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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q676-Q681):

NEW QUESTION # 676
During the planning phase of an assurance engagement, an internal auditor seeks to gam an understanding of now when the area under review is accomplishing its objectives When of the Following information-gathering techniques is the auditor most likely to use?

A. An interview with the manager regarding the area's business plan.
B. A review of previous audit and follow- up results of the area under review
C. A review of the key performance indicators of me area under review.
D. A walkthrough of the key processes of the area under review.

Answer: D

NEW QUESTION # 677
Which of the following types of resources is the most important and challenging to identify and allocate in order to perform an audit engagement?

A. Monetary budget.
B. External resources.
C. Human resources.
D. IT resources.

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Per Standard 2030 - Resource Management, the CAE must ensure appropriate resources are available for engagements. While budgets and IT tools matter, the most critical and challenging resource to allocate is qualified human resources. Skilled auditors with appropriate expertise are essential to meet objectives, and talent shortages often make this the hardest resource to secure.

NEW QUESTION # 678
According to IIA guidance, which of the following statements is true regarding engagement planning?

A. For both assurance and consulting engagements, planning typically occurs after the engagement objectives and scope have already been determined.
B. Internal auditors may not need to complete a preliminary risk assessment for a consulting engagement as they would when planning an assurance engagement.
C. For both consulting and assurance engagements, internal auditors usually form the engagement objectives prior to completing the preliminary risk assessment.
D. The expectations and objectives of an assurance engagement are usually determined by, or in conjunction with, the engagement client.

Answer: B

Explanation:
According to IIA guidance, internal auditors are typically required to conduct a preliminary risk assessment when planning an assurance engagement to identify key areas of focus. However, for consulting engagements, the need for a preliminary risk assessment is not as stringent, as these engagements are often more flexible and driven by the specific needs of the client. Consulting engagements may not follow the same structured approach as assurance engagements, and the scope may evolve based on the client's requirements.
IIA References:
* IIA Standard 2201: Planning Considerations requires internal auditors to consider significant risks when planning engagements. However, this standard is more rigidly applied to assurance engagements.
* The Practice Advisory 2201-2: Consulting Engagements notes that consulting engagements might not require the same level of preliminary risk assessment, depending on the nature of the engagement and the needs of the client.

NEW QUESTION # 679
In which of the following situations would an internal control questionnaire best suit the internal auditor ' s purpose?

A. The auditor wants to gain assurance that inventory counts are conducted in accordance with established procedures.
B. The auditor wants to assess whether different subsidiaries apply centrally established procurement rules in the same manner.
C. The auditor wants to obtain information on whether adherence to approval matrices is actually taking place in different maintenance units.
D. The auditor wants to receive mid-level management insight on how to improve hiring practices.

Answer: B

Explanation:
An internal control questionnaire (ICQ) is best used to assess whether different subsidiaries apply centrally established procurement rules in the same manner because it helps gather structured responses from different units regarding their compliance with established policies.
* Receiving mid-level management insight on hiring practices (A) is better suited for interviews or surveys.
* Verifying adherence to approval matrices (B) requires observation and transactional testing rather than a questionnaire.
* Gaining assurance on inventory counts (C) would involve direct observation and reconciliation rather than an ICQ.
Reference:IIA's Practice Guide: Internal Audit and Fraud Risk Management - Use of Questionnaires in Control Assessments.

NEW QUESTION # 680
As part of an operational audit, an auditor compared records of current inventory with usage during the prior two-year period and determined that the spare parts inventory was excessive. What step should the auditor perform first?

A. Determine whether purchases were properly recorded.
B. Determine the effects of a stock-out on the organization's profitability.
C. Determine who approved the purchase orders for the spare parts.
D. Determine whether a clear policy exists for setting inventory limits.

Answer: D

Explanation:
Section: Volume B

NEW QUESTION # 681
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