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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q763-Q768):

NEW QUESTION # 763
An internal auditor discovered a control weakness that needs to be communicated to management. Which of the following is the best method for first communicating the weakness?

A. Draft report, to be reviewed by management just prior to final report issuance.
B. Preliminary observation document, discussed during the engagement.
C. Final report, after review by audit management.
D. Verbal communication during the engagement, followed by the final report issuance.

Answer: D

Explanation:
* A. Draft report:Delays action on the weakness, which could be addressed sooner.
* B. Preliminary observation document:While helpful, this is not as immediate as verbal communication.
* C. Final report:Waiting until the final report would unnecessarily delay corrective action.
* D. Verbal communication during the engagement, followed by the final report issuance:Correct.
Verbal communication allows immediate management action, with documentation to follow.
CIA Exam Syllabus Reference:
Domain V: Performing Internal Audit Services - Effective Communication of Findings.

NEW QUESTION # 764
A toy manufacturer receives certain components from an overseas supplier and uses them to assemble final products Recently quality reviews have identified numerous issues regarding the components' compliance with mandatory quality standards. Which type of engagement would be most appropriate to assess the root causes of the quality issues?

A. An operational audit
B. A fraud investigation
C. A risk assessment
D. A third-party audit

Answer: A

Explanation:
An operational audit would be the most appropriate type of engagement to assess the root causes of the quality issues with components received from an overseas supplier. Operational audits focus on the efficiency and effectiveness of operations, and in this context, would involve examining the processes related to the procurement, inspection, and quality control of components to identify the underlying causes of the quality problems.
References:
* IIA Standards: 2210 - Engagement Objectives
* IIA Practice Guide: Auditing the Quality Process

NEW QUESTION # 765
According to IIA guidance, which of the following is true regarding audit supervision?
1.Supervision should be performed throughout the planning, examination, evaluation, communication, and follow-up stages of the audit engagement.
2.Supervision should extend to training, time reporting, and expense control, as well as administrative matters.
3.Supervision should include review of engagement workpapers, with documented evidence of the review.

A. 1 and 2 only
B. 2 and 3 only
C. 1 and 3 only
D. 1, 2, and 3

Answer: D

NEW QUESTION # 766
Which of the following internal control attributes should internal auditors consider testing during a review of the board of directors?

A. The articulated internal control objectives of the organization
B. The organization's employee recruiting and retention policies
C. The presence of an independent critical mass
D. The established philosophy and operating style of senior management

Answer: C

Explanation:
When reviewing the board of directors, internal auditors should consider testing the presence of an independent critical mass. This refers to the existence of a sufficient number of independent directors who can provide unbiased judgment and oversight. Independence is a cornerstone of effective governance, ensuring that decisions are made in the best interest of the organization without undue influence from management.
This attribute is crucial for maintaining the integrity and objectivity of the board's decisions and actions.
IIA's Practice Guide on Assessing Organizational Governance.

NEW QUESTION # 767
A corporate merger decision prompts the chief audit executive (CAE) lo propose interim changes to the existing annual audit plan to account for emerging risks Which of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan''

A. Communicate with the CEO and present the revised audit plan to the board for approval.
B. Communicate with the chief financial officer and present the revised audit plan to the CEO tor approval
C. Present the revised audit plan directly to the board for approval.
D. Present the revised audit plan directly to the CEO for approval

Answer: A

Explanation:
When proposing interim changes to the annual audit plan due to emerging risks, the most appropriate action for the CAE is to communicate with the CEO and present the revised audit plan to the board for approval.
This ensures that senior management is informed and supportive of the changes, and that the board, which holds the ultimate oversight responsibility, formally approves the revised plan. References:
* The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2020 - Communication and Approval.
* The IIA's Practice Guide on Engagement Planning.

NEW QUESTION # 768
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