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IIA IIA-CIA-Part2 Exam Overview:

Certification Vendor:	The Institute of Internal Auditors (IIA)
Exam Name:	Practice of Internal Auditing
Exam Number:	IIA-CIA-Part2
Exam Duration:	120 minutes
Certificate Validity Period:	Must complete all CIA exam parts within the program eligibility window (typically 3 years)
Passing Score:	600 (scaled score out of 750)
Available Languages:	English
Real Exam Qty:	100 multiple-choice questions
Related Certifications:	Certified Internal Auditor (CIA)
Exam Format:	Computer-based exam, Multiple-choice questions
Recommended Training:	Wiley CIA Exam Review IIA Official CIA Learning System Gleim CIA Review Course
Exam Registration:	CIA Certification Registration (IIA) Pearson VUE CIA Exam Scheduling
Sample Questions:	IIA IIA-CIA-Part2 Sample Questions
Exam Way:	Computer-based exam administered at Pearson VUE test centers or online proctoring (where available)
Pre Condition:	No formal prerequisite, but candidates are recommended to have a basic understanding of internal auditing concepts; CIA certification requires passing all three exam parts and meeting education/experience requirements.
Official Syllabus URL:	https://www.theiia.org/en/certifications/cia/

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Detailed IIA-CIA-Part2 Study Dumps | IIA-CIA-Part2 New Braindumps Pdf

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IIA-CIA-Part2 certification exam is a globally recognized certification that demonstrates an individual's competence in internal auditing practices. It is highly regarded by employers as evidence of an individual's commitment to their profession and their ability to provide value to their organization. Internal Audit Engagement certification is also an excellent opportunity for individuals to network with other professionals in the internal audit community.

IIA Internal Audit Engagement Sample Questions (Q573-Q578):

NEW QUESTION # 573
Which of the followings statements describes a best practice regarding assurance engagement communication activities?

A. During the "communicate" phase of an assurance engagement, it is best to define the methods and timing of engagement communications.
B. A detailed escalation process should be developed during the planning stage of an assurance engagement.
C. All assurance engagement observations should be communicated to the audit committee.
D. All assurance engagement observations should be included in the main section of the engagement communication.

Answer: A

Explanation:
Best practices for assurance engagement communication activities include defining the methods and timing of engagement communications during the "communicate" phase. This ensures that all stakeholders are aware of how and when they will receive information about the engagement, facilitating clear and effective communication. While it is important to communicate significant observations to relevant parties, including the audit committee if necessary, and to escalate issues as appropriate, the method and timing of these communications are crucial for maintaining clarity and coordination throughout the engagement. Reference:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 2420 - Quality of Communications.
The IIA's Practice Guide on Communicating Assurance Engagement Results.

NEW QUESTION # 574
An audit observation states the following:
"Despite the rules of the organization there is no approved credit risk management policy in the subsidiary.
The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor credit history" Which of the following components are missing in the observation?

A. Effect and criteria
B. Criteria and condition.
C. Condition and cause
D. Cause and effect.

Answer: A

Explanation:
The observation in question includes the condition ("no approved credit risk management policy" and "17 out of 50 contacts showed clients with a poor credit history") and the cause (the subsidiary concluding contacts with high-risk clients). However, it lacks the effect, which should explain the potential or actual impact of this deficiency on the organization (e.g., financial losses, increased credit risk). Additionally, it is missing the criteria, which should reference the specific rules or policies that are not being followed (e.g., the organization's credit risk management policy requirements). Including these components would provide a complete and actionable observation.References:
* The Institute of Internal Auditors (IIA) - Practice Guide: Audit Reports and Working Papers

NEW QUESTION # 575
In which of the following cases is it appropriate for an audit report to not contain management's response either within the report or as an attachment?

A. Internal controls were found to be properly designed and operating effectively although operations are deemed inefficient.
B. Management's response to an audit report is generally not a requirement.
C. An internal audit report contains no observations.
D. There was insufficient time to obtain management's response during the draft reporting process.

Answer: C

NEW QUESTION # 576
According to IIA guidance, which of the following statements is true regarding audit workpapers?

A. Management of the department being audited should review the prepared workpapers for accuracy.
B. Audit workpaper documentation policies are reviewed and approved by the audit committee.
C. Review notes on audit workpapers must be retained to provide a record of questions raised by the reviewer.
D. Audit workpaper preparation contributes to the professional development of the internal audit staff.

Answer: D

Explanation:
Audit workpaper preparation is an essential aspect of an internal auditor's work that contributes significantly to their professional development. Preparing workpapers helps auditors develop their skills in documenting audit evidence, supporting audit conclusions, and enhancing their understanding of the audit process. This process ensures that the auditor gains a thorough understanding of the engagement and strengthens their analytical and documentation skills.
IIA References:
* IIA Standard 2330: Documenting Information requires internal auditors to prepare workpapers that document relevant information to support the conclusions and engagement results. This process is integral to their professional development, as it hones their ability to capture and organize audit evidence effectively.
* The Practice Guide on Audit Documentation emphasizes that workpaper preparation helps auditors develop critical thinking and ensures that they can justify their findings and conclusions based on documented evidence.

NEW QUESTION # 577
Which of the following is one of the differences between probability-proportional-to-size (PPS) and attribute sampling?

A. PPS sampling a applied within the context of testing controls attribute sampling s not.
B. PPS sampling s used to reach conclusions regarding monetary amounts, attribute sampling is not.
C. Attribute sampling is affected by the monetary book value of the population PPS sampling is not
D. PPS sampling is used to roach conclusions regarding rates of occurrence, attribute sampling is not.

Answer: B

Explanation:
Probability-proportional-to-size (PPS) sampling is a technique used to reach conclusions regarding monetary amounts in a population. It is designed to handle variable sampling by focusing on monetary units, making it appropriate for testing account balances. On the other hand, attribute sampling is used to assess the rate of occurrence of a specific characteristic or attribute in a population, such as compliance with a control procedure, and does not focus on monetary amounts.
References:
* The Institute of Internal Auditors (IIA) Practice Guide on "Audit Sampling"
* Generally Accepted Auditing Standards (GAAS)

NEW QUESTION # 578
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