IIA IIA-CIA-Part2 Exam Questions (Updated 2022) 100% Real Question Answers [Q301-Q321]

NO.301 When determining the nature, timing, and extent of follow up, the chief audit executive considers all of the following factors except:

NO.302 Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward contracts to hedge against fluctuations in the exchange rate. When recalculating the exchange losses from individual purchases of jet fuel, which of the following details does the internal auditor need to validate?
1. The hedge documentation designating the hedge.
2. The spot exchange rate on the transaction date.
3. The terms of the forward contract.
4. The amount of fuel purchased.

NO.303 Which of the following will be an appropriate course of action when an auditor disagrees with a client about a well-documented audit finding?

NO.304 Information gathered in a forensic investigation of business fraud is usually gathered with which of the following standards in mind?

NO.305 An internal auditor is conducting an assessment of the purchasing department. She has worked the full amount of hours budgeted for the engagement; however, the audit objectives are not yet complete. According to IIA guidance, which of the following are appropriate options available to the chief audit executive?
1. Allow the auditor to decide whether to extend the audit engagement.
2. Determine whether the work already completed is sufficient to conclude the engagement.
3. Provide the auditor feedback on areas of improvement for future engagements.
4. Provide the auditor with instructions and directions to complete the audit.

NO.306 Which of the following would be an appropriate and effective control self-assessment approach in an organization with an authoritative culture?
I. Facilitated meeting
II. Survey
III.
Management-produced analysis

NO.307 During an audit of an ethics program, which of the following procedures are most appropriate to evaluate the effectiveness of the program?
* Testing whether corrective actions taken on involved parties breaching the ethics program are adequate.
* Testing whether all employees are mandated through policy to comply with the ethics program.
* Testing whether all employees are required to confirm in writing their compliance with the ethics program.
* Testing through surveys employee’s level of understanding and commitment to the ethics program.

NO.308 The chief audit executive (CAE) of a multinational entity with highly automated and complex operations has just completed the update of the risk-based audit plan. Interviews with management revealed the introduction of new technology and a significant increase in both the number and severity of technology-based risk exposures. According to the International Professional Practices Framework, which of the following would be the best course of action for the CAE to undertake next?

NO.309 The chief audit executive (CAE) is adding a new audit position to the team. According to the International Professional Practices Framework, which of the following candidates would the CAE be least likely to accept for the position?

NO.310 In which of the following cases is it appropriate for an audit report to not contain management’s response either within the report or as an attachment?

NO.311 A chief audit executive (CAE) is evaluating four potential audit engagements based on the following factors:
the engagement’s ability to reduce risk to the organization, the engagement’s ability to save the organization money, and the extent of change in the area since the last engagement. The CAE has scored the engagements for each factor from low to high, assigned points, and calculated an overall ranking. The results are shown below with the points in parentheses:
Risk Reduction
Cost Savings
Changes
High (3)
Medium (2)
Low (1)
High (3)
Low (1)
High (3)
Low (1)
High (3)
Medium (2)
Medium (2)
Medium (2)
High (3)
If the organization has asked the CAE to consider the cost savings factor to be twice as important as any other factor, which engagements should the CAE pursue?

NO.312 Which of the following is the most important determinant of the objectives and scope of assurance engagements?

NO.313 Company A has a formal comprehensive corporate code of ethics while company B does not.
Which of the following statements regarding the existence of the code of ethics in company A can be logically inferred?
I.Company A exhibits a higher standard of ethical behavior than does company B.
II.
Company A has established objective criteria by which an employee’s actions can be evaluated.
III.
The absence of a formal corporate code of ethics in company B would prevent a successful audit of ethical behavior in that company.

NO.314 During an audit of an ethics program, which of the following procedures are most appropriate to evaluate the effectiveness of the program?
* Testing whether corrective actions taken on involved parties breaching the ethics program are adequate.
* Testing whether all employees are mandated through policy to comply with the ethics program.
* Testing whether all employees are required to confirm in writing their compliance with the ethics program.
* Testing through surveys employee’s level of understanding and commitment to the ethics program.

NO.315 What is the most important risk in determining the validity of construction delay claims?

NO.316 The following is an excerpt from an audit engagement workpaper:
A Company

Accounts Receivable

Date

Objective. To determine if the computer system is correctly recording all accounts receivable transactions.
Procedures: Judgmental selection of a sample of all accounts receivable balances greater than $50,000 for positive confirmation of balances.
Conclusion: Based on the results of testing wherein all but three confirmations were returned, the accounts receivable balance is fairly presented in all material respects.
Which of the following is true regarding the workpaper?

NO.317 An internal auditor is evaluating controls over the purchasing function. The function includes the material control department, the purchasing department, and the receiving department. Which of the following is true regarding the presentation of the process flow among the three departments?

NO.318 The chief audit executive’s responsibility regarding control processes includes:

NO.319 Which of the following is correct with respect to roles within an enterprise-wide risk management process?
1. The board provides oversight to the risk management process.
2. Executive management owns the risk management framework.
3. Senior management is assigned ownership of risks.
4. Internal audit modifies the risk assessment determined by management.

NO.320 An internal auditor has been assigned to perform a quality audit on a manufacturing plant. Which course of action should the auditor perform first?

NO.321 According to the Standards, which of the following should be the basis for scheduling follow-up of engagement recommendations?