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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Planning the Engagement	20%	- Coordination with stakeholders during engagement planning - Engagement objectives, scope, and resource allocation - Engagement planning procedures including data analytics and sampling - Detailed engagement work program development - Risk and control identification and assessment for the engagement - Understanding business processes, IT systems, and relevant regulations
Topic 2: Managing the Internal Audit Activity	20%	- Strategic role of internal audit within governance, risk management, and control - Risk-based audit planning and alignment with organizational strategy - Managing financial, human, and IT resources within the internal audit function - Internal audit operations: planning, organizing, directing, and monitoring - Knowledge management and information sharing across the internal audit activity - Coordination with external auditors and other internal assurance providers
Topic 3: Performing the Engagement	40%	- Root cause analysis and evaluation of evidence - Development of engagement findings: criteria, condition, cause, and effect - Assessing IT governance, security, and control frameworks - Evaluation of fraud risk and fraud-related indicators during engagements - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) - Assessing the adequacy and effectiveness of risk management and controls - Drawing conclusions and formulating recommendations - Information gathering: interviews, observation, document review, and data analysis - Assessing compliance with laws, regulations, and organizational policies - Applying analytical approaches and process mapping techniques
Topic 4: Communicating Engagement Results and Monitoring Progress	20%	- Developing recommendations vs. requesting management action plans vs. collaborative approaches - Reporting on the adequacy of management's corrective actions - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely - Monitoring and follow-up on the resolution of engagement findings - Disseminating final results to appropriate stakeholders - Management response and action plan tracking - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans

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IIA Internal Audit Engagement Sample Questions (Q733-Q738):

NEW QUESTION # 733
An organization has developed a large database that tracks employees, employee benefits, payroll deductions, job classifications, and other similar information. The internal auditor reviews the retirement benefits plan and determines that the pension and medical benefits have been changed several times in the past ten years. The auditor wishes to determine whether there is justification to perform further audit investigation. The most appropriate audit procedure would be to:

A. Use generalized audit software to select an attributes sample of retirement pay, and perform detailed testing to determine whether each person chosen was given the proper benefits.
B. Review reasonableness of retirement pay and medical expenses on a per-person basis stratified by which plan was in effect when the employee retired.
C. Use generalized audit software to select a monetary-unit sample of retirement pay, and determine whether each retired employee was paid correctly.
D. Review the trend of overall retirement expense over the last ten years. If the retirement expense increased, it would indicate the need for further investigation.

Answer: B

NEW QUESTION # 734
Which of the following statements is true regarding internal control questionnaires (ICQs)?

A. An ICQ is not an efficient tool, as it can only inquire about controls and it does not test them.
B. An ICQ can be used effectively either by sending it in advance for management of the area under review to complete or by testing each procedure and recording the results.
C. ICQs are also known as checklist audits and encourage management of the area under review to answer
"no" or "yes" more accurately.
D. ICQs are most useful in more organic, decentralized organizations with specialized departmental or regional characteristics.

Answer: B

Explanation:
* A. ICQs are most useful in more organic, decentralized organizations with specialized departmental or regional characteristics:ICQs are standard tools and can be used in a variety of organizational structures, not just decentralized ones.
* B. An ICQ can be used effectively either by sending it in advance for management of the area under review to complete or by testing each procedure and recording the results:Correct. ICQs are versatile tools that can be used for both self-assessment by management and as part of a detailed audit procedure.
* C. An ICQ is not an efficient tool, as it can only inquire about controls and it does not test them:ICQs can test controls indirectly by revealing whether they are documented and applied properly.
* D. ICQs are also known as checklist audits and encourage management of the area under review to answer "no" or "yes" more accurately:ICQs are not limited to a checklist format and their value goes beyond simple yes/no answers.
CIA Exam Syllabus Reference:
Domain V: Performing Internal Audit Services - Tools for Assessing Internal Controls.

NEW QUESTION # 735
Which of the following is an example of a properly supervised engagement?

A. Auditors are asked to keep a daily record of their activity for review by the auditor in charge following the engagement.
B. The auditor in charge provides reasonable assurance that engagement objectives were met
C. The senior internal auditor requires each auditor to review and initial colleagues' workpapers for completeness and format
D. A new internal auditor is accompanied by an experienced auditor during a highly sensitive fraud investigation.

Answer: B

Explanation:
Supervision in Internal Audit: Effective supervision ensures that the engagement is carried out according to plan, objectives are met, and quality standards are maintained. It involves guiding, mentoring, and reviewing the work of auditors throughout the engagement.
IIA Standards:
* Standard 2340 - Engagement Supervision: Internal audit engagements must be properly supervised to ensure objectives are achieved, quality is maintained, and staff are developed.
* Proper supervision includes overseeing the engagement, providing direction, and ensuring that work complies with standards and achieves engagement objectives.
Examples of Proper Supervision:
* Reasonable Assurance: The auditor in charge providing reasonable assurance that engagement objectives were met is a fundamental aspect of effective supervision. It ensures that the engagement delivers the intended outcomes and adheres to quality standards.
* Daily Records and Workpaper Review: Options A and B involve administrative tasks and peer review, which are supportive but do not alone constitute comprehensive supervision.
* Accompanied Training: Option C involves on-the-job training, which is beneficial but not the primary aspect of engagement supervision.

NEW QUESTION # 736
According to IIA guidance, when of the Mowing statements is true regarding an engagement supervisor's use of review notes?

A. The engagement supervisor's review notes could be cleared from all final documentation after they are addressed
B. The engagement supervisor's review notes should be retained m the final documental or even after they are addressed.
C. The engagement supervisor's review notes must be maintained in a checklist separate from tie final documentation
D. The engagement supervisor's review notes cannot be used as evidence of engagement supervision

Answer: A

NEW QUESTION # 737
Which of the following is true of engagement recommendations?
I. Specific suggestions for implementation must be included.
II. The internal auditor's observations and conclusions may serve as the basis.
III. Actions to correct existing conditions or improve operations may be included.
IV. Approaches to correcting or enhancing performance may be suggested.

A. II, III, and IV only
B. I, III, and IV only
C. III only
D. I only

Answer: A

NEW QUESTION # 738
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