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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Objectives
Topic 1: Engagement Planning	- Engagement objectives and scope definition - Audit program design - Risk assessment for audit engagements
Topic 2: Communicating Results and Monitoring	- Issue tracking and follow-up procedures - Audit report preparation and communication
Topic 3: Managing the Internal Audit Function	- Audit plan development and resource management - Quality assurance and improvement program (QAIP) - Internal audit role in governance, risk, and control
Topic 4: Engagement Execution	- Sampling methods and data analysis - Audit evidence collection and evaluation - Control testing and documentation

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IIA Internal Audit Engagement Sample Questions (Q561-Q566):

NEW QUESTION # 561
An internal auditor is reviewing purchases made through the organization's corporate credit card program.
Which of the following statements best describes a root cause of a deficiency?

A. A control to detect split purchases has not been activated in the credit card system.
B. Company policy limits card use to $500 per transaction.
C. Sample testing found 10% non-compliance with the organization's business travel policy.
D. A personal computer was purchased from a non-approved vendor.

Answer: A

NEW QUESTION # 562
An internal auditor recommended that an organization implement computerized controls in its sales system in order to prevent sales representatives from executing contracts in excess of their delegated authority levels. A follow-up review found that the sales system had not been modified, but a process had been implemented to obtain written approval by the vice president of sales for all contracts in excess of $1 million. The chief audit executive (CAE) would be justified in reporting this situation to the organization's board iF.
I.
In the opinion of the CAE, the level of residual risk assumed by senior management is too high.
II.
Testing of compliance with the new process finds that all new contracts in excess of $1 million have been approved by the vice president of sales.
III.
The cost of modifying the sales system to include a preventive control is less than $100,000.

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

Answer: A

NEW QUESTION # 563
An internal auditor is tasked with evaluating the adequacy of the organization's inventory fraud controls. What is the most relevant information that the auditor can obtain from the documentation of cyclic counting for this purpose?

A. Accounting adjustments of inventories are approved by the management in accordance with a signature policy
B. Value of accounting adjustments matches with the value of inventory differences and are made in a timely manner
C. Root causes of inventory differences are analyzed and corrective measures are followed
D. High value items are inventoried more frequently throughout the year

Answer: C

Explanation:
Comprehensive and Detailed Explanation:
Cyclic counting is a control technique used to verify inventory accuracy and prevent fraud or misstatement.
While documentation of approvals (A), valuation reconciliations (D), and frequency of counts (C) all contribute to control effectiveness, the most relevant evidence for evaluating fraud control adequacy is whether the organization analyzes root causes of differences and implements corrective actions (B).
Simply reconciling and adjusting balances does not address why discrepancies occur, and fraud risks remain if underlying causes go unexamined. For example, if theft or unauthorized removals are occurring, approving adjustments without corrective measures merely hides the issue. By identifying and addressing root causes, management ensures sustainable fraud prevention and strengthens internal controls. Thus, the focus must be on corrective actions tied to root cause analysis, aligning with IIA guidance on ensuring controls address risks rather than only reporting deviations.

NEW QUESTION # 564
Inadequate risk assessment would have the strongest negative impact in which of the following phases of an audit engagement?

A. Testing.
B. Evaluating findings.
C. Reviewing internal controls.
D. Determining the scope.

Answer: D

NEW QUESTION # 565
An organization decides to create an internal audit function and hires a new chief audit executive (CAE).
Which of the following should the CAE first consider when developing the internal audit process?

A. Alignment of internal audit objectives with the organization's strategic plan.
B. Requirements of the external auditors to ensure an efficient coordination of audit effort.
C. Sufficient resources to adequately meet the needs of the annual audit plan.
D. An appropriate training plan for audit staff.

Answer: A

NEW QUESTION # 566
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