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Free IIA-CIA-Part2 Exam Braindumps (page: 53)

Page 53 of 128
PDF with 508 Questions

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

  1. The significance of the audit finding.
  2. The effort and cost needed to correct the reported condition.
  3. The availability of funds in the audited department's budget to correct the reported condition.
  4. The potential consequences if the corrective action fails.

Answer(s): C



Persuasive evidence indicates that a member of senior management has been involved in insider trading that would be considered fraudulent. However, the evidence was encountered during an operational audit and is not considered relevant to the audit. Which of the following is the most appropriate action for the chief audit executive to take?

  1. Report the evidence to external legal counsel for investigation. Report the legal counsel findings to management.
  2. Report the evidence to the chairperson of the audit committee and recommend an investigation.
  3. Conduct sufficient audit work to conclude whether fraudulent activity has taken place, then report the findings to the chairperson of the audit committee and to government officials if appropriate action is not taken.
  4. Discontinue audit work associated with the insider trading since it is not relevant to the existing audit.

Answer(s): B



What is the most likely source of information for a detailed schedule of a company's insurance policies in force?

  1. Original journal entries found in the cash disbursements journal, along with supporting checks processed by the bank.
  2. Policies and procedures governing insurance coverage.
  3. The current fiscal year's budget for insurance, together with the beginning balance of the prepaid insurance account.
  4. The files containing insurance policies with various carriers.

Answer(s): D



Confirmation would be most effective in addressing the existence assertion for:

  1. The addition of a milling machine to a machine shop.
  2. Sales of merchandise during the regular course of business.
  3. Inventory held on consignment.
  4. The granting of a patent for a special process developed by the organization.

Answer(s): C



Page 53 of 128



Post your Comments and Discuss IIA IIA-CIA-Part2 exam with other Community members:

NOOR commented on October 06, 2024
I want to pass my CIA Exam P2 withing the next 2weeks, can I get help?
UNITED ARAB EMIRATES
upvote

ET commented on August 19, 2024
I have just failed my CIA 2 second attempt today. May I have any assistance from you guys?
Anonymous
upvote