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| Certification Vendor: | The Institute of Internal Auditors (IIA) |
|---|---|
| Exam Name: | Practice of Internal Auditing / Internal Audit Engagement |
| Exam Number: | IIA-CIA-Part2 |
| Passing Score: | 600 out of 800 |
| Exam Price: | $280 USD (Member), $415 USD (Non-Member), $215 USD (Student) |
| Available Languages: | Polish, Korean, Thai, French, Japanese, Russian, Turkish, Spanish, English, Traditional Chinese, Simplified Chinese, Arabic, Portuguese, German |
| Exam Format: | Multiple-choice questions, Computer-based exam |
| Real Exam Qty: | 100 |
| Certificate Validity Period: | 3 years from program approval |
| Related Certifications: | CIA Part 1 - Internal Audit Fundamentals CIA Part 3 - Internal Audit Function |
| Exam Duration: | 120 minutes |
| Recommended Training: | IIA Official Exam Prep |
| Exam Registration: | IIA CCMS Registration System |
| Sample Questions: | IIA IIA-CIA-Part2 Sample Questions |
| Exam Way: | Online remote proctored or onsite at Pearson VUE test centers |
| Pre Condition: | Bachelor's degree or higher; or 5 years internal audit experience; must complete CIA Part 1 first (recommended) |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/exam-prep-resources/exam-syllabus/exam-syllabus-part-2 |
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IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is a globally recognized certification that is designed for individuals who are interested in pursuing a career in internal auditing. IIA-CIA-Part2 Exam is conducted by the Institute of Internal Auditors (IIA) and is one of the most comprehensive exams in the field of internal auditing. Internal Audit Engagement certification provides a comprehensive understanding of internal auditing practices, processes, and principles.
NEW QUESTION # 488
Which of The following best describes a risk that is deemed "unacceptable" to the organization?
Answer: A
Explanation:
A risk that is deemed "unacceptable" to the organization is one where the residual risk (the remaining risk after controls are applied) exceeds the organization's risk tolerance level. This means that despite controls in place, the level of risk remains higher than what the organization is willing to accept. Identifying such risks is critical for ensuring appropriate management action to mitigate them further. References:
* The IIA's Practice Guide on Risk Management.
* COSO's Enterprise Risk Management - Integrating with Strategy and Performance.
NEW QUESTION # 489
A draft internal audit report that cites deficient conditions generally should be reviewed with which of the following groups?
1. The client manager and her superior.
2. Anyone who may object to the report's validity.
3. Anyone required to take action.
4. The same individuals who receive the final report.
Answer: B
Explanation:
A draft internal audit report citing deficient conditions should be reviewed with relevant stakeholders to ensure accuracy, address concerns, and plan corrective actions. This includes the client manager and her superior (Option 1) to inform them of the findings and obtain their perspective. It should also be reviewed with anyone who may object to the report's validity (Option 2) to address potential disagreements or misunderstandings early in the process. Finally, it should include anyone required to take action (Option 3) so they are aware of their responsibilities and can begin planning remediation efforts. While it may be beneficial to review with those who receive the final report (Option 4), it is not essential for the draft stage. Reference:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2440 - Disseminating Results.
NEW QUESTION # 490
An audit identified a number of weaknesses in the configuration of a critical client/server system. Although some of the weaknesses were corrected prior to the issuance of the audit report, correction of the rest will require between 6 and 18 months for completion. Consequently, management has developed a detailed action plan, with anticipated completion dates, for addressing the weaknesses. What is the most appropriate course of action for the chief audit executive to take?
Answer: D
NEW QUESTION # 491
Which of the following is the primary purpose of financial statement audit engagements?
Answer: D
NEW QUESTION # 492
Which of the following is an effective approach for internal auditors to take to improve collaboration with audit clients during an engagement?
1. Obtain control concerns from the client before the audit begins so the internal auditor can tailor the scope accordingly.
2. Discuss the engagement plan with the client so the client can understand the reasoning behind the approach.
3. Review test criteria and procedures where the client expresses concerns about the type of tests to be conducted.
4. Provide all observations at the end of the audit to ensure the client is in agreement with the facts before publishing the report.
Answer: C
Explanation:
To improve collaboration with audit clients during an engagement, it is effective for internal auditors to discuss the engagement plan with the client so they understand the reasoning behind the approach (2), and to review test criteria and procedures where the client expresses concerns about the type of tests to be conducted (3). This approach fosters transparency, helps manage client expectations, and builds trust. Obtaining control concerns before the audit (1) is also useful but less directly related to collaboration during the engagement.
Providing all observations at the end of the audit (4) might not facilitate ongoing collaboration during the audit process. References: IIA Standard 2200 - Engagement Planning, IIA Standard 2400 - Communicating Results
NEW QUESTION # 493
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