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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q240-Q245):

NEW QUESTION # 240
An internal auditor for a financial institution has just completed an audit of loan processing. Of the 81 loans approved by the loan committee, the auditor found seven loans which exceeded the approved amount. Which of the following actions would be inappropriate on the part of the auditor?

A. Determine the amount of the differences and make an assessment as to whether the dollar differences are material. If the amounts are not material, not in violation of government regulations, and can be rationally explained, omit the observation from the engagement final communication.
B. Examine the seven loans to determine if there is a pattern. Summarize amounts and include in the engagement final communication.
C. Report the amounts to the loan committee and leave it up to them to correct. Take no further follow-up action at this time and do not include the items in the engagement final communication.
D. Follow up with the appropriate vice president and include the vice president's acknowledgment of the situation in the engagement final communication.

Answer: C

NEW QUESTION # 241
An internal auditor examined a nostatistical sample of open accounts receivable balances and discovered that 10 out of 60 exceeded the approved unseated credit limit threshold defined by the organization's policy What should the auditor document in the workpapers?

A. Management should perform monthly monitoring of open customer balances
B. Seventeen percent of customers' open balances in the sample exceed their approved unsecured credit rent
C. The threshold for credit limits defined by the organization's policy is not adequate
D. Credit limit over drafts are not monitored in accordance with the organizations policy

Answer: B

Explanation:
When documenting findings from a nonstatistical sample, internal auditors should record the factual observations and quantify the results where possible. In this case, the auditor should document that 17% of the sampled accounts receivable balances exceeded the approved unsecured credit limit. This provides a clear, quantifiable basis for the finding, which is critical for accurate reporting and for management to understand the scope of the issue. Documenting this percentage also supports the auditor's conclusions and recommendations for corrective actions.
Reference:
The Institute of Internal Auditors (IIA) Practice Guide: Audit Sampling.
IIA Standard 2310 - Identifying Information

NEW QUESTION # 242
According to IIA guidance, which of the following is least likely to be a key financial control in an organization's accounts payable process?

A. Monitor customer quality complaints compared to the prior period to identify vendor issues.
B. Compare employee addresses to vendor addresses to identify potential employee fraud.
C. Require the approval of additions and changes to the vendor master listing, where the inherent risk of false vendors is high.
D. Monitor amounts paid each period and compare them to the budget to identify potential issues.

Answer: A

Explanation:
According to IIA guidance, monitoring customer quality complaints compared to the prior period to identify vendor issues is least likely to be a key financial control in an organization's accounts payable process. Key financial controls in accounts payable typically focus on preventing and detecting fraud and errors in the payment process, such as requiring approval for vendor changes, monitoring payment amounts, and comparing employee and vendor addresses to prevent fraud. Monitoring customer quality complaints is more relevant to quality control and vendor management rather than financial control.
IIA Standards: 2130 - Control
IIA Practice Guide: Auditing the Accounts Payable Process

NEW QUESTION # 243
Which of the following statements is true regarding a drawback of using internal control questionnaires (ICQs)?

A. When internal auditors need to cover many control procedures using ICQs is generally less efficient than conducting observations and inspections
B. It is generally difficult for internal auditors lo compile appropriate ICQs for business activities that are governed by standardized operating procedures
C. ICQs are inadequate to provide effective assurance on how organizational processes are executed in practice.
D. It is generally difficult for internal auditors to process completed questionnaires, because ICQs frequently elicit detailed comments and long answers from management

Answer: A

Explanation:
A drawback of using Internal Control Questionnaires (ICQs) is that they can be less efficient than conducting observations and inspections when many control procedures need to be covered. ICQs can be time-consuming to complete and may not provide the depth of understanding that direct observation and inspection can achieve. They often require follow-up to clarify responses, which can further increase the time and resources needed to obtain the necessary assurance.
Reference:
The Institute of Internal Auditors (IIA) Practice Guide on "Audit Evidence Collection" IIA Standard 2310 - Identifying Information: "Internal auditors must identify sufficient, reliable, relevant, and useful information to achieve the engagement's objectives."

NEW QUESTION # 244
In the following risk control map risks have been categorized based on the level of significance and the associated level of control. Which of the following statements is true regarding Risk C?

A. There is not enough of information to determine whether the controls are appropriate or not
B. The level of control is excessive given the level of risk
C. The level of control is appropriate given the level of risk
D. The level of control is inadequate given the level of risk

Answer: D

Explanation:
In the risk control map, Risk C is positioned in the upper left quadrant, indicating it is critical (high risk significance) but with a low level of control. This suggests that the current controls are insufficient to mitigate the high level of risk associated with Risk C. For critical risks, a higher level of control is necessary to ensure that the risk is properly managed and mitigated. References:
* "Internal Auditing: Assurance & Advisory Services" (The Institute of Internal Auditors)
* "Risk Management Framework" (COSO)

NEW QUESTION # 245
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