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IIA-CIA-Part2 exam contains 100 multiple-choice questions and has a time limit of two and a half hours. IIA-CIA-Part2 Exam covers four domains: Managing the Internal Audit Function, Planning the Engagement, Performing the Engagement, and Communicating Engagement Results and Monitoring Progress. Candidates must score a minimum of 600 points out of a possible 750 to pass the exam.

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IIA IIA-CIA-Part2 Exam | IIA-CIA-Part2 Exam Assessment - 100% Pass For Sure for IIA-CIA-Part2: Internal Audit Engagement Exam

Are you ready to take your career to the next level with the Internal Audit Engagement (IIA-CIA-Part2)? Look no further than PrepAwayExam for all of your Internal Audit Engagement (IIA-CIA-Part2) exam needs. Our comprehensive and cost-effective solution includes regularly updated IIA IIA-CIA-Part2 Exam Questions, available in a convenient PDF format that can be downloaded on any device, including PC, laptop, mac, tablet, and smartphone.

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-CIA-Part2 certification exam consists of 100 multiple-choice questions that must be completed within a time limit of two hours and forty-five minutes. IIA-CIA-Part2 Exam covers a wide range of topics related to internal auditing, including internal control and risk management, governance and business ethics, communication, and audit tools and techniques. IIA-CIA-Part2 exam is conducted in English and is available in both online and paper-based formats.

IIA Internal Audit Engagement Sample Questions (Q127-Q132):

NEW QUESTION # 127
Which of the following should be the focus of the effect section of the preliminary observations document?

A. Inherent risk
B. Control activities
C. Residual risk
D. Compensating controls

Answer: A

NEW QUESTION # 128
Which of the following statements generally true regarding audit engagement planning?

A. Audit objectives should be general and do not change.
B. The best source tor detailed process information is senior management
C. Computer-assisted audit techniques are typically not useful during engagement planning
D. Internal auditors should prepare a dented audit program for testing controls

Answer: A

NEW QUESTION # 129
After issuance of the engagement final communication for an audit of an organization's accounts payable function, which of the following should be sent satisfaction surveys?
I.Manager of disbursements.
II.
Controller.
III.
Chief operating officer.
IV.

A. II, III, and IV only.
Audit committee members.
B. II and III only.
C. I and II only.
D. I only.

Answer: C

NEW QUESTION # 130
Which of the following activities demonstrates an example of the chief audit executive performing residual risk assessment?

A. Soliciting management's feedback after completion of the audit engagement.
B. Inquiry of corrective action to be completed within a certain period
C. Cost-benefit analysis of management not implementing a recommendation to address an observation.
D. Reporting the status of every observation for every engagement in a detailed manner.

Answer: C

Explanation:
Performing a cost-benefit analysis when management decides not to implement a recommendation is a prime example of residual risk assessment. This involves evaluating the potential impacts and remaining risks associated with the decision, thereby determining the residual risk that the organization will continue to face.
* Cost-Benefit Analysis: This helps in understanding the financial implications and benefits that would have been realized had the recommendation been implemented versus the risks of not implementing it.
* Risk Assessment: By assessing the residual risk, the CAE can provide a clearer picture of the ongoing risks that the organization needs to manage.
* Management Decision Impact: This analysis assists in making informed decisions and understanding the trade-offs involved in addressing audit observations.
References:
"Audit and Assurance Services: An Integrated Approach," which explains residual risk assessment and the importance of cost-benefit analysis in audit recommendations .

NEW QUESTION # 131
A retail sales company has discontinued a product that normally sold for $100. During the first month of a sale of the product, a 20 percent discount was given. Later that sale price was reduced by an additional 40 percent. What was the overall discount from the original selling price?

A. 60 percent.
B. 52 percent.
C. 30 percent.
D. 48 percent.

Answer: B

NEW QUESTION # 132
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