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IIA IIA-CIA-Part2 Exam Overview:

Certification Vendor:	The Institute of Internal Auditors (IIA)
Exam Name:	Practice of Internal Auditing / Internal Audit Engagement
Exam Number:	IIA-CIA-Part2
Certificate Validity Period:	3 years from program approval
Related Certifications:	CIA Part 1 - Internal Audit Fundamentals CIA Part 3 - Internal Audit Function
Exam Format:	Computer-based exam, Multiple-choice questions
Exam Price:	$280 USD (Member), $415 USD (Non-Member), $215 USD (Student)
Available Languages:	Japanese, Spanish, Thai, Portuguese, Russian, Arabic, Korean, German, Turkish, Simplified Chinese, Traditional Chinese, French, English, Polish
Passing Score:	600 out of 800
Exam Duration:	120 minutes
Real Exam Qty:	100
Recommended Training:	IIA Official Exam Prep
Exam Registration:	IIA CCMS Registration System
Sample Questions:	IIA IIA-CIA-Part2 Sample Questions
Exam Way:	Online remote proctored or onsite at Pearson VUE test centers
Pre Condition:	Bachelor's degree or higher; or 5 years internal audit experience; must complete CIA Part 1 first (recommended)
Official Syllabus URL:	https://www.theiia.org/en/certifications/cia/exam-prep-resources/exam-syllabus/exam-syllabus-part-2

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How much does it cost to take the IIA CIA Part 2 Exam?

The IIA CIA Part 2 Exam fee of member is the USD 230, the nonmember fee is the USD 345 and Student/Professor fee is USD 180.

IIA Internal Audit Engagement Sample Questions (Q556-Q561):

NEW QUESTION # 556
A payroll clerk enters payroll transactions into the general ledger. The staff accountant reconciles the payroll ledgers. The payroll manager issues the manual payroll checks. The checks aremaintained in a locked cabinet. The chief financial officer secures the keys to the cabinet. The payroll clerk distributes the manual checks.
The payroll manager reconciles the bank statements monthly. Which of the following audit steps best addresses the risk of fraud in the payroll process?

A. Determine whether an approved list of voided checks exists.
B. Determine whether the cabinet keys are secured properly.
C. Examine whether the payroll manager approves the reconciliations of ledgers.
D. Vouch a sample of items on bank reconciliations to supporting documentation.

Answer: D

NEW QUESTION # 557
The external auditor has identified a number of production process control deficiencies involving several departments. As a result, senior management has asked the internal audit activity to complete internal control training for all related staff. According to IIA guidance, which of the following would be the most appropriate course of action for the chief audit executive to follow?

A. Refuse to accept the consulting engagement because it would be a violation of independence.
B. Accept the engagement even if the audit engagement staff was previously responsible for operational areas being trained.
C. Accept the engagement but hire an external training specialist to provide the necessary expertise.
D. Collaborate with the external auditor to ensure the most efficient use of resources.

Answer: C

Explanation:
According to the IIA's guidance, internal audit can accept consulting engagements, including providing training, as long as it does not impair their independence and objectivity. In this scenario, the most appropriate action for the chief audit executive (CAE) is to accept the engagement and hire an external specialist to deliver the training. This ensures that the internal audit activity does not compromise its independence by training on areas where they might later need to provide objective assurance. By using an external expert, the CAE ensures the training is conducted by someone with the requisite expertise and without any conflict of interest.
Reference:
The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 1130: Impairment to Independence or Objectivity.
IIA Practice Guide, "Independence and Objectivity."

NEW QUESTION # 558
The chief audit executive (CAE) decided that based on management's oral response, the action taken on an audit observation for a minor improvement in the client's process is sufficient and no further follow-up is necessary. Which of the following would be the best statement regarding the action of the CAE?

A. The CAE action is acceptable as long as the issue has been escalated to the board to get their position on the issue.
B. The CAE action is not acceptable, as follow-up on the issue is critical until a written response is obtained from management.
C. The CAE action is acceptable as long as the follow-up is sufficient when weighed against the relative importance of the recommendation.
D. The CAE action is not acceptable, as a follow-up audit is needed to ensure that action is really taken by management.

Answer: C

NEW QUESTION # 559
What decision-making approach should a facilitator initiate if a group addresses an unfamiliar situation during a control self-assessment session?

A. Majority voting.
B. Spontaneous agreement.
C. Consensus building.
D. Compromise.

Answer: C

NEW QUESTION # 560
A corporate merger decision prompts the chief audit executive (CAE) lo propose interim changes to the existing annual audit plan to account for emerging risks Which of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan''

A. Communicate with the chief financial officer and present the revised audit plan to the CEO tor approval
B. Communicate with the CEO and present the revised audit plan to the board for approval.
C. Present the revised audit plan directly to the board for approval.
D. Present the revised audit plan directly to the CEO for approval

Answer: B

Explanation:
When proposing interim changes to the annual audit plan due to emerging risks, the most appropriate action for the CAE is to communicate with the CEO and present the revised audit plan to the board for approval. This ensures that senior management is informed and supportive of the changes, and that the board, which holds the ultimate oversight responsibility, formally approves the revised plan. Reference:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2020 - Communication and Approval.
The IIA's Practice Guide on Engagement Planning.

NEW QUESTION # 561
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