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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Objectives
Communicating Results and Monitoring	- Issue tracking and follow-up procedures - Audit report preparation and communication
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
Engagement Execution	- Control testing and documentation - Audit evidence collection and evaluation - Sampling methods and data analysis
Engagement Planning	- Engagement objectives and scope definition - Audit program design - Risk assessment for audit engagements

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IIA Internal Audit Engagement Sample Questions (Q82-Q87):

NEW QUESTION # 82
Which of the following would most likely form part of the engagement scope?

A. Potential legislation on privacy topics will be employed as a compliance target O Wire transfers that exceeded $10,000 in the last 12 months will be analyzed.
B. Both random and judgmental samplings will be used during the engagement
C. The probability of significant errors will be considered via risk assessment.

Answer: B

Explanation:
* Introduction:
* The engagement scope outlines the boundaries of the audit activities, specifying the methods and techniques to be employed during the engagement.
* Scope Definition:
* The scope includes the areas to be reviewed, the nature and extent of testing, and the specific objectives and criteria to be used.
* Options Analysis:
* Option A: Specifying compliance targets is part of planning but too specific for the overall engagement scope.
* Option B: Detailing the use of both random and judgmental samplings defines the methodology clearly, which is appropriate for the engagement scope.
* Option C: Considering the probability of significant errors is part of the risk assessment process, not the scope itself.
* Option D: Analyzing wire transfers is a specific audit test rather than a definition of the engagement scope.
* Conclusion:
* Specifying both random and judgmental samplings as part of the engagement scope provides a clear and comprehensive methodology for the audit, making it the most appropriate choice.
Internal Audit Standards and Practice Guides

NEW QUESTION # 83
An organization is expanding into a new line of business selling natural gas. The internal auditor is planning an engagement and wants to obtain a general understanding of the natural gas market the market share that the organization wants to win, and the competitive advantage that the organization may have. Which of the following would be the best source of such information?

A. Review gas clients' portfolio and compile statistics on sales margins
B. Interview responsible managers and read strategic documents
C. Conduct internet searches on gas sales and analyze market players
D. Analyze the organization's revenues and calculate the proportion of gas

Answer: B

Explanation:
To obtain a general understanding of the natural gas market, the market share the organization wants to win, and the competitive advantage the organization may have, the best source of information is to interview responsible managers and read strategic documents. Managers involved in the new line of business will have insights into the market dynamics, strategic goals, and competitive positioning. Strategic documents will provide detailed plans and objectives, giving a comprehensive understanding of the organization's approach and expectations.
References:
* The Institute of Internal Auditors (IIA) Practice Guide: Business Acumen for Internal Auditors
* IIA Standard 2120 - Risk Management

NEW QUESTION # 84
Recommendations should be included in the audit report in order to:

A. Ensure that audit findings are resolved in the manner suggested by the auditor.
B. Provide management with options for addressing audit findings.
C. Ensure that audit findings are addressed by management.
D. Minimize the amount of time required to correct audit findings.

Answer: B

Explanation:
Section: Volume B

NEW QUESTION # 85
Which of the following statements concerning workpapers is the most accurate?

A. The extent of what is included in workpapers is a matter of professional judgment
B. Copies of operational managements records should not be included, but referenced so that they can be located
C. Workpapers should be complete so that every conceivable question that can be raised should be answered
D. The organization and the format of workpapers is the same for all engagements

Answer: A

Explanation:
The organization and content of workpapers should be based on the professional judgment of the internal auditor. Workpapers should provide sufficient detail to support the audit findings and conclusions but do not need to answer every conceivable question. Standard 2330 - Documenting Information states that internal auditors must document relevant information to support the conclusions and engagement results. This allows for flexibility and professional judgment in determining what is necessary and appropriate to include.
References:
* Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2330 - Documenting Information.

NEW QUESTION # 86
According to the Standards, which of the following is applicable to the internal audit activity's quality assurance and improvement program?

A. An external assessment should be obtained every three years.
B. The review of assurance services should be the primary focus.
C. Periodic monitoring of the internal audit activity should be done.
D. All aspects of the internal audit activity should be evaluated.

Answer: D

NEW QUESTION # 87
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