IIA IIA-CIA-Part2 Dumps Questions Answers

The balanced scorecard, introduced by Robert Kaplan and David Norton, includes four main components that provide a comprehensive view of an organization’s performance. These components are:

Financial Measures – to track financial success and shareholder value.

Learning and Growth – to foster an environment of continuous improvement and innovation.

Customers – to measure customer satisfaction and market share goals.

Internal Processes – to ensure that critical operations and business processes are running efficiently. These elements together help an organization balance short-term objectives with long-term goals. References:

Kaplan, R.S., & Norton, D.P. (1996). The Balanced Scorecard: Translating Strategy into Action.

In internal auditing, the engagement workpapers typically contain more detailed descriptions of observations than the preliminary observation document because workpapers serve as the primary evidence and record of the audit procedures and findings. Similarly, a preliminary observation document generally contains more detail than the final audit report, as it serves as an initial, comprehensive documentation of the findings before they are summarized for final reporting.

A. Vouching vendor invoices to payments made:This verifies payment accuracy but does not confirm whether purchases were authorized.

B. Sorting invoices by purchase orders and comparing for successive duplicate invoices:This approach focuses on detecting duplicate invoices, not authorization.

C. Comparing a random sample of vendor invoices to purchase orders:Correct. This method directly matches invoices to purchase orders, confirming that purchases were authorized and appropriately documented.

D. Sorting payments by invoice to detect successive duplicate invoices:Similar to option B, this approach focuses on detecting duplicates rather than verifying authorization.

CIA Exam Syllabus Reference:

Domain V: Performing Internal Audit Services – Testing for Authorization and Validity.