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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q176-Q181):

NEW QUESTION # 176
An audit client responded to recommendations from a recent consulting engagement. The client indicated that several recommended process improvements would not be implemented. Which of the following actions should the internal audit activity take in response?

A. Initiate an assurance engagement on the unresolved issues.
B. Document the issue in the audit file and follow up until the issues are resolved.
C. Escalate the unresolved issues to the board, because they could pose significant risk exposures to the organization.
D. Confirm the decision with management and document this decision in the audit file.

Answer: D

Explanation:
When a client decides not to implement recommended process improvements from a consulting engagement, the internal audit activity should confirm the decision with management and document it in the audit file. This approach ensures that the audit trail is complete and that there is a record of management's acceptance of the associated risks. Escalating the issue to the board (Option A) or initiating an assurance engagement (Option D) might be necessary if the risks are significant, but these actions are not the immediate next steps.
Continuous follow-up (Option C) is more relevant to assurance engagements rather than consulting engagements.
:
IIA Standard 2500: Monitoring Progress.
IIA Practice Guide on Consulting Engagements.

NEW QUESTION # 177
Which of the following would be a legitimate action for the internal auditor to take when monitoring audit engagement results?
1. Disregard a certain risk because management and the board accepted the risk in the past.
2. Abdicate the responsibility for a particular risk because it is not part of the audit plan.
3. Obtain agreement from senior management that unresolved audit issues will be reported to the board.
Request corrective action from management in writing.

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

Answer: A

Explanation:
Section: Volume D

NEW QUESTION # 178
According to IIA guidance which of the following statements is true regarding heat maps?

A. A heat map sets impact to have higher priority than likelihood.
B. A heat map recognizes that the priority of impact and likelihood can vary.
C. A heat map sets likelihood to have higher priority than impact.
D. A heat map recognizes impact and likelihood as equally important

Answer: B

Explanation:
According to IIA guidance, heat maps are tools used in risk assessment that visually represent the severity of risks by plotting them on a matrix based on their likelihood and impact. Heat maps are flexible and can be adjusted to prioritize either likelihood or impact depending on the specific context and the organization's risk appetite and tolerance. This recognition that the priority of impact and likelihood can vary allows for a more nuanced and tailored risk assessment approach.References:
* IIA Practice Guide: Assessing the Risk Management Process
* IIA Standard 2120: Risk Management

NEW QUESTION # 179
The scope of a business process review primarily involves:

A. Evaluating organizational and departmental structures, including assessments of transaction flows.
B. Assessing the organization's system of internal controls.
C. Appraising the environment and comparing against established criteria.
D. Reviewing routine financial information and assessing the appropriateness of various accounting treatments.

Answer: A

Explanation:
Section: Volume B

NEW QUESTION # 180
In an organization with a large internal audit activity that has several audit teams performing engagements simultaneously which of the following tasks is an engagement supervisor most likely to perform during the planning phase of a new engagement?

A. Approve the engagement work program to ensure the program is designed to achieve the engagement objectives
B. Establish a means for resolving any professional judgment differences over ethical issues that may arise during the engagement.
C. Evaluate whether the testing and results support the engagement results and conclusion
D. Review the sample testing results for exceptions.

Answer: A

NEW QUESTION # 181
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