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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Objectives
Topic 1: Engagement Execution	- Control testing and documentation - Audit evidence collection and evaluation - Sampling methods and data analysis
Topic 2: Communicating Results and Monitoring	- Issue tracking and follow-up procedures - Audit report preparation and communication
Topic 3: Managing the Internal Audit Function	- Internal audit role in governance, risk, and control - Quality assurance and improvement program (QAIP) - Audit plan development and resource management
Topic 4: Engagement Planning	- Engagement objectives and scope definition - Audit program design - Risk assessment for audit engagements

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IIA Internal Audit Engagement Sample Questions (Q628-Q633):

NEW QUESTION # 628
Which of the following behaviors could represent a significant ethical risk if exhibited by an organization's board?
1. Intervening during an audit involving ethical wrongdoing.
2. Discussing periodic reports of ethical breaches.
3. Authorizing an investigation of an unsafe product.
4. Negotiating a settlement of an employee claim for personal damages.

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

Answer: D

Explanation:
Intervening during an audit involving ethical wrongdoing (Option 1) and negotiating a settlement of an employee claim for personal damages (Option 4) represent significant ethical risks if exhibited by an organization's board. These actions could indicate attempts to influence or undermine the audit process and the fair handling of ethical issues, leading to potential conflicts of interest and compromising the integrity of the organization's governance processes. Discussing periodic reports of ethical breaches (Option 2) and authorizing an investigation of an unsafe product (Option 3) are appropriate and responsible board actions that do not pose ethical risks.
Reference:
IIA Standard 1110: Organizational Independence.
IIA Code of Ethics.

NEW QUESTION # 629
Some lime after the final audit report was issued, the engagement supervisor teamed that several internal control deficiencies were not remedied, despite management's previous agreement to remedy them According to IIA guidance, which of the following is the most appropriate response'5

A. The engagement supervisor must notify the chief audit executive (CAE) that the deficiencies have not been rectified
B. Ensure that these deficiencies are captured in the documentation as high-priority areas to be reviewed during the next audit.
C. The engagement supervisor should rely on his negotiation skills and issue an ultimatum to management to remedy the control deficiencies
D. The engagement supervisor should rely on professional judgment as to whether the CAE should be informed, or the management action plan should be adjusted

Answer: A

Explanation:
According to the International Standards for the Professional Practice of Internal Auditing, the CAE must be kept informed of significant issues and deficiencies that are not addressed by management. Standard 2600 - Communicating the Acceptance of Risks requires the CAE to report any situation where management has accepted a level of risk that may be unacceptable to the organization. If the engagement supervisor learns that agreed-upon remedial actions have not been implemented, the CAE needs to be notified to determine further steps, ensuring that risks are managed appropriately and in alignment with the organization's risk tolerance.
This response aligns with the internal audit function's responsibility to follow up on management's corrective actions.References: The IIA's International Standards for the Professional Practice of Internal Auditing, Standard 2600 - Communicating the Acceptance of Risks.

NEW QUESTION # 630
Which of the following would most likely cause an internal auditor to consider adding fraud work steps to the audit program?

A. Lack of an ethics policy.
B. An employee's reported concerns.
C. Improper segregation of duties.
D. Incentives and bonus programs.

Answer: C

Explanation:
Improper segregation of duties is a fundamental control weakness that significantly increases the risk of fraud.
When one individual has control over multiple stages of a financial transaction or operational process, it creates opportunities for fraudulent activities to occur and remain undetected. While incentives and bonus programs (Option B), employee concerns (Option C), and lack of an ethics policy (Option D) are also important indicators of potential fraud risk, they do not present as direct and immediate a vulnerability as improper segregation of duties.
:
IIA Practice Guide on Fraud Prevention and Detection in an Automated World.
IIA Standard 2120: Risk Management.

NEW QUESTION # 631
An internal auditor is performing an assessment in a vehicle brake manufacturing company. The auditor learned that the product quality test conditions are aligned with the company's written test procedures.
However, the test conditions are not similar to conditions experienced by vehicles in the real world.
Documentation shows that a significant percentage of products fail the quality tests. Products that fail the tests are discarded. Which perspective is appropriate?

A. The quality tests must be run in similar conditions as vehicles experience in the real world. This is a major finding since there is a risk to life considering the type of product being evaluated.
B. Despite the risk of an accident, the severity of the finding can be reduced because the company discards the failed products. Due to this, the likelihood of occurrence is low.
C. The tests are acceptable since they are good enough to detect quality problems and failure products are not sent to the market.
D. Despite a significant rejection percentage, the test conditions are not useful because they are not similar to real world conditions. The significance of the finding is reduced because tests are performed in accordance with written procedures.

Answer: A

Explanation:
IIA guidance emphasizes considering risk, impact, and root cause in audit findings (Standard 2410 - Criteria for Communicating). In this case, brakes are safety-critical products. Even if the company discards failed items, testing in conditions not reflecting real-world use is a major deficiency, since it creates risk that unsafe products could pass the test and reach customers.
Therefore, Option C is correct: testing conditions must simulate real-world operating environments, especially where human life is at stake.

NEW QUESTION # 632
During an audit of executive travel, an auditor noted that the president's travel expense reimbursements were approved by an executive secretary who reported to the president. The organization's reimbursement policy requires all travel expense reimbursements to be approved by the traveler's supervisor, but it does not address the president's reimbursements. Which of the following represents the auditor's best recommendation in this situation?

A. The president's travel expense reimbursements should be reviewed and approved by the chief financial officer.
B. The organization's reimbursement policy should be amended to grant the president's executive secretary the authority to approve the president's travel expense reimbursements.
C. The president's noncompliance should be considered immaterial.
D. The approval policy for executive travel should be considered at the next meeting of the audit committee of the board of directors.

Answer: D

NEW QUESTION # 633
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