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| Certification Vendor: | The Institute of Internal Auditors (IIA) |
|---|---|
| Exam Name: | Practice of Internal Auditing / Internal Audit Engagement |
| Exam Number: | IIA-CIA-Part2 |
| Exam Duration: | 120 minutes |
| Certificate Validity Period: | 3 years from program approval |
| Passing Score: | 600 out of 800 |
| Exam Format: | Multiple-choice questions, Computer-based exam |
| Related Certifications: | CIA Part 3 - Internal Audit Function CIA Part 1 - Internal Audit Fundamentals |
| Exam Price: | $280 USD (Member), $415 USD (Non-Member), $215 USD (Student) |
| Available Languages: | Arabic, Russian, German, Korean, Simplified Chinese, Polish, French, Portuguese, Japanese, English, Turkish, Thai, Spanish, Traditional Chinese |
| Real Exam Qty: | 100 |
| Recommended Training: | IIA Official Exam Prep |
| Exam Registration: | IIA CCMS Registration System |
| Sample Questions: | IIA IIA-CIA-Part2 Sample Questions |
| Exam Way: | Online remote proctored or onsite at Pearson VUE test centers |
| Pre Condition: | Bachelor's degree or higher; or 5 years internal audit experience; must complete CIA Part 1 first (recommended) |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/exam-prep-resources/exam-syllabus/exam-syllabus-part-2 |
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IIA-CIA-Part2 Exam is the second part of the Certified Internal Auditor (CIA) designation, which is globally recognized as the standard for excellence in the internal auditing profession. IIA-CIA-Part2 Exam consists of 100 multiple-choice questions and is timed for two and a half hours. Candidates who pass the exam earn the CIA designation and are recognized as experts in the field of internal auditing.
NEW QUESTION # 360
An audit of customer accounts receivable found that outstanding receivables as a percentage of revenue had increased significantly during the past two years. The increase was attributed to the extension of credit, at the urging of the marketing department, to a number of companies that were not credit worthy.
Which of the following would be least useful in monitoring the disposition of this finding?
Answer: A
NEW QUESTION # 361
Which of the following would present the most critical external risk to an organization?
Answer: C
Explanation:
Broad legislative reforms present the most critical external risk to an organization because they can fundamentally change the regulatory environment in which the organization operates. Such changes can impact compliance requirements, operational processes, and strategic planning. The organization must quickly adapt to remain compliant and avoid penalties or legal issues. This type of risk is external and largely uncontrollable, making it particularly critical compared to internal changes or new market entries.
Reference:
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2120 - Risk Management.
NEW QUESTION # 362
The human resources (HR) department was last reviewed three years ago and is due for an assurance engagement after undergoing recent process changes. Which of the following would the most effective option identify the HR department's risks and controls?
Answer: D
Explanation:
The most effective way to identify the HR department's risks and controls, especially after recent process changes, is to discuss the department's present strategies and objectives with the head of the HR department. This approach allows the auditor to gain current and relevant insights directly from the person most knowledgeable about the department's current operations, risks, and controls. It ensures that the auditor understands the current environment, any new challenges, and the specific controls in place to mitigate risks. This method is more comprehensive and current compared to reviewing past reports or generalized organizational frameworks, which might not reflect recent changes accurately.
Reference:
The Institute of Internal Auditors (IIA) Standard 2010 - Planning: "The chief audit executive must establish risk-based plans to determine the priorities of the internal audit activity, consistent with the organization's goals." IIA Practice Guide on "Engaging with Stakeholders"
NEW QUESTION # 363
An internal audit manager assigns an audit team to test purchase transactions by selecting a sample from transactions processed by each of the three procurement officers.
Which of the following techniques will help the audit team achieve this sampling objective?
Answer: C
Explanation:
Stratified sampling is a technique that involves dividing a population into subgroups (strata) that share similar characteristics and then taking a sample from each subgroup. In the context of testing purchase transactions by different procurement officers, the transactions can be stratified based on the officers, ensuring that the audit team selects a sample that represents each officer's transactions. This method helps in achieving a more accurate and reliable assessment of the procurement process across all officers.References:
* The Institute of Internal Auditors (IIA), Practice Guide on Sampling
* "Auditing and Assurance Services: An Integrated Approach" by Alvin A. Arens, Randal J. Elder, Mark
S. Beasley
NEW QUESTION # 364
An auditor analyzed a payroll system's data files for unusual activity, such as excessive overtime hours, unusual fluctuations in pay rates, and excessive vacation time. The application controls being verified by this analysis are:
Answer: C
Explanation:
Section: Volume A
NEW QUESTION # 365
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