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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Objectives
Communicating Results and Monitoring	- Audit report preparation and communication - Issue tracking and follow-up procedures
Managing the Internal Audit Function	- Internal audit role in governance, risk, and control - Audit plan development and resource management - Quality assurance and improvement program (QAIP)
Engagement Execution	- Sampling methods and data analysis - Audit evidence collection and evaluation - Control testing and documentation
Engagement Planning	- Audit program design - Risk assessment for audit engagements - Engagement objectives and scope definition

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IIA Internal Audit Engagement Sample Questions (Q603-Q608):

NEW QUESTION # 603
According to IIA guidance which of the following statements is true regarding the annual audit plan?

A. The chief audit executive (CAE) may incorporate risk information, including risk appetite levels from management for the audit plan at her discretion.
B. The CAE may make adjustments to the annual audit plan as needed without senior management or board approval.
C. In an immature risk management environment it is preferable for the CAE to rely solely on her judgment regarding risk identification and assessment to develop the audit plan.
D. The annual audit plan should only be adjusted in response to problems with resourcing, scope, and data availability.

Answer: A

NEW QUESTION # 604
Which of the following describes the primary objective of an internal audit engagement supervisor?

A. Uphold the quality of the internal audit actively
B. Assure risks and controls are identified and assessed
C. Ensure timely completion of the engagement
D. Provide engagement progress updates to management of the area under review

Answer: A

Explanation:
The primary objective of an internal audit engagement supervisor is to uphold the quality of the internal audit actively. This involves ensuring that the audit procedures are performed effectively, the findings are accurate and reliable, and the audit meets the necessary professional standards. The supervisor oversees the audit team's work, provides guidance and support, and ensures that the engagement is conducted according to the internal audit plan and methodology. This role is crucial in maintaining the credibility and integrity of the audit function.
Reference:
IIA Standard 2340: Engagement Supervision
IIA Practice Guide: Internal Auditing and Assurance

NEW QUESTION # 605
Controls are implemented to:

A. Mitigate risk and reduce the potential for loss.
B. Mitigate risk and eliminate the potential for loss.
C. Eliminate risk and eliminate potential for loss.
D. Eliminate risk and reduce the potential for loss.

Answer: A

NEW QUESTION # 606
Which of the following statements is true regarding risk assessments, including the evaluation and prioritization of risk and control factors?

A. A risk map is used primarily to depict which risks will be reduced and which will be shared.
B. A risk-by-process matrix enables the user to determine associations between any of the processes and the risks.
C. The risk-factor approach for linking business processes and risks is more direct than the use of a risk-by- process matrix.
D. Internal risk factors are built into the environment and the nature of the process itself.

Answer: B

Explanation:
A risk-by-process matrix is a tool that allows users to identify and analyze the associations between various business processes and the risks that affect them. This matrix helps in understanding how risks are distributed across different processes and can be instrumental in prioritizing audit activities based on risk.
IIA References:
* IIA Standard 2210: Engagement Objectives suggests that internal auditors should consider risks when setting audit objectives. A risk-by-process matrix is an effective tool for mapping out these risks in relation to processes, providing a clear visual representation of where the most significant risks lie.
* The Practice Guide on Risk Assessment outlines the use of matrices, including risk-by-process matrices, to facilitate the identification and prioritization of risks within different processes.

NEW QUESTION # 607
In a payroll audit, a staff auditor suspects that signatures on some of the documents being sampled for examination are not authentic. What action should the auditor take before proceeding with the examination?

A. Review the suspicious documents with the chief audit executive and seek advice concerning further examination.
B. Keep the suspicious documents in the workpaper file until the end of the engagement, and then discuss the suspicions with the payroll manager.
C. Suggest to the payroll manager that the suspicious documents should be sent to the organization's security department for forensic review.
D. Discuss the suspicious documents with payroll staff to seek their views on the authenticity of the signatures.

Answer: A

Explanation:
Section: Volume C

NEW QUESTION # 608
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