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IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is a rigorous assessment that requires a comprehensive understanding of internal auditing practices and principles. Successfully passing the exam demonstrates a high level of competence in the field and is a valuable asset for anyone seeking to advance their career in internal auditing.

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IIA-CIA-Part2 exam contains 100 multiple-choice questions and has a time limit of two and a half hours. IIA-CIA-Part2 Exam covers four domains: Managing the Internal Audit Function, Planning the Engagement, Performing the Engagement, and Communicating Engagement Results and Monitoring Progress. Candidates must score a minimum of 600 points out of a possible 750 to pass the exam.

IIA Internal Audit Engagement Sample Questions (Q87-Q92):

NEW QUESTION # 87
Which of the following is the most common method management can use to manage risk within its risk appetite?

A. Use of risk registers and dashboard.
B. Continuous evaluations and audits.
C. Implementation of controls.
D. Frequent communication of risk appetite for operating personnel.

Answer: C

Explanation:
Section: Volume C
Explanation/Reference:

NEW QUESTION # 88
An internal auditor observes a double payment transaction on a supplier invoice during an accounts payable engagement. Which of the following steps would be the most effective in helping the auditor determine whether fraud exists?

A. Review the poor year's transaction volume and amounts paid compared to the poor year's budget
B. Extend the audit scope and perform additional testing of controls on other related areas
C. Switch the existing assurance engagement into a fraud investigation engagement
D. Perform data analytics on the supplier's information, invoiced amounts, and payments performed

Answer: D

Explanation:
The most effective step in helping the auditor determine whether fraud exists after observing a double payment transaction on a supplier invoice is to perform data analytics on the supplier's information, invoiced amounts, and payments performed. Data analytics allows the auditor to systematically analyze large volumes of transactions to identify patterns, anomalies, and potential fraudulent activities. This approach is more comprehensive and effective in uncovering fraud than simply extending the audit scope or switching to a fraud investigation engagement without a thorough initial analysis.
IIA Standards: 1220.A1 - Due Professional Care
IIA Practice Guide: Auditing for Fraud

NEW QUESTION # 89
What is the primary purpose of issuing a preliminary communication to management of the area under review?

A. To improve the internal audit key performance indicators
B. To formally report medium- and high-risk observations in writing
C. To help management develop more responsive and timely action plans
D. To build good relations with management

Answer: C

NEW QUESTION # 90
A corporate merger decision prompts the chief audit executive (CAE) lo propose interim changes to the existing annual audit plan to account for emerging risks Which of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan ' '

A. Present the revised audit plan directly to the CEO for approval
B. Present the revised audit plan directly to the board for approval.
C. Communicate with the CEO and present the revised audit plan to the board for approval.
D. Communicate with the chief financial officer and present the revised audit plan to the CEO tor approval

Answer: C

Explanation:
When proposing interim changes to the annual audit plan due to emerging risks, the most appropriate action for the CAE is to communicate with the CEO and present the revised audit plan to the board for approval.
This ensures that senior management is informed and supportive of the changes, and that the board, which holds the ultimate oversight responsibility, formally approves the revised plan. References:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard
2020 - Communication and Approval.
The IIA's Practice Guide on Engagement Planning.

NEW QUESTION # 91
An internal auditor examined a nostatistical sample of open accounts receivable balances and discovered that
10 out of 60 exceeded the approved unseated credit limit threshold defined by the organization's policy What should the auditor document in the workpapers?

A. The threshold for credit limits defined by the organization's policy is not adequate
B. Seventeen percent of customers' open balances in the sample exceed their approved unsecured credit rent
C. Management should perform monthly monitoring of open customer balances
D. Credit limit over drafts are not monitored in accordance with the organizations policy

Answer: B

Explanation:
When documenting findings from a nonstatistical sample, internal auditors should record the factual observations and quantify the results where possible. In this case, the auditor should document that 17% of the sampled accounts receivable balances exceeded the approved unsecured credit limit. This provides a clear, quantifiable basis for the finding, which is critical for accurate reporting and for management to understand the scope of the issue. Documenting this percentage also supports the auditor's conclusions and recommendations for corrective actions.
The Institute of Internal Auditors (IIA) Practice Guide: Audit Sampling.
IIA Standard 2310 - Identifying Information

NEW QUESTION # 92
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