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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Engagement Supervision and Communication	10%	- Formulate recommendations and action plans - Monitor and follow up on engagement outcomes - Develop and communicate engagement observations and conclusions - Supervise engagement activities and review workpapers - Coordinate with stakeholders and resolve issues
Topic 2: Information Gathering, Analysis and Evaluation	40%	- Assess compliance with policies, standards, and requirements - Gather and verify relevant information and evidence - Use technology and audit tools effectively - Evaluate controls, risks, and process effectiveness - Apply analytical procedures and data analysis techniques
Topic 3: Engagement Planning	50%	- Identify and assess risks relevant to the engagement - Develop engagement work program - Consider fraud risks and applicable laws/regulations - Establish engagement criteria and resource requirements - Determine engagement objectives and scope

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IIA Internal Audit Engagement Sample Questions (Q410-Q415):

NEW QUESTION # 410
During a payroll audit of a large organization, an internal auditor noted that the assistant personnel director is responsible for many aspects of the computerized payroll system, including adding new employees in the system; entering direct-deposit information for employees; approving and entering all payroll changes; and providing training for system users. After discussions with the director of personnel, the auditor concluded that the director was not comfortable dealing with information technology issues and felt obliged to support all actions taken by the assistant director. The auditor should:

A. Test a sample of payroll changes to ensure that they were approved by the assistant director before being processed.
B. Recommend to the chief audit executive that a fraud investigation be started.
C. Review the engagement program to ensure testing of direct deposits to employee bank accounts is adequately covered.
D. Continue to follow the engagement program because the engagement scope and objectives have already been discussed with management.

Answer: C

NEW QUESTION # 411
According to IIA guidance, which of the following statements best justifies a chief audit executive's request for external consultants to complement internal audit activity (IAA) resources?

A. Previous work provided by the external service provider has been of great quality and value.
B. There has been an increase in unanticipated requests for advisory work.
C. The organization's audit universe is extensive and diverse.
D. A recent benchmarking study found that using external service providers is a common practice of similarly-sized IAAs in other organizations.

Answer: C

Explanation:
According to IIA guidance, a chief audit executive (CAE) may request external consultants to complement internal audit activity (IAA) resources when the audit universe is extensive and diverse. This justifies the need for additional expertise and resources that the internal team may not possess, ensuring comprehensive coverage and effective audit processes. External consultants can bring specialized skills and knowledge, enhancing the internal audit activity's ability to address a broad range of risks and issues within the organization. Reference: IIA Standard 1210 - Proficiency, IIA Practice Advisory 1210.A1-1

NEW QUESTION # 412
The internal audit activity (IAA) wants to measure its performance related to the quality of audit recommendations. Which of the following client survey questions would best help the IAA meet this objective?

A. Were the findings reported in a timely manner?
B. Were audit findings relevant and useful to management?
C. Does the IAA work with a high degree of professionalism and objectivity?
D. Does the audit report format present issues clearly and concisely?

Answer: B

NEW QUESTION # 413
Senior management is challenging regulatory fines that were assessed to the organization due to questionable business practices. Their actions and the fines could have an adverse effect on the organization's ability to continue business. How would the chief audit executive respond?

A. Inform the regulatory agency about senior management's action and seek guidance.
B. Proceed with a consulting engagement to benchmark similar organizations' business practices in the region.
C. Assume responsibility for quantifying and minimizing the residual risks to the organization.
D. Assess the level of financial risks that may affect the organization's stability.

Answer: D

Explanation:
When senior management is challenging regulatory fines that could adversely affect the organization's ability to continue business, the chief audit executive (CAE) should assess the level of financial risks that may affect the organization's stability. This approach allows the CAE to evaluate the potential impact of the fines on the organization's financial health and ensure that appropriate risk management strategies are in place.
IIA References:
* IIA Standard 2120: Risk Management requires internal auditors to evaluate the effectiveness and contribute to the improvement of risk management processes. In this scenario, assessing the financial risks helps ensure that the organization is adequately prepared to address the consequences of the fines.
* The Practice Guide on Risk Management suggests that when facing significant risks, such as regulatory fines, the internal audit activity should assess the potential impact on the organization's financial stability and provide insights for management to consider in their decision-making process.

NEW QUESTION # 414
An internal auditor suspects that employee turnover is unusually high at the organization's primary manufacturing plant To investigate this potential issue which of the following analytical approaches is the auditor likely to use?

A. Cost-benefit analysis.
B. Ratio analysis
C. Vertical analysis
D. Benchmarking

Answer: D

NEW QUESTION # 415
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