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IIA-CIA-Part2: Practice of Internal Auditing exam is an essential certification for individuals seeking a career in internal auditing. IIA-CIA-Part2 Exam covers a wide range of topics related to internal auditing and tests the candidate's ability to apply their knowledge and skills in real-world situations. Passing the exam is a significant achievement and demonstrates the candidate's competence and expertise in the practice of internal auditing.

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100% Pass-Rate IIA-CIA-Part2 Exam Simulations | Accurate IIA-CIA-Part2 Valid Exam Review: Internal Audit Engagement

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IIA-CIA-Part2 exam consists of 100 multiple-choice questions and has a duration of two hours and forty-five minutes. IIA-CIA-Part2 exam is computer-based and is available at Pearson VUE testing centers worldwide. Candidates must achieve a score of 600 or higher to pass the exam and earn the IIA-CIA-Part2 Certification. IIA-CIA-Part2 exam content is regularly reviewed and updated to ensure that it remains relevant to the changing needs of the internal audit profession.

IIA Internal Audit Engagement Sample Questions (Q629-Q634):

NEW QUESTION # 629
An internal auditor is planning to audit the organization's payroll function, which was recently outsourced.
Which of the following is the most appropriate first step for the auditor?

A. Understand the objectives and strategies of the new arrangement
B. Form objectives for the audit engagement
C. Review management's organ nationwide risk assessment
D. Revise the scope of the audit engagement

Answer: A

Explanation:
When planning to audit an outsourced function, the most appropriate first step for an internal auditor is to understand the objectives and strategies of the new arrangement. This step is crucial because it sets the foundation for the entire audit process. By understanding the objectives and strategies, the auditor gains insights into the rationale behind the outsourcing decision, the expected outcomes, and how these align with the organization's overall goals. This understanding helps in identifying key risks, establishing relevant audit criteria, and tailoring the audit scope and procedures accordingly. Without this initial step, the auditor may miss critical aspects of the outsourced arrangement, leading to an incomplete or ineffective audit.
References:
* Institute of Internal Auditors (IIA) Practice Guide: "Auditing Outsourced Activities"
* COSO Enterprise Risk Management Framework

NEW QUESTION # 630
An audit of customer accounts receivable found that outstanding receivables as a percentage of revenue had increased significantly during the past two years. The increase was attributed to the extension of credit, at the urging of the marketing department, to a number of companies that were not credit worthy.
Which of the following would be least useful in monitoring the disposition of this finding?

A. Information from the credit and marketing personnel assigned the responsibility for reevaluating credit policies.
B. Responses from the manager of accounts receivable regarding collection of outstanding receivables.
C. Updates from the information technology division regarding implementation of a new accounts receivable system.
D. Periodic updates from the controller regarding the status of corrective actions.

Answer: C

NEW QUESTION # 631
Which informal ion- gathering method would be most efficient for an internal auditor to determine whether specified control procedures are in place?

A. Internal control questionnaires
B. Observations
C. Interviews
D. Reperformance

Answer: A

Explanation:
Internal control questionnaires are an efficient information-gathering method for an internal auditor to determine whether specified control procedures are in place. These questionnaires are designed to capture detailed information about controls through structured questions, enabling auditors to quickly identify the existence and nature of controls. This method is systematic and allows for comprehensive coverage of various control aspects, making it efficient for initial assessments.References:
* IIA Standard 2240: Engagement Work Program
* IIA Practice Guide: Using Control Self-Assessment for Continuous Improvement

NEW QUESTION # 632
A manufacturing process could create hazardous waste at several production stages, from raw materials handling to finished goods storage. If the objective of a pollution prevention audit engagement is to identify opportunities for minimizing waste, in what order should the following opportunities be considered?
I. Recycling and reuse.
II. Elimination at the source.
III. Energy conservation.
IV. Recovery as a usable product Treatment.

A. V, II, IV, I, III.
B. I, III, IV, II, V.
C. IV, II, I, III, V.
D. III, IV, II, V, I.

Answer: C

NEW QUESTION # 633
An organization is experiencing a significant risk that threatens its financial well-being Senior management requested that the chief audit executive (CAE) meet with them to discuss the risk. Which of the following would best describe the CAE's responsibility at the meeting?

A. Inform senior management of the appropriate actions they should take to control the risk
B. Recommend that the internal audit activity provide consulting services to help minimize the risk
C. Assume the responsibility of resolving the significant risk that will affect the organization
D. Determine whether senior management accepted risk that may be deemed unacceptable for the organization

Answer: D

Explanation:
The chief audit executive (CAE) has the responsibility to provide assurance and insight on risk management processes. In a meeting with senior management to discuss significant risks, the CAE should focus on evaluating whether the risks accepted by senior management align with the organization's risk appetite and are within acceptable levels. The CAE should ensure that the risk management practices are adequate and that senior management is aware of any risks that might exceed the organization's tolerance levels. This approach is aligned with the role of internal audit in providing independent and objective evaluations.
References:
* Institute of Internal Auditors (IIA) Standards: Performance Standards 2120: Risk Management
* IIA Practice Guide: Assessing the Risk Management Process

NEW QUESTION # 634
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