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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q110-Q115):

NEW QUESTION # 110
Due to a recent system upgrade, an audit is planned to test the payroll process. Which of the following audit objectives would be most important to prevent fraud?

A. Verify that benefits deductions are accurate.
B. Verify that payments are on time.
C. Verify that amounts are correct.
D. Verify that recipients are valid employees.

Answer: D

Explanation:
Verifying that recipients are valid employees is crucial in preventing payroll fraud. This audit objective ensures that only legitimate employees receive payments, thereby mitigating the risk of ghost employees or payments to terminated employees. While verifying amounts, payment timeliness, and benefit deductions are important, ensuring the validity of recipients directly addresses the potential for fraudulent activities in the payroll process.
Reference:
IIA Practice Guide on Auditing Employee Compensation and Benefits.
IIA Standard 1220: Due Professional Care.

NEW QUESTION # 111
An internal auditor determined that the organization's accounting system was designed to reject duplicate invoices if they were issued with identical invoice numbers. However, if an invoice number was changed by at least one digit, the system would accept the duplicate invoice as new. Which of the following would be the most appropriate criteria to refer to in the audit observation?

A. Each invoice for goods or services acquired by the organization must be recorded only once in the accounting system.
B. The accounting system is at the end of its lifetime and is no longer developed by the provider.
C. Disbursements may be made inappropriately, and liabilities may be overstated.
D. The accounting system lacks efficient controls for the identification of duplicate invoices.

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Audit observations are structured around the 4Cs: Condition, Criteria, Cause, and Consequence.
* Criteria = what "should be."
* Condition = what "is."
* Cause = why the deviation occurred.
* Consequence = effect or risk.
In this case, the correct criteria is that each invoice should be recorded only once in the accounting system (Option A). Options B and C describe condition and consequence, while Option D is irrelevant.

NEW QUESTION # 112
While conducting an audit of a third party's Web-based payment processor, an internal auditor discovers that a programming error allows customers to create multiple accounts for a single mailing address. Management agrees to correct the program and notify customers with multiple accounts that the accounts will be consolidated. Which of the following actions should the auditor take?
1. Schedule a follow-up review to verify that the program was corrected and the accounts were consolidated.
2. Evaluate the adequacy and effectiveness of the corrective action proposed by management.
3. Amend the scope of the subsequent audit to verify that the program was corrected and that accounts were consolidated.
4. Submit management's plan of action to the external auditors for additional review.

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

Answer: D

Explanation:
Section: Volume E
Explanation/Reference:

NEW QUESTION # 113
Which of the following is a preventive control for fraud?

A. Conducting an inventory count of the warehouse.
B. Reconciling the purchase orders with the requisitions.
C. Verifying that new vendors appear on the vendor pre-approved list.
D. Determining if the number of manually prepared disbursement checks is high.

Answer: C

NEW QUESTION # 114
Which of the following would provide the best audit evidence regarding the effectiveness of an applied research department?

A. Develop a report on revenue generated by or cost savings directly attributable to newly developed products.
B. Develop a cost-per-product analysis for products developed over the past five years.
C. Compare research as a percentage of revenue between this company and all major competitors in the same industry.
D. Compare the number of this year's new product developments to the number of new product developments for the past five years.

Answer: A

NEW QUESTION # 115
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