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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Weight	Objectives
Managing the Internal Audit Activity	20%	- Risk-based audit planning and alignment with organizational strategy - Strategic role of internal audit within governance, risk management, and control - Knowledge management and information sharing across the internal audit activity - Managing financial, human, and IT resources within the internal audit function - Internal audit operations: planning, organizing, directing, and monitoring - Coordination with external auditors and other internal assurance providers
Planning the Engagement	20%	- Engagement objectives, scope, and resource allocation - Detailed engagement work program development - Understanding business processes, IT systems, and relevant regulations - Coordination with stakeholders during engagement planning - Engagement planning procedures including data analytics and sampling - Risk and control identification and assessment for the engagement
Performing the Engagement	40%	- Assessing IT governance, security, and control frameworks - Assessing the adequacy and effectiveness of risk management and controls - Drawing conclusions and formulating recommendations - Information gathering: interviews, observation, document review, and data analysis - Evaluation of fraud risk and fraud-related indicators during engagements - Applying analytical approaches and process mapping techniques - Development of engagement findings: criteria, condition, cause, and effect - Assessing compliance with laws, regulations, and organizational policies - Root cause analysis and evaluation of evidence - Use of technology tools to support engagement execution (e.g., CAATs, data analytics)
Communicating Engagement Results and Monitoring Progress	20%	- Management response and action plan tracking - Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Reporting on the adequacy of management's corrective actions - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely - Disseminating final results to appropriate stakeholders - Monitoring and follow-up on the resolution of engagement findings - Developing recommendations vs. requesting management action plans vs. collaborative approaches

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IIA Internal Audit Engagement Sample Questions (Q705-Q710):

NEW QUESTION # 705
What is the primary objective of an engagement supervisor's review of key activities performed during the engagement?

A. To ensure that management has provided suitable responses to all observations
B. To ensure that the engagement is completed on time and within budget
C. To ensure that all work performed meets acceptable quality standards
D. To ensure that management is satisfied with the progress of the engagement

Answer: B

NEW QUESTION # 706
A code of business conduct provides:

A. A fraud avoidance plan that does not explicitly describe punishments for violations.
B. A passive method of fraud deterrence.
C. A program to anonymously report irregularities to authorities.
D. An alternative to "tone at the top" programs.

Answer: B

NEW QUESTION # 707
A manufacturing process could create hazardous waste at several production stages, from raw materials handling to finished goods storage. If the objective of a pollution prevention audit engagement is to identify opportunities for minimizing waste, in what order should the following opportunities be considered?
I. Recycling and reuse.
II. Elimination at the source.
III. Energy conservation.
IV. Recovery as a usable product Treatment.

A. IV, II, I, III, V.
B. I, III, IV, II, V.
C. V, II, IV, I, III.
D. III, IV, II, V, I.

Answer: A

Explanation:
Section: Volume A

NEW QUESTION # 708
Which of the following situations is most critical for the chief audit executive to report to the board?

A. The chief audit executive disagreed with the business unit manager's initial decision to accept a particular risk Management ultimately agreed to address the risk only after discussing the issue with senior management.
B. A staff internal auditor had difficulties completing a portion of the audit because management of the area under review was unwilling to cooperate and provide information timely.
C. The resignation of an internal audit manager during the year caused the chief audit executive to defer a number of audit engagements to the following year.
D. The internal audit activity was restructured, which resulted in a significant change in responsibilities among audit managers and supervisors for some audits

Answer: A

Explanation:
The most critical situation for the chief audit executive (CAE) to report to the board is the disagreement with the business unit manager's initial decision to accept a particular risk, which was only addressed after discussion with senior management. This situation is critical because it involves a risk that was initially accepted without proper mitigation, which could have significant implications for the organization. Reporting this to the board ensures that they are aware of potential disagreements regarding risk acceptance and management's approach to risk mitigation.
Reference:
IIA Standards: 2060 - Reporting to Senior Management and the Board
IIA Practice Guide: Reporting to the Board and Senior Management

NEW QUESTION # 709
Which of the following is one of the five attributes that internal auditors include when documenting a deficiency?

A. The proposed follow-up engagement work to be performed
B. The scope of work performed during the engagement
C. The criteria used to make the evaluation
D. The methodology used to analyze data

Answer: C

Explanation:
One of the five attributes that internal auditors include when documenting a deficiency is the criteria used to make the evaluation. The criteria represent the standards, measures, or expectations used in the evaluation process. Documenting the criteria is essential as it provides a benchmark against which the actual conditions can be compared, thereby helping to identify and explain deficiencies in controls or processes.
Reference:
The Institute of Internal Auditors (IIA) Standard 2410 - Criteria for Communicating: "Final communication of engagement results must, where appropriate, contain the internal auditors' overall opinion and/or conclusions, as well as the criteria used for evaluation." IIA Practice Guide on "Documenting Internal Audit Observations"

NEW QUESTION # 710
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