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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q451-Q456):

NEW QUESTION # 451
An audit of a company's accounts payable found that the individuals responsible for maintaining the vendor master file could also enter vendor invoices into the accounts payable system. During the exit conference, management agreed to correct this problem. When performing a follow-up engagement of accounts payable, the auditor should expect to find that management has:

Answer: B


NEW QUESTION # 452
An organization has a large number of vendors supplying goods to its various branches across the region.
The code of conduct statements signed by the employees specify that the employees or their families will not sell goods to the organization. However, during the internal audit of a branch, the internal auditor suspected that some of the employees may be supplying goods to the organization contrary to the code of conduct. The chief audit executive has requested that a thorough review be completed to identify the potential employee vendors. Of the following tests, it would be least useful to compare [List A] with [List B].
[List A]
[List B]

Answer: B


NEW QUESTION # 453
The chief audit executive (CAF) determined that the residual risk identified in an assurance engagement is acceptable. When should this be communicated to senior management?

Answer: B

Explanation:
The chief audit executive (CAE) has the responsibility to communicate audit results, including residual risks, to senior management. According to IIA Standard 2410 - Criteria for Communicating, the CAE should communicate the engagement's objectives, scope, conclusions, recommendations, and action plans. Residual risk, being a part of the audit outcome, should be reported at the same time as the audit results to ensure that senior management is fully informed of all aspects of the engagement. This allows senior management to understand the remaining risks after control measures have been applied.
Reference:
The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2410 - Criteria for Communicating


NEW QUESTION # 454
A senior IT auditor is performing an audit of inventory valuation. The auditor misinterprets the sampling results. Which of the following best describes this situation?

Answer: A

Explanation:
Nonsampling risk refers to the risk that the auditor reaches an incorrect conclusion due to errors not related to the sample itself but to other factors such as misinterpretation of data, incorrect application of procedures, or human error.
Detailed Explanation:
IIA Practice Advisory 2320-3:
This advisory explains that nonsampling risk occurs when an auditor misinterprets results or applies the wrong audit procedure. It differs from sampling risk, which is the risk that a sample is not representative of the population.
Misinterpretation of Sampling Results:
In this case, the senior IT auditor misinterprets the sampling results during the audit of inventory valuation. This is a classic example of nonsampling risk, where the error is due to the auditor's misunderstanding or misapplication of the data, rather than an issue with the sampling process itself.
IIA Standard 2320 - Analysis and Evaluation:
This standard requires that auditors apply sufficient care and skill in analyzing and interpreting audit evidence. Nonsampling risk can occur if this standard is not met, resulting in incorrect conclusions.
Why Not Other Options?
Option A (Sampling risk): This refers to the risk that the sample does not accurately represent the population, which is not the issue here.
Option B (Control risk): This refers to the risk that a control will fail to prevent or detect errors or fraud, unrelated to this situation.
Option D (Residual risk): This refers to the risk that remains after controls are implemented, also unrelated to this scenario.
Conclusion: Option C is correct as it accurately describes the situation where the auditor misinterprets the sampling results, which is a form of nonsampling risk, according to IIA guidance.


NEW QUESTION # 455
An internal auditor for a regional bank suspects that the head of commercial lending has been granting loans without the required collateral Which of the following sampling techniques will be most effective for investigating the auditor's suspicion?

Answer: C

Explanation:
Discovery sampling is most effective for investigating the auditor's suspicion that the head of commercial lending has been granting loans without the required collateral. This sampling technique is designed to detect at least one occurrence of a specific characteristic (in this case, loans without collateral) within a population.
It is particularly useful for identifying fraud or non-compliance with specific policies and procedures.
Discovery sampling focuses on finding exceptions, making it suitable for the auditor's investigation into potential misconduct.
The IIA's Global Technology Audit Guide (GTAG) and The IIA's International Standards for the Professional Practice of Internal Auditing.


NEW QUESTION # 456
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