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IIA Practice of Internal Auditing Sample Questions (Q82-Q87):

NEW QUESTION # 82
What would be used to determine the collectability of accounts receivable balances?

A. The file of related shipping documents.
B. An aged accounts receivable listing.
C. Positive accounts receivable confirmations.
D. Negative accounts receivable confirmations.

Answer: B

NEW QUESTION # 83
Upon completing a follow-up audit engagement, the chief audit executive (CAE) noted that management has not implemented any mitigation measures to address the high risks that were reported in the initial audit report. What initial step must the CAE take to address this situation?

A. Report the situation to the external auditors.
B. Discuss the issue with members of management responsible for the risk area.
C. Escalate the issue to the board.
D. Communicate the issue to senior management.

Answer: B

Explanation:
The initial step the CAE should take is to discuss the issue with the members of management responsible for the risk area. This discussion allows the CAE to understand the reasons for the lack of action, provide an opportunity for management to explain their position, and encourage them to implement the necessary mitigation measures. If this discussion does not lead to satisfactory action, the CAE would then escalate the issue to senior management or the board as appropriate.
:
The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards)
"Internal Auditing: Assurance and Advisory Services" by Urton L. Anderson et al.

NEW QUESTION # 84
The organization's internal audit charter was last updated six years ago to update the charter, which of the following actions is most appropriate for the chief audit executive to take?

A. Perform a review of HA guidance to become acquainted with the latest mandatory elements prior to updating the charter
B. Wait for the next external assessment and address all of the missing information in the charter based on the recommendations from the external assessment team
C. Use an internal audit charter template from another organization that operates within the same industry.
D. Identify an individual within the internal audit activity who has in-depth knowledge of mandatory IIA guidance elements to address any gaps or areas of the current version of the charter that could be improved

Answer: A

Explanation:
The chief audit executive should review the latest guidance from the Institute of Internal Auditors (IIA) to ensure the internal audit charter complies with current standards. This approach ensures the charter reflects up- to-date practices and mandatory elements, maintaining the integrity and effectiveness of the internal audit function.
References:
"International Standards for the Professional Practice of Internal Auditing," which provides mandatory guidance on the internal audit charter.

NEW QUESTION # 85
An internal auditor s examination of accounts receivable generates the following results:

What is the projected misstatement for the population if ratio estimation is used?

A. $700,000
B. $2100.000
C. $238,095
D. $84,000

Answer: B

Explanation:
To determine the projected misstatement for the population using ratio estimation, the following calculation can be used:
Projected Misstatement=(Sample MisstatementSample Book Value)×Population Book ValueProjected Misstatement=(Sample Book ValueSample Misstatement)×Population Book Value Given:
Sample Misstatement = $420,000
Sample Book Value = $12,000,000
Population Book Value = $20,000,000
Projected Misstatement=(420,00012,000,000)×20,000,000Projected Misstatement=(12,000,000420,000)×20,000,000 Projected Misstatement=0.035×20,000,000=700,000Projected Misstatement=0.035×20,000,000=700,000 Therefore, the projected misstatement is $700,000.
Reference:
IIA Standards: 2320 - Analysis and Evaluation
IIA Practice Guide: Statistical Sampling

NEW QUESTION # 86
According to IIA guidance, which of the following is true regarding the exit conference for an internal audit engagement?

A. During the exit conference, the performance of the internal auditors who executed the engagement is reviewed.
B. Both the chief audit executive and the chief executive over the activity or function reviewed must attend the exit conference to validate the findings.
C. A primary purpose of the exit conference is to provide for the timely communication of observations that call for immediate management action.
D. The exit conference provides only anticipated results for inclusion in the final audit communication.

Answer: D

Explanation:
Section: Volume E

NEW QUESTION # 87
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Reliable IIA IIA-CIA-Part2 Exam Practice | Valid Braindumps IIA-CIA-Part2 Sheet

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Valid Braindumps IIA-CIA-Part2 Sheet | Free IIA-CIA-Part2 Dumps

Learn about the benefits of the IIA CIA Part 2 Exam

IIA Practice of Internal Auditing Sample Questions (Q82-Q87):

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