[Free] Download New Updated (October 2016) IIA IIA-CIA-Part2 Real Exam 131-140

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QUESTION 131

Which of the following is an advantage of control self-assessment (CSA) over conventional auditing techniques?

 

A.

CSA evaluates control activities and human resource practices.

B.

CSA provides assurance about whether business objectives will be met.

C.

CSA facilitates obtaining input from subject-matter experts efficiently.

D.

CSA provides assurance that action will be taken to improve deficiencies.

 

Correct Answer: C

 

 

QUESTION 132

An audit identified a number of weaknesses in the configuration of a critical client/server system. Although some of the weaknesses were corrected prior to the issuance of the audit report, correction of the rest will require between six and 18 months for completion. Consequently, management has developed a detailed action plan, with anticipated completion dates, for addressing the weaknesses. Which of the following is the most appropriate course of action for the chief audit executive to take?

 

A.

Assess the adequacy of the action plan and monitor key dates and deliverables.

B.

Schedule a follow-up audit engagement to assess the status of corrective action.

C.

Reassign information systems auditors to assist the information technology department in correcting the weaknesses.

D.

Evaluate statistics related to unplanned system outages, unauthorized access attempts, and denials of service to assess the effectiveness of corrections.

 

Correct Answer: A

 

 

QUESTION 133

If participants in a control self-assessment workshop begin breaking their agreed-upon ground rules, the facilitator should:

 

A.

Ignore the behavior and continue the workshop.

B.

Allow them to continue briefly and then remind them of the ground rules.

C.

Have the participants modify the ground rules.

D.

Strictly enforce the ground rules.

 

Correct Answer: B

 

 

QUESTION 134

In response to an accounts receivable confirmation, a customer indicated that the invoice listed on the confirmation letter had been paid two months earlier. This may indicate that:

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A.

The receivable was selected for confirmation in error.

B.

The customer is a bad credit risk.

C.

The receivable should be written off.

D.

Fraudulent activity has occurred.

 

Correct Answer: D

 

 

QUESTION 135

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?

 

A.

A vertical flowchart of each department, showing inputs at the top and outputs at the bottom, would be most useful.

B.

Flowcharts are not useful for documenting process flow.

C.

A horizontal flowchart, with the departments described across the top and the process flowing horizontally, would be most useful.

D.

Both a flowchart and narratives are needed due to the number of departments involved.

 

Correct Answer: C

 

 

QUESTION 136

As part of an operational audit, an auditor compared records of current inventory with usage during the prior two-year period and determined that the spare parts inventory was excessive. What step should the auditor perform first?

 

A.

Determine the effects of a stock-out on the organization’s profitability.

B.

Determine whether a clear policy exists for setting inventory limits.

C.

Determine who approved the purchase orders for the spare parts.

D.

Determine whether purchases were properly recorded.

Correct Answer: B

 

 

QUESTION 137

Which of the following tests must an internal auditor perform in order to ensure that inbound electronic data interchange (EDI) transactions are received and translated accurately?

 

I. Computerized tests to assess transaction reasonableness and validity.

 

II. Review of log books to ensure that transactions are logged upon receipt.

 

III. Edit checks to identify unusual transactions.

 

IV. Verification of limitations on the authority of users to initiate specific EDI transactions.

 

A.

I and IV only

B.

II and III only

C.

I, II, and III only

D.

I, II, III, and IV.

 

Correct Answer: C

 

 

QUESTION 138

During an audit of a major metropolitan museum, an auditor was unable to locate selected items from the museum’s collection. The director of the museum informed the auditor that the upcoming replacement of the museum’s inventory tracking system would address the auditor’s concerns. What follow-up activity should the auditor propose?

 

A.

Receive periodic feedback from museum staff regarding the status of the system implementation.

B.

Monitor the system implementation and schedule a follow-up review once the new system is in place.

C.

Determine whether the items are indeed missing and assess the ability of the new system to remedy the problem.

D.

Schedule an audit of the museum’s security systems to determine if theft is a problem.

 

Correct Answer: C

 

 

QUESTION 139

In a client satisfaction survey for an internal audit engagement, client management should be asked to assess which of the following factors?

 

I. Audit team’s knowledge of the audited area.

 

II. Usefulness of the audit results.

 

III. Quality of management of the internal audit activity.

 

IV. Clarity of the scope and objectives of the audit engagement.

 

A.

I and II only

B.

II and IV only

C.

I, II, and IV only

D.

I, III, and IV only

 

Correct Answer: C

 

 

QUESTION 140

An audit of an organization’s claims department determined that a large number of duplicate payments had been issued due to problems in the claims processing system. During the exit conference, the vice president of the claims department informed the auditors that attempts to recover the duplicate payments would be initiated immediately and that the claims processing system would be enhanced within six months to correct the problems. Based on this response, the chief audit executive should:

 

A.

Adjust the scope of the next regularly scheduled audit to assess controls within the claims processing system.

B.

Discuss the findings with the audit committee and ask the committee to determine the appropriate follow-up action.

C.

Schedule a follow-up engagement within six months to assess the status of corrective action.

D.

Monitor the status of corrective action and schedule a follow-up engagement when appropriate.

 

Correct Answer: D

 

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