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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Objectives
Engagement Execution	- Control testing and documentation - Audit evidence collection and evaluation - Sampling methods and data analysis
Managing the Internal Audit Function	- Audit plan development and resource management - Internal audit role in governance, risk, and control - Quality assurance and improvement program (QAIP)
Communicating Results and Monitoring	- Audit report preparation and communication - Issue tracking and follow-up procedures
Engagement Planning	- Risk assessment for audit engagements - Audit program design - Engagement objectives and scope definition

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IIA Internal Audit Engagement Sample Questions (Q239-Q244):

NEW QUESTION # 239
After issuance of the engagement final communication for an audit of an organization's accounts payable function, which of the following should be sent satisfaction surveys?
I. Manager of disbursements.
II. Controller.
III. Chief operating officer.
IV.
Audit committee members.

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

Answer: C

NEW QUESTION # 240
Because of an abundance of high priority requests from management, an internal audit activity no longer has the resources to meet all of its commitments contained in the annual audit plan. Which of the following would be the best course of action for the chief audit executive to follow?

A. Reassess the plan and either cancel or divert resources away from the lowest priority activities.
B. Present a reassessment of the plan to the board and senior management for consideration.
C. Advise the board immediately and seek their support for additional resources to meet the needs of the plan.
D. Continue with the plan and seek opportunities to adjust priorities and reallocate resources.

Answer: B

NEW QUESTION # 241
According to the theory of constraints, which of the following is most influenced by various bottlenecks the organization encounters?

A. Manufacturing.
B. Overheads.
C. Profitability.
D. Quality.

Answer: C

Explanation:
According to the theory of constraints, the performance of any system is constrained by a few bottlenecks or limiting factors. These bottlenecks directly impact the organization's profitability because they limit the system's output, leading to reduced efficiency and effectiveness. Addressing these bottlenecks can lead to significant improvements in throughput, which in turn enhances profitability.
IIA References:
* The IIA's Practice Guide on Risk Management emphasizes understanding how various constraints within processes affect overall performance, including profitability. Bottlenecks are crucial factors that can either limit or boost profitability depending on how they are managed.

NEW QUESTION # 242
A financial services organization's CEO requests that the internal audit function carry out fraud scenario testing over the supplier payment process. The engagement supervisor intends to identify these scenarios using a technique that motivates the sharing of ideas. Which of the following provides the internal audit function with this information?

A. Fraud risk matrix
B. Brainstorming
C. Benchmarking
D. Walkthroughs

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
Brainstorming (C) is a structured group technique that encourages creative idea-sharing and motivates participation. It is particularly useful when identifying fraud scenarios because it allows auditors, managers, and subject matter experts to discuss possible methods of fraud and risks in the payment process.
* A fraud risk matrix (A) is useful later for prioritization but does not generate ideas.
* Benchmarking (B) compares practices with industry peers, not internal fraud risks.
* Walkthroughs (D) help auditors understand processes but are not idea-generation tools.
Therefore, brainstorming is the most suitable approach to identify fraud scenarios in supplier payments, aligning with best practices in fraud risk assessment.

NEW QUESTION # 243
When setting the scope for the identification and assessment of key risks and controls in a process, which of the following would be the least appropriate approach?

A. Specify that the auditors need to assess only key controls, but may include an assessment of non-key controls if there is value to the business in providing such assurance.
B. Develop the scope of the audit to include controls that are necessary to manage risk associated with a critical business objective.
C. Develop the scope of the audit based on a bottom-up perspective to ensure that all business objectives are considered.
D. Ensure the audit includes an assessment of manual and automated controls to determine whether business risks are effectively managed.

Answer: C

NEW QUESTION # 244
......

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