100% Pass Quiz Perfect IIA - Exam IIA-CIA-Part2 Questions Pdf

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IIA Practice of Internal Auditing Sample Questions (Q455-Q460):

NEW QUESTION # 455
A corporate merger decision prompts the chief audit executive (CAE) lo propose interim changes to the existing annual audit plan to account for emerging risks Which of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan''

A. Communicate with the chief financial officer and present the revised audit plan to the CEO tor approval
B. Present the revised audit plan directly to the board for approval.
C. Communicate with the CEO and present the revised audit plan to the board for approval.
D. Present the revised audit plan directly to the CEO for approval

Answer: C

NEW QUESTION # 456
With which of the following would the internal audit activity discuss findings, conclusions and recommendations prior to issuance of internal audit report?
Business unit management.
Chief audit executive.
Audit committee.
Chief executive officer.

A. 1, 2, 3, and 4.
B. 1 and 3 only.
C. 2 and 3 only.
D. 1 and 2 only.

Answer: D

NEW QUESTION # 457
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. I only
D. II only

Answer: B

NEW QUESTION # 458
To which of the following aspects should the chief audit executive give the most consideration while communicating an identified unacceptable risk to management?

A. The organization's risk management policy
B. The organization's whistleblowing strategy
C. The organization's attitude to hierarchy
D. The organization's ongoing risk monitoring process

Answer: A

Explanation:
The chief audit executive should give the most consideration to the organization's risk management policy when communicating an identified unacceptable risk to management. The risk management policy outlines the organization's approach to managing risk, including risk tolerance levels, risk appetite, and the procedures for identifying, assessing, and mitigating risks. By aligning the communication with the risk management policy, the CAE ensures that the discussion about unacceptable risk is framed within the context of the organization's established risk management framework, facilitating a more structured and effective response from management.
Reference: The IIA's International Standards for the Professional Practice of Internal Auditing, Standard 2010 - Planning and COSO's Enterprise Risk Management Framework.

NEW QUESTION # 459
During an assurance engagement, an internal auditor discovered that a sales manager approved numerous sales contracts for values exceeding his authorization limit. The auditor reported the finding to the audit supervisor, noting that the sales manager had additional new contracts under negotiation. According to IIA guidance, which of the following would be the most appropriate next step?

A. The audit supervisor should remind the sales manager of his authority limit for the contracts under negotiation.
B. The auditor should not reference the new contracts, because they are not yet signed and therefore cannot be included in the final report.
C. The audit supervisor should include the new contracts in the finding for the final audit report.
D. The audit supervisor should communicate the finding to the supervisor of the sales manager through an interim report.

Answer: D

Explanation:
According to the IIA guidance, the most appropriate next step when discovering a sales manager approving contracts beyond their authorization limit is to communicate the finding to the supervisor of the sales manager through an interim report. This approach ensures that the issue is addressed promptly and management can take immediate corrective actions to prevent further unauthorized activities. Including new contracts under negotiation in the final report would delay action, while reminding the sales manager of their authority limits does not escalate the issue appropriately.
References:
* IIA Standards: 2440 - Disseminating Results
* IIA Practice Guide: Communicating Audit Results

NEW QUESTION # 460
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100% Pass Quiz Perfect IIA - Exam IIA-CIA-Part2 Questions Pdf

Latest IIA-CIA-Part2 Test Prep | Well IIA-CIA-Part2 Prep

IIA Practice of Internal Auditing Sample Questions (Q455-Q460):

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