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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Objectives
Topic 1: Engagement Planning	- Audit program design - Engagement objectives and scope definition - Risk assessment for audit engagements
Topic 2: Managing the Internal Audit Function	- Internal audit role in governance, risk, and control - Audit plan development and resource management - Quality assurance and improvement program (QAIP)
Topic 3: Engagement Execution	- Control testing and documentation - Sampling methods and data analysis - Audit evidence collection and evaluation
Topic 4: Communicating Results and Monitoring	- Issue tracking and follow-up procedures - Audit report preparation and communication

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IIA-CIA-Part2 Latest Mock Test | Reliable IIA-CIA-Part2 Test Objectives

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IIA Internal Audit Engagement Sample Questions (Q236-Q241):

NEW QUESTION # 236
In reviewing the appropriateness of the minimum quantity level of inventory established by a department, an auditor would be least likely to consider:

A. The potential for obsolescence of inventory items.
B. Optimal order sizes determined by an economic order quantity model.
C. Stockout costs, including lost customers.
D. Seasonal variations in forecasting inventory demand.

Answer: B

NEW QUESTION # 237
Which of the following internal audit activity staffing models has the disadvantage that auditors are always new and in training?

A. Career model.
B. Center of competence model.
C. Hybrid model.
D. Rotational model.

Answer: D

Explanation:
The rotational model of internal audit staffing involves bringing in staff from other parts of the organization for a temporary period before they return to their original roles. While this model has several advantages, such as bringing diverse perspectives and business knowledge, it also has the disadvantage that auditors are often new to the internal audit function and are continuously in training.
Detailed Explanation:
Rotational Model:
In this model, employees from various departments are rotated into the internal audit activity for a specific period. They gain audit experience before rotating back to their original or other roles within the organization.
Disadvantages:
Since these individuals are not career auditors, they may lack the deep audit expertise of career auditors, and a significant amount of time is often spent on training. This constant influx of new, inexperienced staff can lead to a scenario where the team is always in training mode, potentially impacting audit efficiency and effectiveness.
IIA Practice Advisory 1210-1:
The advisory notes that while the rotational model can enhance business understanding within the audit team, it requires careful management to ensure that audit quality is not compromised due to the continuous learning curve of rotating staff.
Why Not Other Options?
Option A (Career model): This involves auditors who remain in the internal audit function throughout their careers, leading to a highly skilled and experienced team.
Option B (Center of competence model): This model focuses on a centralized group of audit experts, ensuring specialized skills and consistency.
Option D (Hybrid model): This combines elements of the rotational and career models, aiming to balance expertise with fresh perspectives.

NEW QUESTION # 238
As part of a preliminary survey of the purchasing function, an internal auditor reads the department's policies and procedures manual and concludes that the manual describes the processing steps clearly and contains an appropriate internal control design. The next engagement objective is to evaluate the operating effectiveness of internal controls. Which procedure would fulfill this objective most effectively?

A. Perform an efficiency test.
B. Perform a compliance test.
C. Perform a design test.
D. Perform a systems test.

Answer: B

NEW QUESTION # 239
During an audit of suspense accounts the internal auditor found that there were no written policies on how suspense accounts should be treated. The auditor also found that suspense account balances were cleared once per week, not daily. Which of the following is the most appropriate first response by the auditor?

A. The auditor should conclude that suspense accounts were not being cleared on a timely basis because they should be cleared daily
B. The auditor should conclude that the clearing of suspense accounts was timely and appropriate because weekly clearing is sufficient.
C. The auditor should ask management whether any undocumented policies exist and. if so, determine whether they are adequate
D. The auditor should rely on his professional judgment and experience to develop criteria for evaluating the existing controls over suspense accounts

Answer: C

Explanation:
When an internal auditor finds that there are no written policies regarding the treatment of suspense accounts, the most appropriate first response is to inquire with management about any undocumented policies or procedures that may be in place. This approach helps the auditor understand the existing practices and assess their adequacy. Jumping to conclusions without this understanding could lead to inaccurate audit findings.
Ensuring that the auditor comprehensively understands all relevant practices is crucial before evaluating their effectiveness or making recommendations.
IIA Standard 2210: Engagement Objectives
IIA Practice Guide: Auditing the Management of Internal Controls

NEW QUESTION # 240
An internal auditor noticed that employees with responsibilities for cash collection had recently issued an unusually large number of credit memos, indicating that the original charges had been made to the wrong customer accounts. From a control standpoint, the auditor would be concerned with the possibility that:

A. The organization is selling a large number of defective items.
B. Credit memos are not being submitted on a timely basis.
C. Employees in this function are concealing a theft of cash collected from customers.
D. The credit department has not been properly screening customers and, as a result, a large portion of the accounts receivable may not be collectible.

Answer: C

Explanation:
Section: Volume C
Explanation/Reference:

NEW QUESTION # 241
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