Free PDF Quiz IIA-CIA-Part2 - Internal Audit Engagement High Hit-Rate Clearer Explanation

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IIA IIA-CIA-Part2 Exam Overview:

Certification Vendor:	The Institute of Internal Auditors (IIA)
Exam Name:	Practice of Internal Auditing
Exam Number:	IIA-CIA-Part2
Exam Format:	Multiple-choice questions, Computer-based exam
Related Certifications:	Certified Internal Auditor (CIA)
Real Exam Qty:	100 multiple-choice questions
Available Languages:	English
Passing Score:	600 (scaled score out of 750)
Exam Duration:	120 minutes
Certificate Validity Period:	Must complete all CIA exam parts within the program eligibility window (typically 3 years)
Recommended Training:	Wiley CIA Exam Review Gleim CIA Review Course IIA Official CIA Learning System
Exam Registration:	Pearson VUE CIA Exam Scheduling CIA Certification Registration (IIA)
Sample Questions:	IIA IIA-CIA-Part2 Sample Questions
Exam Way:	Computer-based exam administered at Pearson VUE test centers or online proctoring (where available)
Pre Condition:	No formal prerequisite, but candidates are recommended to have a basic understanding of internal auditing concepts; CIA certification requires passing all three exam parts and meeting education/experience requirements.
Official Syllabus URL:	https://www.theiia.org/en/certifications/cia/

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IIA-CIA-Part2 or the Practice of Internal Auditing exam is one of the most important exams for individuals seeking to become certified internal auditors. IIA-CIA-Part2 exam is designed to test the candidate's knowledge of internal auditing concepts, practices, and principles. The IIA-CIA-Part2 Exam is divided into three sections, each covering different aspects of internal auditing such as risk management, governance, and communication.

IIA Internal Audit Engagement Sample Questions (Q451-Q456):

NEW QUESTION # 451
Which of the following is one of the five basic tnanoal statement assertions when an internal auditor evaluates controls over financial reporting?

A. Existence or occurrence
B. Reliability or appropriateness
C. Relevance
D. Reasonableness

Answer: A

Explanation:
One of the five basic financial statement assertions that an internal auditor evaluates when assessing controls over financial reporting is "existence or occurrence." This assertion verifies that assets, liabilities, and equity interests actually exist at a given date, and that recorded transactions have actually occurred during a given period. It ensures that the financial statements are not overstated through the inclusion of fictitious or erroneous items.
COSO Framework
PCAOB Auditing Standard No. 15: Audit Evidence

NEW QUESTION # 452
Which of the following might alert an auditor to the possibility of fraud in a division?
I. The division is not scheduled for an external audit this year.
II. Sales have increased by 10 percent.
III.
A significant portion of management's compensation is directly tied to reported net income of the division.

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

Answer: B

NEW QUESTION # 453
What is the most important risk in determining the validity of construction delay claims?

A. Contractor claims may include costs considered in the fixed-price portion of the work.
B. Contractor claims may be understated.
C. Contractor claims may include subcontractor estimates of balances due to the subcontractor.
D. Contractor claims may be submitted prior to completion of the work.

Answer: A

Explanation:
Section: Volume A

NEW QUESTION # 454
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 objectives of the audit should be set.
D. The timing of the audit should be set.

Answer: B

NEW QUESTION # 455
According to IIA guidance, which of the following is true regarding audit supervision?
1. Supervision should be performed throughout the planning, examination, evaluation, communication, and follow-up stages of the audit engagement.
2. Supervision should extend to training, time reporting, and expense control, as well as administrative matters.
3. Supervision should include review of engagement workpapers, with documented evidence of the review.

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

Answer: B

NEW QUESTION # 456
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