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IIA-CIA-Part2 exam is intended for individuals who have completed the IIA-CIA-Part1 exam and have at least one year of experience working in internal auditing or a related field. IIA-CIA-Part2 Exam is also suitable for individuals who have completed a relevant degree or have other relevant professional qualifications.

IIA Internal Audit Engagement Sample Questions (Q232-Q237):

NEW QUESTION # 232
Which of the following best describes how an internal auditor would use a flowchart during engagement planning?

A. To plan for evaluating potential losses
B. To evaluate the design of controls
C. To prepare a sampling plan for the engagement
D. To prepare for testing the effectiveness of controls

Answer: B

Explanation:
During engagement planning, an internal auditor uses a flowchart to evaluate the design of controls. A flowchart visually represents the processes and controls within the organization, helping the auditor identify control points, weaknesses, and potential risks. This understanding is critical for planning the audit, as it allows the auditor to design tests that effectively assess whether the controls are properly designed and implemented to mitigate risks.
Reference:
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2210 - Engagement Objectives.

NEW QUESTION # 233
During an audit of a contract for computer security, a governmental auditor finds that a contractor has developed a system that could be the most advanced in the industry. If it seems that the contractor is charging the government for developmental cost of a system that might be sold to other organizations, what is the auditor's best course of action?

A. Exclude the observation from the engagement final communication because the contract was vague and the level of security is clearly acceptable.
B. Estimate the cost to develop the advanced security system and inform the contractor that it will be a disallowed cost.
C. Estimate the added cost, report it to management, and suggest that management meet with its lawyers and the contractor to resolve differences.
D. Compare the cost of the security program with previous costs incurred by governmental operations and inform the contractor that the difference will be a disallowed cost.

Answer: C

Explanation:
Section: Volume C

NEW QUESTION # 234
If an auditor used nonstatistical sampling instead of statistical sampling to estimate the value of inventory, which of the following would be true?

A. The risk of incorrect acceptance would be higher.
B. The confidence level could not be quantified.
C. The projected value of inventory would be less reliable.
D. The precision would be larger.

Answer: B

NEW QUESTION # 235
Which statement best describes the benefit of using workpapers from recent internal audit engagements of the area under review to plan new engagements?

A. The new engagement scope can be derived from recent workpapers to ensure the reperformance of engagement procedures.
B. Tests described in recent workpapers can be copied into the new workpapers to save time from reperforming a risk assessment.
C. Recent workpapers serve as the best source for identification of the risks to be examined in the new engagement.
D. Recent workpapers can help during the planning of a new engagement to understand any corrective actions taken by management to address previous engagement observations.

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Workpapers from prior engagements provide context and background, especially regarding management's corrective actions and follow-up of past issues. They should inform planning, not dictate tests, scope, or risk assessment. Thus, the best benefit is understanding how prior issues were addressed, as stated in Option A.

NEW QUESTION # 236
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Risk assessments can vary in format, but generally includE.
A description of identified risks.
Tests of audit controls.
A system of rating risks.
Sample size identification.

A. 1, 3, and 4 only.
B. 2, 3, and 4 only.
C. 1 and 3 only.
D. 1 and 2 only.

Answer: C

NEW QUESTION # 237
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