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IIA-CIA-Part2: Practice of Internal Auditing is a certification exam offered by the Institute of Internal Auditors (IIA) to individuals who aspire to become certified internal auditors. IIA-CIA-Part2 exam is designed to test the candidates' knowledge, skills, and abilities in the practice of internal auditing. Passing IIA-CIA-Part2 Exam is a key step towards obtaining the Certified Internal Auditor (CIA) certification, which is widely recognized and respected in the industry.

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Quiz IIA - IIA-CIA-Part2 - Internal Audit Engagement –The Best Exam Bible

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IIA-CIA-Part2 Exam, also known as the Practice of Internal Auditing Exam, is one of the exams required to become a Certified Internal Auditor (CIA). IIA-CIA-Part2 exam covers topics related to the practice of internal auditing, such as conducting internal audits, managing internal audit projects, and communicating audit results. Passing IIA-CIA-Part2 Exam is essential for internal auditors who want to demonstrate their knowledge and expertise in the field.

IIA Internal Audit Engagement Sample Questions (Q490-Q495):

NEW QUESTION # 490
Which of the following actives is an internal auditor most likely to perform when establishing the objectives of an assurance engagement?

A. Perform a walk-through of the process under review to determine whether control wore operating, effectively
B. Discuss the internal audit risk assessment including applicable risks and objectives with internal audit management
C. Meet with operational management to team about any areas of concern and to agree on the engagement objectives
D. Identify when controls will be tested and the sampling method to be used based on control risk

Answer: C

Explanation:
When establishing the objectives of an assurance engagement, it is crucial for internal auditors to align the engagement objectives with the concerns and priorities of operational management. By meeting with operational management, the internal auditor can gain insights into any specific areas of concern, operational challenges, and potential risks. This collaborative approach ensures that the engagement objectives are relevant and focused on areas that provide the most value to the organization, facilitating a more effective and targeted audit process.References:
* The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2201 - Planning Considerations

NEW QUESTION # 491
According to IIA guidance, which of the following is least likely to be a key financial control in an organization's accounts payable process?

A. Monitor customer quality complaints compared to the prior period to identify vendor issues.
B. Require the approval of additions and changes to the vendor master listing, where the inherent risk of false vendors is high.
C. Compare employee addresses to vendor addresses to identify potential employee fraud.
D. Monitor amounts paid each period and compare them to the budget to identify potential issues.

Answer: A

Explanation:
Section: Volume E

NEW QUESTION # 492
Which of the following best describes external benchmarking using trend analysis for a subsidiary of an international company?

A. Comparing common-size financial statements of the subsidiary with the averages of the industry for the last two periods
B. Comparing the sales of the subsidiary with the budgeted figures for the last two periods
C. Comparing the sales of the subsidiary with the sales of another subsidiary for the last two periods.
D. Comparing the current ratio of the subsidiary with the current ratio of another company for the same period

Answer: A

Explanation:
External benchmarking using trend analysis involves comparing a company ' s performance metrics with industry standards or averages over a certain period to identify trends and areas for improvement. Comparing common-size financial statements of the subsidiary with the averages of the industry for the last two periods allows for a normalized comparison by expressing financial statement items as a percentage of a common base figure (e.g., total assets or sales). This method highlights the subsidiary ' s financial structure and performance trends in relation to industry norms, facilitating a comprehensive analysis. References:
* " Internal Auditing: Assurance & Advisory Services " (The Institute of Internal Auditors)
* " Benchmarking: An Essential Tool for Assessment, Improvement, and Market Leadership " (Michael
J. Spendolini)

NEW QUESTION # 493
As a result of server managements assumption of risk there is residual risk that exceeds me organisation's risk appetite. Which of the following actions would be most appropriate for the chief audit executive to take?

A. Ensure senior management acknowledges residual risk
B. Communicate with the board the issue of residual risk
C. Assume the responsibility of addressing the residual risk
D. ignore the responsibility of addressing the residual risk

Answer: B

Explanation:
The CAE has a responsibility to communicate significant risks to the board, particularly when the residual risk exceeds the organization's risk appetite. By communicating with the board, the CAE ensures that the highest level of governance is aware of the risk and can make informed decisions about how to address it. Ignoring the risk, assuming responsibility without authority, or only ensuring senior management's acknowledgment without further action would be insufficient and not in line with the CAE's duties.
References:
* The Institute of Internal Auditors (IIA) Standards
* Internal Audit's Role in Risk Management

NEW QUESTION # 494
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, II, and III
B. I and III only
C. II and III only
D. I and II only

Answer: D

NEW QUESTION # 495
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