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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Weight	Objectives
Engagement Planning	50%	- Establish engagement criteria and resource requirements - Determine engagement objectives and scope - Consider fraud risks and applicable laws/regulations - Identify and assess risks relevant to the engagement - Develop engagement work program
Information Gathering, Analysis and Evaluation	40%	- Use technology and audit tools effectively - Evaluate controls, risks, and process effectiveness - Gather and verify relevant information and evidence - Assess compliance with policies, standards, and requirements - Apply analytical procedures and data analysis techniques
Engagement Supervision and Communication	10%	- Develop and communicate engagement observations and conclusions - Supervise engagement activities and review workpapers - Coordinate with stakeholders and resolve issues - Monitor and follow up on engagement outcomes - Formulate recommendations and action plans

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IIA Internal Audit Engagement Sample Questions (Q736-Q741):

NEW QUESTION # 736
Which of the following internal audit procedures commonly involves sampling?

A. Reperformance and inspection
B. Trend analysis and benchmarking
C. Confirmation and financial statement analysis
D. Vouching and tracing

Answer: A

Explanation:
Sampling is commonly involved in reperformance and inspection procedures. Reperformance involves the internal auditor independently executing procedures or controls to verify the results obtained by the entity.
Inspection involves examining records, documents, or tangible assets. Both of these audit procedures frequently use sampling techniques to select items for testing, which helps ensure that the auditor's conclusions are based on representative data without the need to examine every item in the population.
The Institute of Internal Auditors (IIA) Practice Guide on "Audit Sampling" Generally Accepted Auditing Standards (GAAS) related to audit evidence and sampling

NEW QUESTION # 737
Which of The following best justifies an internal auditor's decision to issue a preliminary audit report?

A. The internal audit team anticipates that the formal final audit report would be undesirable for management due to the significance of outlined risks
B. The internal audit team expects management to address certain issues immediately due to their severe impact
C. The internal audit team would like to issue a clean final audit report without any material observations or risks
D. The internal audit team and audit client have a serious dispute over the scope and objective of the engagement

Answer: B

Explanation:
An internal auditor's decision to issue a preliminary audit report is best justified when the internal audit team expects management to address certain issues immediately due to their severe impact. Preliminary reports are issued to promptly communicate critical findings that require urgent attention, ensuring that management is aware of and can take corrective action on significant issues without waiting for the final report.
References:
* IIA Standards: 2410 - Criteria for Communicating
* IIA Practice Guide: Reporting Results

NEW QUESTION # 738
CORRECT TEXT
A fast-food company is developing a computer simulation involving arrival time at a drive-through restaurant. The distribution for arrival times is:
Time Single-Digit Random Between Arrivals Probability Number Assigned 1 minute
0.1 0 2 minutes
0.2 1, 2 3 minutes
0.3 3, 4, 5 4 minutes
0.4 6, 7, 8, 9
Six random numbers are selected to represent the arrival of six cars: 1, 6, 9, 0, 5, 6. The mean time between arrivals for these cars, in this run of the simulation model, is:

A. 1 minute.
B. 2 minutes.
C. 4 minutes.
D. 3 minutes.

Answer: D

NEW QUESTION # 739
The chief audit executive (CAE) of a new organization is in the process of determining the
manner in which audit reports will be distributed and to whom. According to the Standards, which of the following is the most appropriate course of action for the CAE to take to develop this distribution process?

A. The CAE should request that senior management and the board meet to determine the most appropriate reporting method.
B. The process should be determined in meetings with the external auditor and senior management to ensure alignment with external reporting.
C. The CAE should meet with senior management for their input, but finalize the distribution of all reports with the board.
D. The CAE should independently implement the report distribution, using best judgment to ensure that all relevant stakeholders are informed.

Answer: C

NEW QUESTION # 740
Which of the following actives is an internal auditor most likely to perform when establishing the objectives of an assurance engagement?

A. Meet with operational management to team about any areas of concern and to agree on the engagement objectives
B. Perform a walk-through of the process under review to determine whether control wore operating, effectively
C. Discuss the internal audit risk assessment including applicable risks and objectives with internal audit management
D. Identify when controls will be tested and the sampling method to be used based on control risk

Answer: A

Explanation:
When establishing the objectives of an assurance engagement, it is crucial for internal auditors to align the engagement objectives with the concerns and priorities of operational management. By meeting with operational management, the internal auditor can gain insights into any specific areas of concern, operational challenges, and potential risks. This collaborative approach ensures that the engagement objectives are relevant and focused on areas that provide the most value to the organization, facilitating a more effective and targeted audit process.References:
* The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2201 - Planning Considerations

NEW QUESTION # 741
......

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