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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Engagement Supervision and Communication	10%	- Supervise engagement activities and review workpapers - Monitor and follow up on engagement outcomes - Formulate recommendations and action plans - Develop and communicate engagement observations and conclusions - Coordinate with stakeholders and resolve issues
Topic 2: Engagement Planning	50%	- Determine engagement objectives and scope - Consider fraud risks and applicable laws/regulations - Establish engagement criteria and resource requirements - Identify and assess risks relevant to the engagement - Develop engagement work program
Topic 3: Information Gathering, Analysis and Evaluation	40%	- Apply analytical procedures and data analysis techniques - Evaluate controls, risks, and process effectiveness - Use technology and audit tools effectively - Assess compliance with policies, standards, and requirements - Gather and verify relevant information and evidence

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IIA Internal Audit Engagement Sample Questions (Q183-Q188):

NEW QUESTION # 183
Which of the following should be included in a company's year-end inventory valuation?

A. Goods purchased by the company, free on board destination, that have not yet been received.
B. Company goods for sale on consignment at a consignment shop
C. Goods on consignment, which the company is trying to sell for its customers.
D. Company goods that were sold during the year, free on board shipping point, that have been shipped but not yet received by the customer

Answer: B

Explanation:
Year-end inventory valuation should include all goods owned by the company, regardless of their location.
This includes goods for sale on consignment at a consignment shop, as these items remain the property of the company until sold. Goods sold FOB shipping point and goods purchased FOB destination that have not yet been received are not included, as ownership has transferred or not yet been acquired respectively. Goods on consignment that the company is trying to sell for others are also excluded because the company does not own them

NEW QUESTION # 184
An internal auditor tested whether purchase orders were supported by appropriately approved purchase requisitions She sampled a population of purchase documents and identified instances where purchase requisitions were missing However, she did not notice that n some cases purchase requisitions were approved by an unauthorized person Which of the following risks most appropriately describes this situation?

A. Inherent risk
B. Nonsampling risk
C. Due diligence risk
D. Sampling risk

Answer: B

Explanation:
Nonsampling risk is the risk that the auditor may reach incorrect conclusions for reasons not related to the sampling process, such as failure to recognize exceptions or misinterpretation of audit results. In this case, the internal auditor did not notice that some purchase requisitions were approved by unauthorized persons, which is an oversight unrelated to the sample size or selection process. This is distinct from sampling risk, which is the risk that the sample selected does not represent the population. References:
* The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2320 - Analysis and Evaluation.
* The IIA's Practice Guide on Audit Sampling.

NEW QUESTION # 185
How should an internal auditor approach preparing a detailed risk assessment during engagement planning?

A. Work with management of the function being reviewed, as management would be most familiar with the business objectives and related risks.
B. Complete the risk assessment independently to prevent conflicts of interest with the function being reviewed.
C. Work with external auditors to ensure that the risk assessment includes items reflected on the independent auditor's report.
D. Consult with the compliance department, which typically has a more comprehensive view of the organization.

Answer: A

Explanation:
When preparing a detailed risk assessment during engagement planning, the internal auditor should collaborate with the management of the function being reviewed. Management has the most in-depth knowledge of their business objectives, processes, and the associated risks. This cooperation ensures that the risk assessment is comprehensive, accurate, and relevant to the specific context of the function under review.
It also helps in identifying any potential areas of concern that might not be evident to external parties.
IIA Standard 2201: "Planning Considerations"
IIA Practice Guide: "Assessing the Adequacy of Risk Management Processes"

NEW QUESTION # 186
What is the purpose of an internal control questionnaire?

A. To evaluate tie level of compliance of remote offices with centrally designed procedures
B. To assess risks that could prevent an audited area from achieving its objectives.
C. To perform testing of controls more frequently
D. To gather information from a sample of people who are geographically dispersed

Answer: B

Explanation:
An internal control questionnaire (ICQ) is a tool used by auditors to gather detailed information about the internal control system of an audited area. The primary purpose of an ICQ is to identify and assess risks that could prevent the area from achieving its objectives. By systematically covering various control points, the questionnaire helps the auditor evaluate the adequacy and effectiveness of controls in place and identify areas where controls may be lacking or need improvement.
Reference:
The Institute of Internal Auditors (IIA) - Practice Guide: Internal Control Questionnaire

NEW QUESTION # 187
In response to an audit finding, senior management informed the auditor that the issue would be investigated and resolved when time permitted. According to the International Professional Practices Framework, this action was not acceptable because:

A. The appropriate level of management was not involved in the review and resolution of the issue.
B. Responses should include sufficient information to evaluate the adequacy and timeliness of corrective action.
C. The board had not reviewed management's responses to the engagement observations and recommendations.
D. Other departments should have been contacted to determine if they shared responsibility for corrective action.

Answer: B

NEW QUESTION # 188
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