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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Information Gathering, Analysis and Evaluation	40%	- Gather and verify relevant information and evidence - Evaluate controls, risks, and process effectiveness - Use technology and audit tools effectively - Assess compliance with policies, standards, and requirements - Apply analytical procedures and data analysis techniques
Topic 2: Engagement Supervision and Communication	10%	- Develop and communicate engagement observations and conclusions - Monitor and follow up on engagement outcomes - Supervise engagement activities and review workpapers - Formulate recommendations and action plans - Coordinate with stakeholders and resolve issues
Topic 3: Engagement Planning	50%	- Determine engagement objectives and scope - Identify and assess risks relevant to the engagement - Establish engagement criteria and resource requirements - Consider fraud risks and applicable laws/regulations - Develop engagement work program

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New IIA-CIA-Part2 Test Guide: Internal Audit Engagement - Latest IIA IIA-CIA-Part2 Exam Certification

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IIA Internal Audit Engagement Sample Questions (Q636-Q641):

NEW QUESTION # 636
Which of the following is the most appropriate approach for the internal audit activity to follow up on management action plans?

A. Ensure that follow-up activities are performed at least weekly.
B. Delegate follow-up activities to qualified administrative staff within the business unit
C. Ensure that follow-up activities are performed by the most senior auditor on staff
D. Create a tracking system for follow up

Answer: D

Explanation:
The most appropriate approach for internal audit activity to follow up on management action plans is to create a tracking system. This ensures that follow-up activities are systematically monitored and documented. Such a system can track the status of action plans, provide reminders for due dates, and record progress updates, thus ensuring that management's corrective actions are implemented and effective. Regular monitoring and tracking are essential to verify that issues identified in audits are addressed in a timely manner.
Reference:
Institute of Internal Auditors (IIA) Standards: Implementation Standards 2500 - Monitoring Progress COSO Framework: Monitoring Activities Component

NEW QUESTION # 637
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. Root causes of inventory differences are analyzed and corrective measures are followed
C. Value of accounting adjustments matches with the value of inventory differences and are made in a timely manner
D. High value items are inventoried more frequently throughout the year

Answer: B

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 # 638
Which of the following would be the most effective fraud prevention control?

A. New hire training to explain fraud and employee misconduct.
B. installation of a video surveillance system in a warehouse prone to inventory loss
C. Email alert sent to management for checks issued over S100.000.
D. Daily report that Identifies unsuccessful system log-in attempts

Answer: A

Explanation:
Training new hires on fraud and employee misconduct is a proactive measure that raises awareness and educates employees about the organization's policies and the consequences of fraudulent behavior.
Such training helps create a culture of integrity and compliance, making employees less likely to engage in or tolerate fraud.
Continuous education and reinforcement of ethical behavior are essential components of an effective fraud prevention strategy

NEW QUESTION # 639
An internal auditor is conducting tests to determine if an organization is in compliance with its payment approval policies. After reviewing a sample of vouchers selected, the internal auditor concluded that there were indicators of fraud. Which of the following would be the most appropriate method to expand the audit test to achieve the audit objective?
I. Validate the completeness of the accounts payable files.
II. Examine the sample of vouchers in greater detail.
III. Increase the number of vouchers in the sample.
IV. Broaden the scope of the examination to include credits received by accounts payable.

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

Answer: C

Explanation:
Section: Volume B

NEW QUESTION # 640
Which of the followings statements describes a best practice regarding assurance engagement communication activities?

A. All assurance engagement observations should be communicated to the audit committee.
B. During the "communicate" phase of an assurance engagement, it is best to define the methods and timing of engagement communications.
C. All assurance engagement observations should be included in the main section of the engagement communication.
D. A detailed escalation process should be developed during the planning stage of an assurance engagement.

Answer: D

NEW QUESTION # 641
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