IIA-CIA-Part2 PDF Dumps 2023 Exam Questions with Practice Test [Q105-Q123]

Q105. A chief audit executive’s report to the board showed a significant trend of recent aud4s going over planned budgeted hours. Which of the following factors could cause this trend?

Q106. Which characteristic of risk assessment makes it a useful tool for audit planning?

Q107. According to the Standards, which of the following is an attribute when applied to the observations and recommendations contained in the audit report?

Q108. Which of the following is the most appropriate approach for the internal audit activity to follow up on management action plans?

Q109. During the quarterly review of the internal audit activity’s performance, the chief audit executive (CAE) notes that actual engagement hours consistently exceed the budget. Which of the following strategies would most likely help the CAE address this problem?
—-
The budget should consider time spent on similar engagements.
The budget should consider the proficiency of the assigned auditors.
The budget estimate should provide for unexpected delays.
The budget should be specific as to time for each work assignment.

Q110. A recent survey indicated that residents of a small town take the train to a nearby city eight times per month, on average. The same survey showed that the number of train trips that a resident takes per month (y) is determined by the number of days per month that the resident works in the nearby city (x), according to the equation: y = 2 + 2x. A person who never works in the nearby city is expected to take the train:

Q111. An internal audit manager is supervising an engagement. A senior auditor deviates from the approved engagement plan but meets all deadlines in the approved time schedule. Which activity is not required for the audit manager to provide proper engagement supervision?

Q112. If an auditor used nonstatistical sampling instead of statistical sampling to estimate the value of inventory, which of the following would be true?

Q113. An internal auditor noticed that employees with responsibilities for cash collection had recently issued an unusually large number of credit memos, indicating that the original charges had been made to the wrong customer accounts. From a control standpoint, the auditor would be concerned with the possibility that:

Q114. A bakery chain has a statistical model that can be used to predict daily sales at individual stores based on a direct relationship to the cost of ingredients used and an inverse relationship to rainy days. What conditions would an internal auditor look for as an indicator of employee theft of food from a specific store?

Q115. The final engagement communication contains the following observation:
The internal auditor discovered that three of the 10 contracts reviewed failed to meet the organization’s competitive bidding requirements Management explained that senior management deemed these purchases to be critical and awarded them as sole-source.” Which of the following components is missing in the documentation of the observation?

Q116. An audit of management’s quality program includes testing the accuracy of the cost-of-quality reports provided to management. Which of the following internal control objectives is the focus of this testing?

Q117. The best method for assessing the relative importance of risk factors is to:

Q118. Which of the following is the first step in the process where auditors and clients work together to evaluate the clients’ system of internal control?

Q119. According to IIA guidance, which of the following is the most appropriate action to be taken by the chief executive (CAE) if management refuses to accept audit recommendations and implement corrective actions, Even after escalation to senior management?

Q120. Which of the following potential performance measures should an auditor recommend excluding from a performance scorecard?

Q121. Which of the following data collection strategies systematically tests the effects of various factors on an outcome?

Q122. Risk assessments can vary in format, but generally include:
1. A description of identified risks.
2. Tests of audit controls.
3. A system of rating risks.
4. Sample size identification.

Q123. 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?