Free IIA IIA-CIA-Part2 Exam Questions
Absolute Free IIA-CIA-Part2 Exam Practice for Comprehensive Preparation
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IIA IIA-CIA-Part2 Exam Questions
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Provided By: IIA
- Exam: Practice of Internal Auditing
- Certification: Certified Internal Auditor
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Total Questions: 1029
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Updated On: Nov 11, 2024
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Rated: 4.9 |
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Online Users: 2058
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Question 1
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An internal auditor collected several employee testimonials. Which of the following is the best action for the
internal auditor to take before drawing a conclusion?Section: Volume E
Answer: B
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An internal auditor collected several employee testimonials. Which of the following is the best action for the
internal auditor to take before drawing a conclusion?
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Question 2
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Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward
contracts to hedge against fluctuations in the exchange rate. When recalculating the exchange losses from
individual purchases of jet fuel, which of the following details does the internal auditor need to validate?
1. The hedge documentation designating the hedge.
2. The spot exchange rate on the transaction date.
3. The terms of the forward contract.
4. The amount of fuel purchased. Section: Volume E
Answer: C
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Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward
contracts to hedge against fluctuations in the exchange rate. When recalculating the exchange losses from
individual purchases of jet fuel, which of the following details does the internal auditor need to validate?
1. The hedge documentation designating the hedge.
2. The spot exchange rate on the transaction date.
3. The terms of the forward contract.
4. The amount of fuel purchased.
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Question 3
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An internal auditor was assigned to conduct an inventory control and stock room area engagement. During the
audit, the auditor observed that there were some items that have a shelf life expiration date requirement based
on a certificate of conformance received with the product. The certificates of conformance are kept on file in the
inventory area office and the expiration date is verified at the time the item is taken from stock. The auditor
reviewed the items in the stock room and also on the production floor for the expiration dates to see if there
was any expired product. All items with a shelf life requirement were found to be within the expiration date
requirement. Which of the following recommendations would be appropriate?Section: Volume D
Answer: D
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An internal auditor was assigned to conduct an inventory control and stock room area engagement. During the
audit, the auditor observed that there were some items that have a shelf life expiration date requirement based
on a certificate of conformance received with the product. The certificates of conformance are kept on file in the
inventory area office and the expiration date is verified at the time the item is taken from stock. The auditor
reviewed the items in the stock room and also on the production floor for the expiration dates to see if there
was any expired product. All items with a shelf life requirement were found to be within the expiration date
requirement. Which of the following recommendations would be appropriate?
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Question 4
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Which of the following is an example of a compliance assurance engagement?Section: Volume E
Answer: B
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Question 5
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In which of following scenarios is the internal auditor performing benchmarking?Section: Volume E
Answer: A
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In which of following scenarios is the internal auditor performing benchmarking?