balance accounts, to vendors with whom the company normally does business.
C. Select a sample of accounts payable from the accounts payable list and verify the supporting receiving reports, purchase orders, and invoices.
D. Trace receiving reports issued before the period end to the related vendor invoices and accounts payable list.

Question # 2

During an audit of a branch bank, an internal auditor learned that a series of system failures had resulted in a four-day delay in processing customers' scheduled payroll direct deposits. The first failure was that of a disk drive, followed by software and other minor failures. Which of the following controls should the auditor recommend to avoid similar delays in processing?

A. Contingency planning.
B. Redundancy checks.
C. Process monitoring.
D. Preventive maintenance.

Question # 3

An auditor prepared a workpaper that consisted of a list of employee names and identification numbers as well as the following statement:“A statistical sample of 40 employee personnel files was selected to verify that they contain all documents required by company policy 501 (copy attached). No exceptions were noted.”The auditor did not place any audit verification symbols on this workpaper. Which of the following changes would most improve the auditor's workpaper?

A. Use of audit verification symbols to show that each file was examined.
B. Removal of the employee names to protect their confidentiality.
C. Justification for the sample size.
D. Listing of the actual documents examined for each employee.

Question # 4

If management expects 100 percent compliance with a procedure, which of the following sampling approaches would be most appropriate?

A. Attributes sampling.
B. Discovery sampling.
C. Targeted sampling.
D. Variables sampling.

Question # 5

The chief audit executive (CAE) determined that based on management's oral response, the action taken regarding an audit observation was sufficient when weighted against the relative importance of the audit recommendation. Which of the following is the most appropriate step for the internal auditor to take next?

A. Initiate a follow-up audit to ensure that action has really been taken.
B. Follow-up with management until a written response is obtained.
C. Escalate the issue to the board and get their position on the issue.
D. Note in the permanent file that follow-up needs to be performed as part of the next engagement.

Question # 6

If an auditor is sampling to test compliance with a particular company policy, which of the following factors should not affect the allowable level of sampling risk?

A. The experience and knowledge of the auditor.
B. The adverse consequences of noncompliance.
C. The acceptable level of risk of making an incorrect audit conclusion.
D. The cost of performing auditing procedures on sample selections.

Question # 7

Which of the following situations might allow an employee to steal checks sent to an organization and subsequently cash them?

A. Checks are not restrictively endorsed when received.
B. Only one signature is required on the organization's checks.
C. One employee handles both accounts receivable and purchase orders.
D. One employee handles both cash deposits and accounts payable.

Question # 8

Insurance companies often receive electronic hospitalization claims directly from hospitals. Which of the following control procedures would be most effective in detecting fraud in such an environment?

A. Use integrated test facilities to test the accuracy of processing in a manner that is transparent to data processing.
B. Develop monitoring programs to identify unusual types of claims or an unusual number of claims by demographic class for investigation by the claims department.
C. Use generalized audit software to match the claimant identification number with a master list of valid policyholders.
D. Develop batch controls over all items received from a particular hospital and process those claims in batches.

Question # 9

Which of the following is true of engagement recommendations? I. Specific suggestions for implementation must be included. II. The internal auditor's observations and conclusions may serve as the basis. III. Actions to correct existing conditions or improve operations may be included. IV. Approaches to correcting or enhancing performance may be suggested.

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

Question # 10

The most effective way for internal auditors to enhance the reliability of computerized financial and operating information is by:

A. Determining if controls over record keeping and reporting are adequate and effective.
B. Reviewing data provided by information systems to test compliance with external requirements.
C. Determining if information systems provide management with timely information.
D. Determining if information systems provide complete information.

Question # 11

The efficiency of internal audit operations is best enhanced if workpaper standards:

A. Permit the extent of documentation to vary according to engagement objectives.
B. Require supervisors to initial and date each workpaper that they review.
C. Allow access to workpapers by external parties if approved by senior management or the audit committee.
D. Mandate the workpaper retention period.

Question # 12

A recent survey indicated that residents of a small town take the train to a nearby city eight times per month, on average. The same survey showed that the number of train trips that a resident takes per month (y) is determined by the number of days per month that the resident works in the nearby city (x), according to the equation: y = 2 + 2x. A person who never works in the nearby city is expected to take the train: 

A. Zero times per month. 
B. Two times per month
C. Four times per month. 
D. Eight times per month. 

Question # 13

After partially completing an internal control review of the accounts payable department, an auditor suspects that some type of fraud has occurred. To ascertain whether the fraud is present, the best sampling approach would be to using.

A. Simple random sampling to select a sample of vouchers processed by the department during the past year.
B. Probability-proportional-to-size sampling to select a sample of vouchers processed by the department during the past year.
C. Discovery sampling to select a sample of vouchers processed by the department during the past year.
D. Judgmental sampling to select a sample of vouchers processed by clerks who were identified by the department manager as acting suspiciously.

Question # 14

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 least costly audit technique when a large amount of information is involved.
D. Interviewing is the only audit procedure which does not require confirmation of the information that is obtained.

Question # 15

As a result of a recent discovery of false information on employment applications, an internal auditor has reviewed hiring procedures. Which of the following represents a weakness in the control system?I. Applicants are not required to have their signed applications legally authenticated.II. Applicants' educational information is not validated with the educational institution before employment is offered.III. Information related to applicants' long-term work history is not validated before employment is offered.

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

Question # 16

An auditor plans to analyze customer satisfaction, including. (1) customer complaints recorded by the customer service department during the last three months; (2) merchandise returned in the last three months; and (3) responses to a survey of customers who made purchases in the last three months. Which of the following statements regarding this audit approach is correct?

A. Although useful, such an analysis does not address any risk factors.
B. The survey would not consider customers who did not make purchases in the last three months.
C. Steps 1 and 2 of the analysis are not necessary or cost-effective if the customer survey is comprehensive.
D. Analysis of three months' activity would not evaluate customer satisfaction.

Question # 17

An auditor is performing a review of a complex process to identify opportunities to increase efficiency. What is the most practical way to document the process to identify areas of inefficiency? 

A. Write a description of the process activities in sequential order. 
B. Develop a PERT (program evaluation and review technique) diagram. 
C. Flowchart the process. 
D. Create a decision tree. 

Question # 18

An internal auditor is reviewing a new automated human resources system. The system contains a table of pay rates which are matched to the employee job classifications. The best control to ensure that the table is updated correctly for only valid pay changes would be to:

A. Limit access to the data table to management and line supervisors who have the authority to determine pay rates.
B. Require a supervisor in the department, who does not have the ability to change the table, to compare the changes to a signed management authorization.
C. Ensure that adequate edit and reasonableness checks are built into the automated system.
D. Require that all pay changes be signed by the employee to verify that the change goes to a bona fide employee.