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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q302-Q307):

NEW QUESTION # 302
The chief audit executive was asked to define me internal audit activity s key performance indicators (KPIs) tor the upcoming year. The KPIs must measure efficiency and effectiveness. Which of the following is an example of a KPI that measures effectiveness?

A. There is a significant reduction of travel costs per project over the next fiscal year
B. Internal auditors identify a minimum number of issues and provide recommendations to address them for each audit
C. Post engagement surveys completed by management indicate a "meets or exceeds expectations" idling
D. Internal audit reports are consistently submitted prior to the audit report deadline

Answer: C

Explanation:
A key performance indicator (KPI) that measures effectiveness reflects how well the internal audit activity achieves its objectives and meets stakeholder expectations. Post-engagement surveys completed by management, indicating a "meets or exceeds expectations" rating, directly measure the perceived value and impact of the audit work. This KPI shows whether the internal audit function is providing useful insights, recommendations, and assurance that align with management's needs and expectations, thus demonstrating the effectiveness of the audit activity.
Reference:
Institute of Internal Auditors (IIA), Practice Guide - Measuring Internal Audit Effectiveness and Efficiency.

NEW QUESTION # 303
Which of the following contributes to the reliability of information collected for an audit engagement?

A. The information is useful to help the organization meet its goals
B. The information is gathered from a system where the controls are operating effectively
C. The information is consistent with the objectives for the engagement
D. The information is obtained directly from an experienced manager in writing

Answer: B

Explanation:
Comprehensive and Detailed Explanation:
Per IIA Standard 2310 - Identifying Information, audit evidence must be sufficient, reliable, relevant, and useful. Reliability depends on the source and control environment. Information obtained from a system with effective controls (A) is more reliable, since the system processes and safeguards ensure accuracy and integrity. A written statement from a manager (B) may be relevant but is subjective. Consistency with objectives (C) and usefulness to organizational goals (D) reflect relevance and utility, not reliability.
Therefore, the strongest factor contributing to reliability is that data comes from a system with strong internal controls (A).

NEW QUESTION # 304
In order to obtain background information on an assigned audit of data center operations an internal auditor administers control questionnaires to select individuals who have primary responsibilities within the process. Which of the following is a drawback of this approach?

A. Information on control functionality is limited
B. This approach does not help the auditor learn about the existence of controls
C. It will be difficult to quantify the information obtained through this approach
D. It takes the auditor a long time to assess the relevant controls using this approach

Answer: C

NEW QUESTION # 305
Which of the following scenarios is an example of appropriate engagement supervision?

A. The engagement supervisor and a team member meet regularly to discuss engagement progress.
B. An engagement supervisor provides equal supervision to junior auditors and senior auditors.
C. An engagement supervisor uses internal audit software.
D. The chief audit executive personally supervises each engagement.

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Per Standard 2340 - Engagement Supervision, supervision ensures objectives are achieved, quality is maintained, and staff are developed. Regular discussions between supervisors and team members (D) represent proper, ongoing supervision. Options A, B, and C are either impractical or irrelevant.

NEW QUESTION # 306
An internal auditor for a financial institution has just completed an audit of loan processing. Of the 81 loans approved by the loan committee, the auditor found seven loans which exceeded the approved amount. Which of the following actions would be inappropriate on the part of the auditor?

A. Examine the seven loans to determine if there is a pattern. Summarize amounts and include in the engagement final communication.
B. Report the amounts to the loan committee and leave it up to them to correct. Take no further follow-up action at this time and do not include the items in the engagement final communication.
C. Determine the amount of the differences and make an assessment as to whether the dollar differences are material. If the amounts are not material, not in violation of government regulations, and can be rationally explained, omit the observation from the engagement final communication.
D. Follow up with the appropriate vice president and include the vice president's acknowledgment of the situation in the engagement final communication.

Answer: B

NEW QUESTION # 307
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