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IIA-CIA-Part2 Exam, also known as the Practice of Internal Auditing, is one of the three exams required to become a Certified Internal Auditor (CIA). IIA-CIA-Part2 Exam covers a range of topics related to internal auditing, including governance and risk management, communication skills, and business processes. It is designed to test the candidate's knowledge of the principles, practices, and standards of internal auditing.

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IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is a professional certification exam offered by the Institute of Internal Auditors (IIA). Internal Audit Engagement certification exam is designed for individuals who are interested in pursuing a career in internal auditing or for those who are already working in the field but want to enhance their skills and knowledge. The IIA-CIA-Part2 Certification Exam assesses the candidate's understanding of the principles and practices of internal auditing.

IIA Internal Audit Engagement Sample Questions (Q56-Q61):

NEW QUESTION # 56
When interrogating an individual who is suspected of fraud, it is appropriate to:

A. Start the interview with questions to which the interviewer already knows the answer.
B. Prepare a list of questions prior to the interrogation and strictly adhere to the list.
C. Discontinue questioning once the individual has confessed to the fraud.
D. Tell the individual that any information disclosed in the interrogation will not be disclosed outside of the company.

Answer: A

NEW QUESTION # 57
Which of the following risks assumes an absence of compensating controls in the area being reviewed?

A. Detection risk.
B. Inherent risk.
C. Control risk.
D. Sampling risk.

Answer: B

NEW QUESTION # 58
Which of the following statements is true regarding internal controls?

A. For assurance engagements internal auditors should plan to assess the effectiveness of all entity-level controls
B. Reviewing process maps and flowcharts is an appropriate method for the internal a auditor to identify all key risks and controls during engagement planning
C. Poorly designed or deficient entity-level controls can prevent well-designed process controls from working as intended.
D. During engagement planning, internal auditors should not discuss the identified key risks and controls with management of the area under review to prevent tipping off probable audit lasts

Answer: C

NEW QUESTION # 59
A bakery chain has a statistical model that can be used to predict daily sales at individual stores based on a direct relationship to the cost of ingredients used and an inverse relationship to rainy days. What conditions would an auditor look for as an indicator of employee theft of food from a specific store?

A. Both total sales and cost of ingredients used are greater than expected.
B. Both total sales and cost of ingredients used are less than expected.
C. On a rainy day, total sales are greater than expected when compared to the cost of ingredients used.
D. On a sunny day, total sales are less than expected when compared to the cost of ingredients used.

Answer: C

Explanation:
In the scenario provided, the bakery chain's statistical model predicts that daily sales should have an inverse relationship with rainy days, meaning that on rainy days, sales are generally expected to be lower. However, if an auditor notices that on a rainy day, total sales are greater than expected when compared to the cost of ingredients used, this could indicate potential employee theft of food. The reasoning is that if sales are unusually high despite weather conditions that typically depress sales, it may be that the reported sales are inflated or that ingredients are being used without corresponding sales being recorded, which could suggest theft.
IIA References:
* IIA Standard 1220: Due Professional Care implies that auditors should consider the likelihood of significant errors, fraud, or noncompliance when assessing risks and performing audit procedures.
Unusual patterns or deviations from expected results, as seen in this scenario, should raise red flags for potential fraudulent activity, such as theft.

NEW QUESTION # 60
According to the Standards, which of the following best describes the responsibility of the chief audit executive (CAE) for approving the final engagement report?
The CAE is responsible for obtaining management approval before issuing the final report.
The CAE has overall responsibility for the report but can delegate the review and approval of the report.
The CAE is responsible for obtaining senior management's approval before releasing the final report.
The CAE is responsible for approving to whom and how the final report will be disseminated.

A. 1 and 3 only
B. 1 and 4 only
C. 2 and 3 only
D. 2 and 4 only

Answer: D

NEW QUESTION # 61
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