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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q744-Q749):

NEW QUESTION # 744
An internal auditor is performing a review of an organization's vendor for any possible conflicts of interest. Which of the following would provide the greatest assistance to the auditor in meeting this objective?

A. Payment records.
B. Vendor contracts.
C. Purchasing policy.
D. Employee master list.

Answer: D

Explanation:
Step-by-Step Detailed Explanation:
A . Vendor contracts:
While vendor contracts may reveal terms, they do not directly identify potential conflicts of interest.
B . Employee master list:
Correct. Comparing the employee master list with vendor information can help identify conflicts of interest, such as vendor ownership or employee relationships.
C . Payment records:
Useful for verifying transactions but not for identifying conflicts of interest.
D . Purchasing policy:
Provides guidelines but does not assist directly in identifying conflicts.
CIA Exam Syllabus Reference:
Domain II: Risk Management and Control - Identifying and Mitigating Conflicts of Interest.

NEW QUESTION # 745
An engagement team is being assembled to audit of one of the organization's vendors Which of the following statements best applies to this scenario?

A. To preserve independence and objectivity, an auditor who worked for the vendor two years prior may not participate on the engagement team
B. The engagement team should be composed of certified accountants who are proficient In financial statement analysis and local accounting principles
C. The engagement team should include internal auditors who have expertise in investigating vendor fraud
D. The engagement team may include an auditor who lacks knowledge of the industry in which the vendor operates

Answer: C

Explanation:
According to IIA guidance, when assembling an engagement team to audit a vendor, it is crucial to include internal auditors who have expertise in investigating vendor fraud. This expertise is essential for identifying and assessing fraud risks associated with the vendor and ensuring a thorough and effective audit. While proficiency in financial statement analysis and local accounting principles is valuable, the specific context of vendor fraud requires specialized knowledge in that area.
:
IIA Standards: 1210.A2 - Proficiency
IIA Practice Guide: Auditing Third-Party Risk Management

NEW QUESTION # 746
An internal auditor discovered that sales contracts with business clients were not stored in the electronic document management database instead they were scanned and saved in a nonsystematic manner to server folders Which of the following would be an appropriate consequence for the internal auditor to include in the documented observation?

A. The document management policy requires business client data to be stored in a specific management database
B. Sales contracts were stored improperly because the office manager was not trained to use the electronic database and prefers to avoid it
C. All staff should be appropriately trained and required to follow the organization's established policies and procedures pertaining to document management
D. if the organization becomes subject to litigation the agreed pricing terms and conditions of the contracts may be difficult to prove

Answer: D

Explanation:
The key issue here is the risk associated with non-compliance to document management policies, particularly in terms of legal exposure. If sales contracts are not stored systematically in the electronic document management database, it can lead to difficulties in retrieving these documents, especially in the case of litigation. This can pose significant legal risks because the organization might struggle to prove the agreed pricing terms and conditions, which could potentially result in financial losses or legal penalties. The consequence highlighted in option C directly addresses this critical risk. References:
* "Internal Auditing: Assurance & Advisory Services" (The Institute of Internal Auditors)
* "Document Management in Internal Auditing: Best Practices" (The Institute of Internal Auditors)

NEW QUESTION # 747
According to Maslow's hierarchy of needs theory, which of the following best describes a strategy where a manager offers an assignment to a subordinate specifically to support his professional growth and future advancement

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