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IIA-CIA-Part2 exam is an essential certification that focuses on the Practice of Internal Auditing. IIA-CIA-Part2 Exam is designed to evaluate the candidate's knowledge and expertise in the field of internal auditing. Practice of Internal Auditing certification is offered by the Institute of Internal Auditors (IIA) and is recognized worldwide.

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IIA-CIA-Part2 Certification Exam is recognized globally as a symbol of excellence in the internal audit profession. It is respected by employers, clients, and peers, and is often required for internal audit positions in many organizations. Individuals who hold this certification are considered to be highly qualified professionals in their field.

IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is an essential certification for professionals who want to establish their proficiency in internal auditing. Practice of Internal Auditing certification exam is conducted by the Institute of Internal Auditors (IIA), which is a globally recognized organization that sets standards for the internal auditing profession. The IIA-CIA-Part2 Exam is the second of three exams that lead to the Certified Internal Auditor (CIA) certification. Practice of Internal Auditing certification is highly valued by employers, as it demonstrates that the individual has a solid understanding of the principles and practices of internal auditing.

IIA Practice of Internal Auditing Sample Questions (Q199-Q204):

NEW QUESTION # 199
In order to effectively elicit sensitive information from an employee during an audit engagement, an auditor should:

A. Put sensitive questions at the beginning of a questionnaire to ensure that they are answered.
B. Point out that management has given the auditor full authority to conduct this interview.
C. Explain that the auditor's reputation for integrity, which is vital to the auditor's business success, would be seriously damaged if confidentiality were breached.
D. Tell the employee a piece of information obtained from a coworker in a previous interview.

Answer: C

NEW QUESTION # 200
A company used simple regression analysis to analyze maintenance costs against machine hours (MH) for a
26-week period when the plant was in full operation. The regression yielded the following estimated cost function:
Maintenance Cost = $60 + $0.25/MH
The regression analysis also generated a coefficient of determination (R2), or goodness of fit, of 0.85. Which of the following statements regarding this regression analysis is appropriate?

A. The coefficient of determination of R2 = 0.85 indicates that the goodness of fit is poor because the value is close to the maximum value of one.
B. This regression can be used to determine the maintenance cost for any period at any activity level by substituting the machine hours in the equation.
C. The $0.25 component is the slope coefficient of the cost estimate and represents the average variable maintenance cost per machine hour.
D. The $60 component represents the best estimate of fixed maintenance costs for the company in a shutdown situation.

Answer: C

Explanation:
Section: Volume B

NEW QUESTION # 201
An internal auditor is conducting an initial risk assessment of an audit area and wants to assess management's compliance with privacy laws for safeguarding customer information stored on the organization's servers. Which course of action is appropriate for this phase of the engagement?

A. Solicit the services of a specialist information systems auditor
B. Consider the detection risk of noncompliance with the laws
C. Obtain the most current approved copies of the organization's privacy policy
D. Consult with legal counsel about new privacy laws to establish appropriate criteria

Answer: C

Explanation:
In the initial risk assessment phase, it is critical for the internal auditor to understand the current policies and procedures in place. By obtaining the most current approved copies of the organization's privacy policy, the auditor can assess whether these policies are in compliance with privacy laws and are effectively implemented. This approach provides a solid foundation for understanding the existing controls and identifying areas where there may be gaps or weaknesses. Consulting with legal counsel or a specialist can be subsequent steps if further expertise is needed, but understanding the internal policies is the primary and essential first step.
Reference:
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2210 - Engagement Objectives.

NEW QUESTION # 202
After completing a net present value (NPV) calculation on a proposed project, an analyst explores the change in NPV with changes in the interest rate. This additional analysis is referred to as:

A. simulation.
B. Sensitivity analysis.
C. Variance analysis.
D. Decision analysis.

Answer: B

Explanation:
Section: Volume B

NEW QUESTION # 203
While performing fieldwork for an assurance engagement, a member of the internal audit team identified a key control that was not identified during the planning phase of the engagement Which of the following actions by the internal auditor would be most appropriate?

A. Discuss the control with management of the area under review and seek their approval prior to including the control in the current audit engagement
B. Proceed with the current audit work program because the engagement scope has already been finalized but plan to address the newly identified control as part of the follow up engagement
C. Promptly adjust the audit work program to include tests that address the newly identified control and notify the other audit team members of the change
D. Adjust the audit work program to account for the new control, but only with approval from the engagement supervisor

Answer: D

Explanation:
When a key control is identified during fieldwork that was not recognized during the planning phase, it is critical to update the audit work program to include tests for this newly identified control. However, this adjustment should be made with the approval of the engagement supervisor. This ensures that the changes are properly documented and that the scope and objectives of the engagement remain aligned with the overall audit plan. Additionally, obtaining approval from the engagement supervisor maintains the integrity and oversight of the audit process.
Reference:
The Institute of Internal Auditors (IIA) Standard 2240 - Engagement Work Program: "Internal auditors must develop and document work programs that achieve the engagement objectives." IIA Practice Guide on "Engagement Planning"

NEW QUESTION # 204
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