[Free] Download New Updated (October 2016) IIA IIA-CIA-Part2 Real Exam 241-250

Ensurepass

QUESTION 241

Which of the following best describes the primary concern of the audit manager upon review of engagement working papers of an auditor?

 

A.

To ensure adequate control over the custody of working papers is exercised by the auditor.

B.

To ensure that as part of the documentation the auditor collected original documents that can corroborate the audit findings.

C.

To ensure that the work papers create background for subsequent reviews.

D.

To ensure that the audit programs are followed by the auditor.

 

Correct Answer: D

 

 

QUESTION 242

An internal auditor has just undertaken an organization-wide risk assessment. In identifying potential audit engagements the internal auditor should consider least:

 

A.

Focusing on the high risk areas as sources of potential engagements.

B.

Focusing in areas not audited last year.

C.

Factoring in management requests.

D.

Focusing on those risks highlighted by the external auditor.

 

Correct Answer: B

 

 

QUESTION 243

An internal auditor has been assigned to perform a quality audit on a manufacturing plant. Which course of action should the auditor perform first?

 

A.

Compare the planned outputs with the actual outputs.

B.

Ascertain the costs of materials purchased.

C.

Evaluate the plant’s ability to meet production quotas.

D.

Review the levels of scrap and rework.

 

Correct Answer: D

 

 

QUESTION 244

Audit supervision includes approval of the engagement report in order to ensure that:

 

A.

The client’s objectives are met.

B.

Senior management supports the report’s conclusions.

C.

Report style and grammar are appropriate.

D.

Report findings are substantiated.

 

Correct Answer: D

 

 

QUESTION 245

Because of an abundance of high priority requests from management, an internal audit activity no longer has the resources to meet all of its commitments contained in the annual audit plan. Which of the following would be the best course of action for the chief audit executive to follow?

 

A.

Continue with the plan and seek opportunities to adjust priorities and reallocate resources.

B.

Present a reassessment of the plan to the board and senior management for consideration.

C.

Reassess the plan and either cancel or divert resources away from the lowest priority activities.

D.

Advise the board immediately and seek their support for additional resources to meet the needs of the plan.

 

Correct Answer: B

QUESTION 246

The internal audit activity of an organization obtained approval to add a senior auditor to its staff. The chief audit executive, audit manager, and audit supervisor each will interview the candidates. According to the Standards, which of the following best explains the involvement of management in the interview process?

 

A.

Provides audit management with the opportunity to communicate expectations regarding ethical behavior standards.

B.

Enables audit management to outline its quality assurance and improvement program with the senior auditor.

C.

Assists audit management in planning by more effectively allocating the senior auditor to appropriate audits.

D.

Allows audit management to explain the criteria that will be used to evaluate the senior auditor’s performance.

 

Correct Answer: C

 

 

QUESTION 247

Which of the following types of contracts would provide the least incentive for a contractor to achieve economy and efficiency?

 

A.

Lump-sum contract.

B.

Cost-plus contract.

C.

Unit-price contract.

D.

Indefinite delivery contract.

 

Correct Answer: B

 

 

QUESTION 248

The chief audit executive (CAE) of an organization has established an internal audit activity (IAA) quality assessment program. According to IIA guidance, which of the following would be part of this program?

 

A.

Assessment of the IAA conducted independently of client feedback, and the review of individual audits to determine the quality and timeliness of supervision.

B.

Assessment of the IAA conducted independently of client feedback, and identified areas of improvement reviewed at the end of the year.

C.

Compliance with a checklist of required audit procedures, and review of individual audits to determine the quality and timeliness of supervision.

D.

Compliance with a checklist of required audit procedures, and identified areas of improvement reviewed at the end of the year.

 

Correct Answer: C

 

 

QUESTION 249

Which of the following factors would not be considered in determining appropriate follow-up procedures?

 

A.

The significance of the audit finding.

B.

The effort and cost needed to correct the reported condition.

C.

The availability of funds in the audited department’s budget to correct the reported condition.

D.

The potential consequences if the corrective action fails.

 

Correct Answer: C

 

 

QUESTION 250

According to the Standards, which of the following describes the condition attribute when applied to the observations and recommendations contained in the audit report?

 

A.

The standards, measures, or expectations used in making an evaluation or verification.

B.

The reason for the difference between the expected state and the actual state.

C.

The factual evidence that the internal auditor found in the course of the examination.

D.

The risk or exposure the organization encounters because the actual state is not consistent with the criteria.

 

Correct Answer: C

 

Free VCE & PDF File for IIA IIA-CIA-Part2 Real Exam

Instant Access to Free VCE Files: CompTIA | VMware | SAP …
Instant Access to Free PDF Files: CompTIA | VMware | SAP …

This entry was posted in IIA-CIA-Part2 Actual Test (October 2016) and tagged , , , , , , , . Bookmark the permalink.