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IIA IIA-CIA-Part2 Exam Syllabus Topics:

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

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IIA Internal Audit Engagement Sample Questions (Q422-Q427):

NEW QUESTION # 422
Which of the following is a red flag associated with improper asset valuation?

A. Recurring positive cash flows from operations.
B. Unusual increase in gross margin.
C. Unusual decrease in the number of days' purchases in inventory.
D. Allowance for bad debts that is increasing in percentage terms.

Answer: B

NEW QUESTION # 423
According to the International Professional Practices Framework, which of the following situations is an indicator of a healthy relationship between the audit committee and the internal audit function?

A. The CAE sends the audit committee all communications between the internal audit department and the audit client in order to keep the audit committee up to date on the engagement.
B. Whenever a potential audit finding or testing exception is first identified, the audit committee is immediately notified, as well as for any subsequent changes in the status of the engagement.
C. The CAE does not distribute audit reports to the audit committee. However, the audit committee is made aware of the scope and findings of audits performed.
D. The chief audit executive (CAE) has direct access to the audit committee and the board but typically does not interact directly with them unless a material weakness in the control environment is identified.

Answer: C

Explanation:
Section: Volume D

NEW QUESTION # 424
Which is the most appropriate evaluation criterion regarding the quality of audit engagement workpapers?

A. Every workpaper should include a conclusion regarding the likelihood of fraud.
B. Every workpaper should provide reasonable evidence of work conducted.
C. Every workpaper should result in appropriately worded audit findings.
D. Every workpaper should be approved by the engagement client.

Answer: B

Explanation:
Per Standard 2330 - Documenting Information, workpapers must contain sufficient, reliable, relevant, and useful information to provide evidence of work performed and support conclusions. They do not all need to result in findings, fraud conclusions, or client approval. The correct criterion is reasonable evidence of work conducted (Option A).

NEW QUESTION # 425
Which of the following situations is most critical for the chief audit executive to report to the board?

A. The resignation of an internal audit manager during the year caused the chief audit executive to defer a number of audit engagements to the following year.
B. A staff internal auditor had difficulties completing a portion of the audit because management of the area under review was unwilling to cooperate and provide information timely.
C. The chief audit executive disagreed with the business unit manager's initial decision to accept a particular risk Management ultimately agreed to address the risk only after discussing the issue with senior management.
D. The internal audit activity was restructured, which resulted in a significant change in responsibilities among audit managers and supervisors for some audits

Answer: C

Explanation:
The most critical situation for the chief audit executive (CAE) to report to the board is the disagreement with the business unit manager's initial decision to accept a particular risk, which was only addressed after discussion with senior management. This situation is critical because it involves a risk that was initially accepted without proper mitigation, which could have significant implications for the organization. Reporting this to the board ensures that they are aware of potential disagreements regarding risk acceptance and management's approach to risk mitigation.
:
IIA Standards: 2060 - Reporting to Senior Management and the Board
IIA Practice Guide: Reporting to the Board and Senior Management

NEW QUESTION # 426
Which of the following would most likely prompt special notification from the chief audit executive to same management?

A. The controls that management performed to confirm compliance with health and safety standards were not systematically documented
B. Operational management has decried to weigh an audit issue against the organization ' s risk tolerance
C. Occurrences of asset misappropriation have been identified as a result of an ineffective operational control design
D. A controls inaccurate operation has materially impacted the accuracy of the poor year ' s financial statements

Answer: D

Explanation:
A material impact on the accuracy of the prior year ' s financial statements due to the inaccurate operation of controls is a significant issue that would likely prompt special notification from the chief audit executive (CAE) to senior management. This is because such an issue can have substantial implications for the organization ' s financial reporting, stakeholder trust, and compliance with regulatory requirements.
Immediate notification ensures that senior management can take timely corrective action to address and remediate the issue.
References:
The Institute of Internal Auditors (IIA) Standards
Internal Audit Guidelines on Material Misstatements and Communication

NEW QUESTION # 427
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