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Product Description:
Exam Number/Code: IIA-CIA-Part2
Exam name: Certified Internal Auditor - Part 2, Conducting the Internal Audit Engagement
n questions with full explanations
Certification: IIA Certification
Last updated on Global synchronizing

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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: 

Answer: 1 minute. Answer: 2 minutes. Answer: 3 minutes. Answer: 4 minutes. Answer: C 

Q222. An organization's policies allow buyers to authorize expenditures up to $50,000 without any other approval. Which of the following audit procedures would be most effective in determining if fraud in the form of payments to fictitious companies has occurred? 

A. Use generalized audit software to list all purchases over $50,000 to determine whether they 

were properly approved. 

B. Develop a snapshot technique to trace all transactions by suspected buyers. 

C. Use generalized audit software to take a random sample of all expenditures under $50,000 to 

determine whether they were properly approved. 

D. Use generalized audit software to select a sample of paid invoices to new vendors and examine evidence that shows that services or goods were received. 


Q223. The following audit observation was included in the final audit report: 

"Our review concluded that bank reconciliation statements for March and April did not show evidence of supervisory review. We recommend strict compliance with the controller's manual, which requires the department head to place their initials on the reconciliation statements to document their review." 

Which of the following attributes are missing from the above audit observation? 









A. 1 and 4 only 

B. 2 and 3 only 

C. 1, 3, and 4 only 

D. 3 and 4 only 


Q224. During the development of a purchasing system, an auditor reviewed the payment authorization program. Which of the following actions should the auditor recommend for a situation in which the quantity invoiced is greater than the quantity received? 

A. Issue an exception report. 

B. Pay the amount billed and adjust the inventory account for the difference. 

C. Return the invoice to the vendor for correction. 

D. Authorize payment of the full invoice, but maintain an open purchase order record for the missing goods. 


Q225. Which of the following risks assumes an absence of compensating controls in the area being reviewed? 

A. Control risk. 

B. Detection risk. 

C. Inherent risk. 

D. Sampling risk. 


Q226. An internal auditor is assessing the organization's risk management framework. Which of the following formulas should he use to calculate the residual risk? 



A. Option A 

B. Option B 

C. Option C 

D. Option D 


Q227. In a sampling application, the group of items about which the auditor wants to estimate some 

characteristic is called the. 

A. Population. 

B. Attribute of interest. 

C. Sample. 

D. Sampling unit. 


Q228. According to the International Professional Practices Framework, the responsibility for establishing and maintaining a system to monitor the disposition of results communicated to management falls upon: 

A. Compliance officer. 

B. Chief audit executive. 

C. Senior management. 

D. Risk manager. 


Q229. The board has asked the internal audit activity (IAA) to be involved in the organization's enterprise risk management process. Which of the following activities is appropriate for IAA to perform without safeguards? 

A. Coach management in responding to risks. 

B. Develop risk management strategies for board approval. 

C. Facilitate identification and evaluation of risks. 

D. Evaluate risk management processes. 


Q230. A company has recently incurred significant cost overruns on one of its construction projects. Management suspects that these overruns were caused by the contractor improperly accounting for costs related to contract change orders. Which of the following procedures would be appropriate for testing this suspicion? 

I. Verify that the contractor has not charged change orders with costs that have already been billed to the original contract. 

II. Determine if the contractor has billed for original contract work that was canceled as a result of change orders. 


 Verify that the change orders were properly approved by management. 


I only 


III only 


I and II only 


I and III only