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The Practice of Internal Auditing exam covers a wide range of topics that are essential for internal auditors to understand, including the internal audit activity's role in governance, risk management, and control; conducting internal audit engagements; fraud risk and control; and governance and management of the internal audit activity. IIA-CIA-Part2 Exam consists of 100 multiple-choice questions that must be completed within two hours and 30 minutes, and it is available in several languages. Candidates who pass the exam demonstrate their expertise in internal auditing and their commitment to professional development, making them more competitive in the job market.

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To be eligible to take the IIA-CIA-Part2 Exam, candidates must have a minimum of two years of internal auditing experience or equivalent education or other professional experience. IIA-CIA-Part2 exam is computer-based and consists of 100 multiple-choice questions that must be completed in two and a half hours. A passing score of 600 or above out of a possible 800 is required to obtain the certification, and candidates must also adhere to the IIA's Code of Ethics and meet the Continuing Professional Education requirements to maintain their certification.

To be eligible for the IIA-CIA-Part2 Exam, candidates must have completed the first part of the CIA certification program, which focuses on the essentials of internal auditing. Additionally, candidates must have a minimum of 24 months of internal auditing experience or equivalent education and experience.

IIA Internal Audit Engagement Sample Questions (Q230-Q235):

NEW QUESTION # 230
Which of the following would be the most important reason for the chief audit executive (CAE) to use inputs from management strategy to update the audit universe?

A. The CAE wants to determine internal audit resourcing requirements to cover the organization's major processes and activities over time.
B. The CAE wants to consider the organization's strategic plan including attitude toward risk and the degree of difficulty to achieving planned objectives.
C. The audit charter requires the CAE to update the audit universe before embarking on the selection of potential audit engagements.
D. The CAE wants to cover management planned activities for the upcoming year in the audit plan.

Answer: B

Explanation:
Section: Volume D

NEW QUESTION # 231
The internal audit activity is asked to review the effectiveness of controls around the disposal of chemical waste. However, the internal auditors on staff lack the necessary skills to conduct this review Which of the following would be the most appropriate approach?

A. An internal auditor who recently attended a three-day workshop on chemical waste disposal, and therefore has the most knowledge on the topic, should lead the engagement.
B. A nonaudit employee from the chemical disposal area may share his expertise with the audit team, provided the internal audit manager conducts a detailed review of all engagement work performed.
C. A team of available internal auditors should be assembled and should consult with an external nonaudit expert on chemical waste disposal to plan and conduct the engagement.
D. A team of the most knowledgeable auditors could be assembled and use the engagement work program from the previous year to gather additional insight regarding recommended audit procedures

Answer: C

Explanation:
* Skill Gap Identification: Internal auditors lack the necessary expertise in chemical waste disposal.
* Consulting Experts: Engaging an external nonaudit expert ensures that the internal audit team receives the necessary technical knowledge to conduct an effective review.
* Team Assembly: By assembling a team of internal auditors and consulting an external expert, the organization leverages both internal audit capabilities and external technical expertise.
* Ensuring Competence: This approach ensures that the internal audit activity complies with the IIA Standards, specifically Standard 1210 - Proficiency, which requires internal auditors to possess the knowledge, skills, and other competencies needed to perform their responsibilities.
References:
IIA Standard 1210 - Proficiency .

NEW QUESTION # 232
Which of the following is the most important concept to be included in a consulting engagement agreement?

A. Clarify that matters discovered during the engagement may also be reported to senior management and the audit committee.
B. Disclose the fact that auditors who perform the work may not be subject matter experts in the topic of the review.
C. Disclose the fact that follow-up reviews may be conducted to ensure that recommendations are implemented adequately.
D. Define the duties and responsibilities needed from management to perform the engagement.

Answer: A

NEW QUESTION # 233
According to the Standards, which of the following best describes the responsibility of the chief audit executive (CAE) for approving the final engagement report?
* The CAE is responsible for obtaining management approval before issuing the final report.
* The CAE has overall responsibility for the report but can delegate the review and approval of the report.
* The CAE is responsible for obtaining senior management's approval before releasing the final report.
* The CAE is responsible for approving to whom and how the final report will be disseminated.

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

Answer: D

NEW QUESTION # 234
Which of the following risk assessment approaches involves gathering data from work team representing different levels of an organisation?

A. Surveys
B. Weighted risk factors
C. Management produced analysis 0
D. Facilitated team workshops

Answer: D

Explanation:
Facilitated team workshops are a risk assessment approach that involves gathering data from work teams representing different levels of an organization. This method encourages collaboration and open discussion among team members, allowing for a comprehensive identification and evaluation of risks from various perspectives within the organization. It helps in capturing a wide range of insights and facilitates consensus on risk priorities, making it a valuable tool for effective risk assessment.
The Institute of Internal Auditors (IIA) Practice Guide on "Risk Assessment in Audit Planning" COSO Enterprise Risk Management Framework

NEW QUESTION # 235
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