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The Institute of Internal Auditors (IIA) is an international professional association that provides education, training, and certification to internal auditors worldwide. One of the most popular certifications offered by the IIA is the Certified Internal Auditor (CIA) designation. To earn this certification, candidates must pass a series of exams that test their knowledge and skills in various areas of internal auditing. One of these exams is the IIA-CIA-Part2, which focuses on the practice of internal auditing.

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The Average salary of different countries of IIA CIA Part 2 professionals:

India - INR 5,55,735
United States - USD 87,000
UK - Pounds 58,845

>> IIA-CIA-Part2 Exam Objectives <<

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IIA-CIA-Part2 (Practice of Internal Auditing) Certification Exam is an essential certification for professionals who want to establish their proficiency in internal auditing. Internal Audit Engagement certification exam is conducted by the Institute of Internal Auditors (IIA), which is a globally recognized organization that sets standards for the internal auditing profession. The IIA-CIA-Part2 Exam is the second of three exams that lead to the Certified Internal Auditor (CIA) certification. Internal Audit Engagement certification is highly valued by employers, as it demonstrates that the individual has a solid understanding of the principles and practices of internal auditing.

IIA Internal Audit Engagement Sample Questions (Q490-Q495):

NEW QUESTION # 490
Which of the following behaviors could represent a significant ethical risk if exhibited by an organization's board?
1.Intervening during an audit involving ethical wrongdoing.
2.Discussing periodic reports of ethical breaches.
3.Authorizing an investigation of an unsafe product.
4.Negotiating a settlement of an employee claim for personal damages.

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

Answer: C

NEW QUESTION # 491
Which of the following is most likely to be considered a control weakness?

A. Department managers initiate purchase requests that must be approved by the plant superintendent
B. Vendor invoice payment requests are accompanied by a purchase order and receiving report.
C. Purchase orders are typed by the purchasing department using prenumbered forms
D. Buyers promptly update the official vendor listing as new supplier sources become known.

Answer: D

Explanation:
A control weakness occurs when there is a deficiency in internal controls that could allow errors or fraud to occur. While the act of buyers promptly updating the vendor listing might seem efficient, it could bypass necessary oversight and approval processes. This could lead to unauthorized or inappropriate vendors being added, increasing the risk of fraud or favoritism. Effective internal control requires that such updates be reviewed and approved by an independent party to ensure accuracy and appropriateness.
Best practices in internal control recommend segregation of duties and independent review processes to prevent unauthorized changes and ensure control integrity.

NEW QUESTION # 492
An internal auditor at an electricity provider analyzes data sets related to customers' household electricity usage, including payments, consumption, profiles, etc. The objective is to assess the completeness of the invoicing process. Which of the following would be the best approach to fulfill this purpose?

A. Conduct a trend analysis of customers' payment history and flag those with the most inconsistent payments and debts
B. Conduct a comparison to identify deviations between electricity amounts billed to customers and information regarding actual consumption
C. Conduct a ratio analysis by calculating the relationship between sums paid in local currency and volume of electricity billed in megawatt hours
D. Conduct an analysis of clients' electricity consumption patterns within a specified period and identify consumption spikes

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
Completeness in invoicing means that all services delivered (electricity consumed) are properly billed.
Therefore, the most effective approach is directly comparing consumption data with billed amounts (D) to identify unbilled usage. Options A and C provide insight into payment behavior or consumption trends but do not test billing completeness. Option B (ratio analysis) could provide high-level patterns but would not pinpoint specific missing invoices. The most reliable procedure is a one-to-one reconciliation between metered consumption and invoicing data, as it ensures every unit of electricity delivered is accounted for in billing. This method aligns with IIA Standard 2310 - Identifying Information, which requires sufficient, relevant, and reliable evidence to support audit conclusions. By directly comparing inputs (consumption) and outputs (invoices), the auditor can identify systemic gaps, errors, or fraud in the billing process.

NEW QUESTION # 493
A manufacturer is under contract to produce and deliver a number of aircraft to a major airline. As part of the contract, the manufacturer is also providing training to the airline's pilots. At the time of the audit, the delivery of the aircraft had fallen substantially behind schedule while the training had already been completed. If half of the aircraft under contract have been delivered, which of the following should the internal auditor expect to be accounted for in the general ledger?

A. Training costs allocated to the number of aircraft delivered, and 50% of contracted production costs.
B. All completed training costs, and the cost of actual production hours completed to date.
C. All completed training costs, and 50% of the contracted production costs.
D. Training costs allocated to the number of aircraft delivered, and the cost of actual production hours completed to date.

Answer: C

Explanation:
Section: Volume E

NEW QUESTION # 494
Which of the following would not include recommendations for process improvements?

A. Forensic investigation.
B. Consulting engagement.
C. Due diligence engagement.
D. Internal audit engagement.

Answer: C

Explanation:
Section: Volume D
Explanation

NEW QUESTION # 495
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