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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q387-Q392):

NEW QUESTION # 387
Which of the following is not a reason for an internal auditor to prepare an audit plan before the detailed audit work begins?

A. Attention should be devoted toward the key audit areas.
B. The organization's management should be informed about the work to be performed.
C. The timing of the audit should be set.
D. The objectives of the audit should be set.

Answer: B

NEW QUESTION # 388
An internal audit activity implemented an integrated test facility to test payroll processing. The auditors identified the key controls and processing steps built into the computer program and developed test data to test them. The auditors submitted test transactions throughout the year and did not find any differences in their test results. The auditors can conclude that:

A. All employees were correctly paid during the year and their pay was correctly computed.
B. The system is properly capturing the hours worked by employees during the year and the hours have been properly submitted to payroll and processed correctly.
C. The computer application and its control procedures were processing payroll transactions correctly during the past year.
D. All of the above.

Answer: C

NEW QUESTION # 389
The chief audit executive of a medium-sized financial institution is evaluating the staffing model of the internal audit activity (IAA). According to IIA guidance, which of the following are the most appropriate strategies to maximize the value of the current IAA resources?
* The annual audit plan should include audits that are consistent with the skills of the IAA.
* Audits of high-risk areas of the organization should be conducted by internal audit staff.
* External resources may be hired to provide subject-matter expertise but should be supervised.
* Auditors should develop their skills by being assigned to complex audits for learning opportunities.

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

Answer: C

Explanation:
According to IIA guidance, to maximize the value of the current internal audit activity (IAA) resources, it is appropriate to hire external resources to provide subject-matter expertise while ensuring they are supervised (3). Additionally, assigning auditors to complex audits for learning opportunities helps in skill development and enhances the overall capability of the IAA (4). These strategies ensure that the IAA can address complex and high-risk areas effectively while also fostering professional growth among internal auditors. Reference: IIA Practice Guide - Staffing the Internal Audit Activity, IIA Standard 2030 - Resource Management

NEW QUESTION # 390
Which of the following is the most appropriate way to ensure that a newly formed internal audit activity remains free from undue influence by management?

A. Appoint the chief audit executive as a member of the board.
B. Establish the internal audit activity's position within the organization in an audit charter
C. Adopt written policies and procedures for the internal audit activity, approved by the board.
D. Ensure the chief audit executive reports administratively to the audit committee.

Answer: B

Explanation:
The internal audit charter is a formal document that defines the internal audit activity's purpose, authority, and responsibility.
Establishing the internal audit activity's position within the organization in an audit charter ensures independence and objectivity by clearly stating the internal audit's role and its reporting lines.
The charter should be approved by the board and senior management to reinforce its authority and protect the internal audit activity from undue influence by management

NEW QUESTION # 391
Which of the following is the primary reason for internal auditors to conduct interim communications with management of the area under review?

A. To demonstrate internal auditor proficiency
B. To provide timely discussion of results
C. To demonstrate good project oversight
D. To follow up on previously requested information

Answer: B

Explanation:
The primary reason for internal auditors to conduct interim communications with management of the area under review is to provide timely discussion of results. This allows management to be informed of preliminary findings and issues as they arise, enabling quicker corrective actions and avoiding surprises in the final report. Interim communications help ensure that audit results are relevant and actionable. References:
* The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2410 - Criteria for Communicating.
* The IIA's Practice Guide on Communicating Results.

NEW QUESTION # 392
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