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

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IIA Internal Audit Engagement Sample Questions (Q209-Q214):

NEW QUESTION # 209
A retail sales company has discontinued a product that normally sold for $100. During the first month of a sale of the product, a 20 percent discount was given. Later that sale price was reduced by an additional 40 percent. What was the overall discount from the original selling price?

A. 52 percent.
B. 30 percent.
C. 60 percent.
D. 48 percent.

Answer: A

NEW QUESTION # 210
After partially completing an internal control review of the accounts payable department, an auditor suspects that some type of fraud has occurred. To ascertain whether the fraud is present, the best sampling approach would be to use.

A. Judgmental sampling to select a sample of vouchers processed by clerks who were identified by the department manager as acting suspiciously.
B. Simple random sampling to select a sample of vouchers processed by the department during the past year.
C. Probability-proportional-to-size sampling to select a sample of vouchers processed by the department during the past year.
D. Discovery sampling to select a sample of vouchers processed by the department during the past year.

Answer: D

NEW QUESTION # 211
An organization's finance manager plans to implement a state-of-the-art management system to better manage the organization's receivables. The finance manager consulted the chief audit executive (CAE) and asked for her assistance in determining whether the organization is able to accommodate this system. How would the CAE proceed to determine the objectives of this engagement

A. Discuss the concerns with the finance manager and work together to agree on the engagement objectives
B. Request that the board disclose its concerns over governance for inclusion in the engagement
C. Review previous audit reports from the area and develop engagement objectives to address the area's key risks and controls
D. Ask the CEO to determine the scope and objectives of the engagement

Answer: A

Explanation:
The CAE should discuss the concerns with the finance manager and work together to agree on the engagement objectives. This collaborative approach ensures that the engagement objectives are aligned with the finance manager's needs and expectations, and it allows the CAE to provide relevant and tailored assistance regarding the new management system for managing receivables.
Reference:
IIA Standards: 2010 - Planning
IIA Practice Guide: Consulting Services

NEW QUESTION # 212
According to IIA guidance, when of the Mowing statements is true regarding an engagement supervisor's use of review notes?

A. The engagement supervisor's review notes could be cleared from all final documentation after they are addressed
B. The engagement supervisor's review notes cannot be used as evidence of engagement supervision
C. The engagement supervisor's review notes must be maintained in a checklist separate from tie final documentation
D. The engagement supervisor's review notes should be retained m the final documental or even after they are addressed.

Answer: A

Explanation:
According to the IIA guidance, engagement supervisors' review notes are used during the audit process to ensure thoroughness and accuracy. Once these review notes have been addressed, they can be removed from the final documentation. This practice ensures that the final audit report is clear and concise, containing only the necessary documentation to support audit findings and conclusions. The review notes are considered part of the working papers during the review process but do not need to be retained in the final audit documentation once all issues have been resolved.
References:
* The Institute of Internal Auditors (IIA) Standard 2330 - Documenting Information: "Internal auditors must document relevant information to support the conclusions and engagement results."
* IIA Practice Guide on "Audit Documentation"

NEW QUESTION # 213
While conducting a review of the logistics department the internal audit team identified a crucial control weakness. The chief audit executive (CAE) decided to prepare an audit memorandum for management of the logistics department followed by an informal meeting What is the most likely reason the CAE decided to prepare the audit memorandum?

A. To obtain management's agreement with regard to the identified weakness
B. To ensure that the internal audit team and the CAE are aligned with regard to the identified weakness
C. To report up-to-date audit progress to management
D. To allow management to address the identified weakness timely

Answer: D

Explanation:
The most likely reason the Chief Audit Executive (CAE) decided to prepare an audit memorandum for management of the logistics department is to allow management to address the identified weakness timely. An audit memorandum serves as a formal communication that highlights the issue and provides management with the necessary details to understand and address the control weakness promptly. This approach facilitates immediate corrective action, thereby reducing the risk associated with the identified weakness.
The Institute of Internal Auditors (IIA) Standard 2420 - Quality of Communications: "Communications must be accurate, objective, clear, concise, constructive, complete, and timely." IIA Practice Guide on "Engagement Communication"

NEW QUESTION # 214
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