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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q280-Q285):

NEW QUESTION # 280
Which of the following factors would increase the confidence level in a variables sampling plan?
1. A larger sample size.
2. A stratified sample.
3. A larger standard deviation.

A. I and II only
B. I and III only
C. I, II, and III
D. II and III only

Answer: A

NEW QUESTION # 281
An internal auditor wants to assess whether the organization's governing body was involved in strategic decisions for the use of social media. What could provide the most relevant evidence?

A. The organization's procedures manual for daily social media management
B. The board's meeting minutes
C. The executive committee's social media budget report
D. The organization's marketing plan

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
The governing body (board of directors) is responsible for strategic oversight. The most relevant evidence of their involvement in strategic social media decisions would be board meeting minutes (A), as these formally document discussions, approvals, and resolutions on strategic topics. Budget reports (B) reflect financial allocations but not governance involvement. Marketing plans (C) and procedures manuals (D) reflect management's role in execution, not the board's strategic oversight. According to IIA guidance on governance assessments (Standard 2110), auditors should look at evidence of board-level involvement in significant strategic initiatives. Thus, meeting minutes are the strongest and most direct evidence of governance participation in strategic decisions on social media use.

NEW QUESTION # 282
Which of the following is true regarding the communication of engagement results with stakeholders?

A. When the chief audit executive (CAE) concludes that management has accepted a level of risk that may be unacceptable to the organization, the CAE must discuss the matter with senior management. If the CAE determines that the matter has not been resolved, the CAE should seek the opinion from regulatory bodies.
B. The CAE should avoid issuing any interim reports, even for high-risk observations, prior to the issuance of the final written report to avoid leakage of sensitive information.
C. The board should always be given the final written internal audit reports at the conclusion of all internal audit engagements. Executive summaries should be avoided in all cases.
D. It is mandatory for the CAE to assess the potential risk to the organization, consult with senior management and legal counsel as appropriate, and control dissemination by restricting the use of the results prior to releasing them to parties outside of the organization if not otherwise mandated by legal, statutory, or regulatory requirements.

Answer: D

Explanation:
Comprehensive and Detailed Explanation:
According to IIA Standard 2440 and Practice Advisory, internal audit results must be communicated in a controlled and appropriate manner. When reports are to be shared outside the organization, the CAE must evaluate risks, consult with senior management and legal counsel, and restrict dissemination unless disclosure is legally required. Option A is misleading because the CAE must escalate unresolved risk acceptance to the board, not regulators unless mandated. Option B is incorrect since interim reports for urgent, high-risk issues are appropriate and sometimes necessary. Option D is inaccurate because boards may receive executive summaries, not necessarily full reports in every case. The correct requirement is Option C:
the CAE ensures external communications are controlled and aligned with laws and organizational policies.

NEW QUESTION # 283
Which of the following is typically not a reason for committing financial statement fraud?

A. To disguise a duplicate payment to a vendor.
B. To receive performance-related bonuses.
C. To obtain more favorable terms on financing.
D. To dispel negative market perception.

Answer: A

Explanation:
Section: Volume B

NEW QUESTION # 284
An internal auditor is assessing the organization's risk management framework. Which of the following formulas should he use to calculate the residual risk?

A)

B)
C)
D)

A. Option D
B. Option B
C. Option A
D. Option C

Answer: D

Explanation:
The appropriate formula to calculate residual risk is (Probability of events) × (Impacts). Residual risk is the risk that remains after controls are implemented to mitigate the inherent risk. It reflects the remaining exposure after considering the effectiveness of existing controls. This formula takes into account the likelihood of an event occurring and the potential impact if it does occur. References: IIA Practice Guide - Assessing the Adequacy of Risk Management Processes, COSO Framework

NEW QUESTION # 285
......

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