Free PDF Quiz IIA - IIA-CIA-Part2 - Authoritative Internal Audit Engagement Reliable Exam Dumps

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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Objectives
Topic 1: Engagement Planning	- Engagement objectives and scope definition - Risk assessment for audit engagements - Audit program design
Topic 2: Communicating Results and Monitoring	- Audit report preparation and communication - Issue tracking and follow-up procedures
Topic 3: Engagement Execution	- Control testing and documentation - Audit evidence collection and evaluation - Sampling methods and data analysis
Topic 4: Managing the Internal Audit Function	- Internal audit role in governance, risk, and control - Quality assurance and improvement program (QAIP) - Audit plan development and resource management

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IIA Internal Audit Engagement Sample Questions (Q187-Q192):

NEW QUESTION # 187
During an internal audit engagement, which of the following is true regarding the decision to use statistical sampling or nonstatistical sampling?

A. The competence of the evidence obtained is greater with statistical sampling.
B. The auditor ' s response to errors detected will be influenced.
C. Nonstatistical sampling may be more cost effective.
D. The decision affects the test procedures performed.

Answer: D

Explanation:
A). The decision affects the test procedures performed:Correct. The choice between statistical and nonstatistical sampling affects the design of the sample selection, execution of audit procedures, and the nature of conclusions drawn. Statistical sampling involves probabilistic techniques that influence sample size and evaluation, whereas nonstatistical sampling relies on auditor judgment.
B). The auditor ' s response to errors detected will be influenced:While error response is critical, it is influenced more by the nature and materiality of the errors than by the sampling approach.
C). The competence of the evidence obtained is greater with statistical sampling:This is incorrect because the competence of evidence depends on the procedure itself, not the sampling method used. Both methods can yield competent evidence if applied correctly.
D). Nonstatistical sampling may be more cost effective:While this can sometimes be true, it is context- dependent and not universally applicable, so it is not the best answer.
CIA Exam Syllabus Reference:
Domain II: Risk Management and Control - Sampling Techniques and Audit Evidence.

NEW QUESTION # 188
While performing fieldwork for an assurance engagement, a member of the internal audit team identified a key control that was not identified during the planning phase of the engagement Which of the following actions by the internal auditor would be most appropriate?

A. Discuss the control with management of the area under review and seek their approval prior to including the control in the current audit engagement
B. Proceed with the current audit work program because the engagement scope has already been finalized but plan to address the newly identified control as part of the follow up engagement
C. Promptly adjust the audit work program to include tests that address the newly identified control and notify the other audit team members of the change
D. Adjust the audit work program to account for the new control, but only with approval from the engagement supervisor

Answer: D

Explanation:
When a key control is identified during fieldwork that was not recognized during the planning phase, it is critical to update the audit work program to include tests for this newly identified control. However, this adjustment should be made with the approval of the engagement supervisor. This ensures that the changes are properly documented and that the scope and objectives of the engagement remain aligned with the overall audit plan. Additionally, obtaining approval from the engagement supervisor maintains the integrity and oversight of the audit process.
Reference:
The Institute of Internal Auditors (IIA) Standard 2240 - Engagement Work Program: "Internal auditors must develop and document work programs that achieve the engagement objectives." IIA Practice Guide on "Engagement Planning"

NEW QUESTION # 189
Which of the following is the best option for the chief audit executive to consider for effective coordination of assurance coverage?

A. Prepare a risk likelihood and impact heal map to prioritize assurance coverage coordination.
B. Rely on the risk and control and management testing information maintained for compliance with the regulatory framework
C. Create an assurance map to illustrate each provider's level of assurance and planned activities for each area of the organization
D. LIMIT ricks inventory to identify the risks and controls in place and the relevant control owners.

Answer: C

Explanation:
For effective coordination of assurance coverage, the chief audit executive (CAE) should consider creating an assurance map. An assurance map provides a visual representation of the assurance activities across the organization, showing who is providing assurance, the areas covered, and the level of assurance provided. This helps to identify gaps and overlaps in assurance coverage, enabling better coordination and optimization of resources. This approach is recommended by best practices in internal auditing as it aligns assurance activities with organizational risk and ensures comprehensive coverage.
References:
* The Institute of Internal Auditors (IIA) Practice Guide: Coordinating Risk Management and Assurance.
* IIA Standard 2050 - Coordination and Reliance

NEW QUESTION # 190
In order to effectively elicit sensitive information from an employee during an audit engagement, an auditor should:

A. Point out that management has given the auditor full authority to conduct this interview.
B. Explain that the auditor's reputation for integrity, which is vital to the auditor's business success, would be seriously damaged if confidentiality were breached.
C. Put sensitive questions at the beginning of a questionnaire to ensure that they are answered.
D. Tell the employee a piece of information obtained from a coworker in a previous interview.

Answer: B

Explanation:
Section: Volume A

NEW QUESTION # 191
Which of the following is an effective way for an internal auditor to improve communications with the client during a contentious audit?

A. Clearly explain to the client the role of the internal audit activity in the change process.
B. Encourage the client to participate as a partner in the decision-making process to determine the changes that need to be made.
C. Speak privately with key client personnel immediately after proposed changes are announced to address their concerns.
D. Obtain the support of the board of directors for proposed changes before discussing the changes with operating management.

Answer: B

Explanation:
Section: Volume C

NEW QUESTION # 192
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