Authentic IIA Certification Exam IIA-CIA-Part2 Questions Answers

The most reliable assurance comes from findings that demonstrate both the identification of issues and the effectiveness of corrective actions. In the provided scenarios, the accounts payable audit (2) and the cash handling process audit (4) illustrate instances where issues were identified, and actions were either needed (2) or taken promptly (4), thus providing a clear basis for forming an opinion on internal control adequacy. References: = IIA Standard 2410 - Criteria for Communicating and Standard 2500 - Monitoring Progress.

Detective controls are designed to identify and detect errors or fraud after they have occurred. Receipts for employee expenses serve as a detective control by providing evidence of transactions, enabling verification and review of expenses to identify any fraudulent or unauthorized activities. Awareness of prior incidents of fraud (Option A) is more of a preventive control, contractor non-disclosure agreements (Option B) are preventive controls to mitigate risks of information leakage, and verification of currency exchange rates (Option C) is more of a transaction control. References: IIA Glossary – Detective Controls, COSO Framework

The most beneficial approach for the newly appointed CAE to obtain details of the internal audit activity's collective knowledge, skills, and competencies is to review or establish a documented skills assessment of the internal audit staff and gather information from post-audit surveys. This method provides a comprehensive view of the team's capabilities and identifies any skill gaps that need to be addressed, ensuring that the internal audit function can effectively fulfill its responsibilities. References:

The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 1210 - Proficiency.

The IIA’s Practice Guide on Building a Competency Framework for Internal Auditing.