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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q258-Q263):

NEW QUESTION # 258
A bakery chain has a statistical model that can be used to predict daily sales at individual stores based on a direct relationship to the cost of ingredients used and an inverse relationship to rainy days. What conditions would an internal auditor look for as an indicator of employee theft of food from a specific store?

A. On a rainy day, total sales are greater than expected when compared to the cost of ingredients used.
B. Both total sales and cost of ingredients used are less than expected.
C. On a sunny day, total sales are less than expected when compared to the cost of ingredients used.
D. Both total sales and cost of ingredients used are greater than expected.

Answer: C

NEW QUESTION # 259
During the preliminary survey of the procurement department, an internal auditor noted a major control weakness in the organization ' s ordering and receiving process. According to IIA guidance, which of the following is the most appropriate action the internal auditor should take?

A. Issue a final report on the control weakness to senior management.
B. Carry out an investigation of the control weakness for disciplinary action.
C. Bring the control weakness to the attention of the process owner for resolution.
D. Note the control weakness for discussion during the exit meeting.

Answer: C

Explanation:
When an internal auditor identifies a major control weakness during a preliminary survey, the appropriate response is to bring it to the attention of the process owner for resolution. This approach aligns with the standards and guidelines provided by the Institute of Internal Auditors (IIA), particularly under the International Standards for the Professional Practice of Internal Auditing (Standards).
IIA Standard 2120 - Risk Management:
According to Standard 2120, the internal auditor must evaluate the effectiveness of the organization ' s risk management processes. Identifying and reporting control weaknesses is a key aspect of this evaluation. By bringing the issue to the attention of the process owner, the internal auditor ensures that those responsible for managing the process are aware of the risk and can take appropriate corrective actions.
IIA Standard 2060 - Reporting to Senior Management and the Board:
While it might seem logical to report directly to senior management (as option A suggests), the IIA recommends that the process owner be given the opportunity to address the issue first. Standard 2060 emphasizes that significant risk exposures and control issues should be reported to senior management and the board, but only after they have been discussed with the appropriate process owners.
IIA Standard 2440 - Disseminating Results:
According to Standard 2440, the communication of audit results should be consistent with the objectives of the audit engagement. It is good practice to inform the process owner promptly so they can address the issue before the audit report is finalized. This approach helps in mitigating the risk at an early stage and ensures that the control weaknesses are appropriately managed.
Ethical Considerations:
The IIA's Code of Ethics requires internal auditors to act with integrity and to ensure that their communications are honest and constructive. Notifying the process owner immediately reflects a proactive and ethical approach to audit findings. It allows for timely corrective actions and demonstrates the auditor ' s commitment to improving the organization ' s control environment.
Option A (Issue a final report to senior management): This step is premature at this stage of the audit. Issuing a final report without allowing the process owner to address the issue could lead to unnecessary escalation and may undermine the collaborative nature of the audit process.
Option C (Note the control weakness for discussion during the exit meeting): While discussing the issue during the exit meeting is part of the process, it is more effective to address the control weakness immediately rather than waiting until the exit meeting, where valuable time might be lost.
Option D (Carry out an investigation for disciplinary action): This is beyond the internal auditor ' s scope unless the situation specifically warrants an investigation. The focus of the auditor should be on control improvements rather than disciplinary measures, which are typically managed by HR or legal departments.
Detailed Explanation:Why Not Other Options?

NEW QUESTION # 260
An organization's policies allow buyers to authorize expenditures up to $50,000 without any other approval.
Which of the following audit procedures would be most effective in determining if fraud in the form of payments to fictitious companies has occurred?

A. Use generalized audit software to take a random sample of all expenditures under $50,000 to determine whether they were properly approved.
B. Use generalized audit software to select a sample of paid invoices to new vendors and examine evidence that shows that services or goods were received.
C. Use generalized audit software to list all purchases over $50,000 to determine whether they were properly approved.
D. Develop a snapshot technique to trace all transactions by suspected buyers.

Answer: B

NEW QUESTION # 261
Which of the following activities would an internal auditor perform as a consulting engagement for an organization?

A. Assessing whether the organization's corporate social responsibility program is meeting its yearly goals to reduce carbon emissions.
B. Briefing the organization's department managers on how to implement risk management processes into their daily operations.
C. Communicating with senior management to better understand how new purchasing controls will minimize payment processing time
D. Advising new internal auditors working for the organization on how to develop strategies on planning audits for the upcoming fiscal year

Answer: B

Explanation:
* Consulting Engagements: Consulting engagements are advisory in nature and are intended to add value and improve an organization's governance, risk management, and control processes.
* Role of Internal Auditor: In a consulting role, an internal auditor provides advice, facilitates risk management, and helps enhance the efficiency and effectiveness of operations.
* Briefing Managers: By briefing department managers on how to implement risk management processes into their daily operations, the internal auditor is providing valuable advice that can help improve the organization's risk management framework.
* IIA Standards: The IIA's standards emphasize that consulting activities should aim at improving governance, risk management, and control processes without taking on management responsibilities.
References:
IIA Standard 2010 - Planning .

NEW QUESTION # 262
Which of the following is true about surveys?

A. A survey with open-ended questions is weaker than a structured interview
B. A survey's participants are likely to volunteer information that was not specifically requested
C. A survey, like inspections and confirmations are best used to test the operating effectiveness of controls
D. A survey with closed-ended questions can produce quantifiable evidence

Answer: D

Explanation:
A survey with closed-ended questions can produce quantifiable evidence. Closed-ended questions limit responses to predefined options, making it easier to analyze and quantify the results. This type of survey is effective in gathering specific, comparable data from respondents.
Reference:
IIA Practice Guide: Survey Methods in Internal Auditing
IIA Standards: 2310 - Identifying Information

NEW QUESTION # 263
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