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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Topic	Details
Topic 1	Identify sources of potential engagements Describe policies and procedures for the planning, organizing, directing
Topic 2	Describe coordination of internal audit efforts with the external auditor, regulatory oversight bodies Determine engagement objectives, evaluation criteria, and the scope of the engagement
Topic 3	Determine engagement procedures and prepare the engagement work program Establishing a Risk-based Internal Audit Plan
Topic 4	Identify significant risk exposures and control and governance issues Interpret the types of consulting engagements
Topic 5	Interpret administrative activities Use computerized audit tools and techniques Recognize that the chief audit executive communicates the annual audit plan to senior management
Topic 6	Evaluate the relevance, sufficiency, and reliability of potential sources of evidence Develop checklists and risk-and-control questionnaires as part of a preliminary survey of the engagement area

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The IIA-CIA-Part2 Certification Exam is one of the top-rated and career-oriented certificates that are designed to validate an IIA professional's skills and knowledge level. These Internal Audit Engagement (IIA-CIA-Part2) practice questions have been inspiring those who want to prove their expertise with the industrial-recognized credential. By cracking it you can gain several personal and professional benefits.

IIA Internal Audit Engagement Sample Questions (Q778-Q783):

NEW QUESTION # 778
Which of the following techniques could be used to evaluate the effectiveness of changes to the operation of a computer help line?

A. Walk-throughs.
B. Quality circles.
C. Benchmarking.
D. Baseline measurements.

Answer: D

Explanation:
Section: Volume B

NEW QUESTION # 779
While reviewing warehouse inventory records, an internal auditor noticed that the warehouse has a surprisingly high number of products in storage. Over the past three years, the auditor had visited this particular warehouse numerous times for previous engagements and remembered that the warehouse was rather small. The auditor then decided to compare the square footage of the warehouse to the recorded number of products in storage. The auditor's action is an example of which of the following?

A. Performing a reasonableness test.
B. Operating with impaired objectivity.
C. Conducting a fraud investigation.
D. Conducting trend analysis.

Answer: A

Explanation:
A reasonableness test involves comparing data against logical expectations or constraints to identify anomalies. In this case, the comparison of warehouse size to inventory levels represents a reasonableness test.
Conducting a fraud investigation (Option B) would require stronger evidence of wrongdoing. Trend analysis (Option C) examines patterns over time, which is not the auditor's approach here. Option D is irrelevant, as the auditor's actions do not impair objectivity.

NEW QUESTION # 780
Which of the following statements is true regarding the use of internal control questionnaires (ICOs)?

A. ICQs offer limited value for organizations with uniform procedures
B. Controls with positive survey responses can be eliminated from further testing
C. Answers to survey questions can be easily misinterpreted
D. ICQs are efficient because they minimize the need for follow-up with survey respondents

Answer: C

Explanation:
Internal control questionnaires (ICQs) are used to gather information about the presence and effectiveness of controls within an organization. One of the limitations of ICQs is that the answers provided by respondents can be easily misinterpreted. This misinterpretation can occur due to unclear questions, differences in understanding terminology, or respondents not fully comprehending the context of the questions. Therefore, while ICQs are useful tools for identifying control issues, they require careful interpretation and often necessitate follow-up for clarification to ensure accurate understanding and assessment of the controls.
Reference:
The Institute of Internal Auditors (IIA) Practice Guide: "Internal Control Questionnaires" IIA Standard 2310: Identifying Information

NEW QUESTION # 781
Which of the following factors would not be considered in determining appropriate follow-up procedures?

A. The availability of funds in the audited department's budget to correct the reported condition.
B. The significance of the audit finding.
C. The effort and cost needed to correct the reported condition.
D. The potential consequences if the corrective action fails.

Answer: A

Explanation:
Section: Volume C

NEW QUESTION # 782
Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor ' s most appropriate next step?

A. Provide the evidence that was discovered to local lav/ enforcement for possible prosecution of the suspected fraud
B. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
C. Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud
D. Immediately notify management of the area under review and the other internal auditors involved in the engagement

Answer: B

Explanation:
IIA Standards on Fraud:
Standard 2120 - Risk Management: Internal auditors must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk.
Immediate Response: When evidence of fraud is discovered, the internal auditor must ensure that appropriate actions are taken promptly.
Next Steps for Internal Auditor:
Consult with Supervisor: The internal auditor should discuss the findings with the engagement supervisor.
This ensures that the situation is assessed by a more experienced individual who can determine the next steps, including the need for specialized fraud investigation resources.
Specialized Expertise: Determining whether fraud investigation experts are needed is crucial for handling the matter appropriately, as they possess the necessary skills to investigate complex fraud cases.
Documenting Evidence:
While documenting the evidence and recommending controls is important (Option C), the immediate step should involve consultation with the supervisor to decide on the investigation approach.
Notifying management directly (Option A) or law enforcement (Option D) should follow internal protocols and often occur after consultation with the supervisor and possibly higher-level approvals.
References:
Engaging the engagement supervisor ensures that the appropriate steps are taken to investigate the fraud properly, aligning with professional standards and ensuring a thorough investigation.

NEW QUESTION # 783
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