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IIA-CIA-Part2 certification exam is designed to test the knowledge and skills of individuals who are involved in internal auditing. IIA-CIA-Part2 Exam covers a wide range of topics, including risk management, internal control, governance, and compliance. It is intended to assess the candidate's ability to perform effectively in a variety of internal auditing situations.

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100% Pass Quiz IIA - Newest IIA-CIA-Part2 - Lab Internal Audit Engagement Questions

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IIA Internal Audit Engagement Sample Questions (Q26-Q31):

NEW QUESTION # 26
Following an IT systems audit, management agreed to implement a specific control in one of the IT systems.
After a period, the internal auditor followed up and learned that management had not implemented the agreed management action due to the decision to move to another IT system that has built-in controls, which may address this risks highlighted by the Internal audit Which of the following Is the most appropriate action to address the outstanding audit recommendation?

A. The auditor requires management to provide details regarding the process for selecting the new IT system and whether other systems were evaluated, and closure of the issue would depend on the new information provided.
B. The auditor examines the system documentation of the new system to verify that the risk has been addressed in the new system, then reports to senior management the closure of the issue.
C. The auditor accepts managements explanation that the previously identified issue is adequately addressed by the new IT system, as management understands the concern and is most knowledgeable about the new system, and closes the outstanding issue.
D. The auditor advises management that replacing the IT system does not dismiss the prior obligation to implement the agreed action plan, and escalates the issue to senior management and the board.

Answer: B

Explanation:
Verification of Controls: The auditor should verify that the new IT system addresses the previously identified risks. This involves reviewing the system documentation and ensuring that the controls in the new system effectively mitigate the risks.
IIA Standard 2500 - Monitoring Progress, which emphasizes the need for auditors to follow up on management's corrective actions.
Reporting: Once the auditor has confirmed that the new system controls address the risks, they can report to senior management and close the outstanding issue, ensuring that all audit recommendations are appropriately resolved.
Other Options:
Accepting Management's Explanation: Without verification (option B) is not appropriate as it may leave risks unmitigated.
Escalating Without Verification: Advising management and escalating (option C) is premature if the new system may already address the issues.
Detailed Process Evaluation: Requiring additional details about the process (option D) may be unnecessary if the auditor can verify the controls directly.

NEW QUESTION # 27
While reviewing the workpapers and draft report from an audit engagement, the chief audit executive (CAE) found that an important compensating control had not been considered adequately by the audit team when it reported a major control weakness. Therefore, the CAE returned the documentation to the auditor in charge for correction. Based on this information, which of the following sections of the workpapers most likely would require changes?
Effect of the control weakness.
Cause of the control weakness.
Conclusion on the control weakness.
Recommendation for the control weakness.

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

Answer: D

Explanation:
The sections of the workpapers most likely to require changes after considering an important compensating control would include the effect of the control weakness, the conclusion on the control weakness, and the recommendation for the control weakness. The effect might be mitigated by the compensating control, leading to a different conclusion and potentially altering the recommendation.
IIA Reference:
IIA Standard 2310: Identifying Information requires that sufficient, reliable, relevant, and useful information must be obtained to support the engagement results. If a compensating control was not adequately considered, the conclusion and recommendations related to the control weakness might need to be revised to reflect a more accurate assessment.
The Practice Guide on Evaluating Internal Controls suggests that all relevant controls, including compensating controls, should be considered when forming conclusions and making recommendations.

NEW QUESTION # 28
When estimating the impact of an inherent risk, which of the following should internal auditors consider?

A. Financial and nonfinancial factors related to the risk
B. The residual risk following implementation of appropriate controls
C. The probability and frequency of occurrence
D. The number of risks identified on the heat map

Answer: A

Explanation:
When estimating the impact of an inherent risk, internal auditors should consider both financial and nonfinancial factors. Financial factors include direct monetary impacts, while nonfinancial factors may include reputational damage, operational disruptions, and compliance issues. Considering a broad range of factors provides a comprehensive understanding of the potential impact of the risk, which is essential for effective risk assessment and management.
References:
* Institute of Internal Auditors (IIA) Standards: Performance Standards 2120: Risk Management
* COSO Enterprise Risk Management (ERM) Framework: Risk Assessment and Risk Response Components

NEW QUESTION # 29
A limitation of using ratio analysis in an audit engagement is that it:

A. Is useful only when comparisons can be made across other industries.
B. Is an expensive method of testing.
C. Often uses financial information provided by management which has not been reviewed for reliability and validity.
D. Requires computer software in order to develop meaningful interpretations of data.

Answer: C

NEW QUESTION # 30
During an audit of a major metropolitan museum, an auditor was unable to locate selected items from the museum's collection. The director of the museum informed the auditor that the upcoming replacement of the museum's inventory tracking system would address the auditor's concerns. What follow-up activity should the auditor propose?

A. Determine whether the items are indeed missing and assess the ability of the new system to remedy the problem.
B. Receive periodic feedback from museum staff regarding the status of the system implementation.
C. Schedule an audit of the museum's security systems to determine if theft is a problem.
D. Monitor the system implementation and schedule a follow-up review once the new system is in place.

Answer: A

NEW QUESTION # 31
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