Free Preparation Discussions
MENU
IIA-CIA-Part2 Exam Questions
- Topic 1: Determine engagement procedures and prepare the engagement work program/ Establishing a Risk-based Internal Audit Plan
- Topic 2: Prepare workpapers and documentation of relevant information to support conclusions and engagement results/ Determine the level of staff and resources needed for the engagement
- Topic 3: Identify a risk management framework to assess risks and prioritize audit engagements based on the results of a risk assessment/ Communicating and Reporting to Senior Management and the Board
- Topic 4: Complete a detailed risk assessment of each audit area, including evaluating and prioritizing risk and control factors/ Plan the engagement to assure identification of key risks and controls Proficient
- Topic 5: Identify significant risk exposures and control and governance issues/ Interpret the types of consulting engagements
- Topic 6: Describe coordination of internal audit efforts with the external auditor, regulatory oversight bodies/ Determine engagement objectives, evaluation criteria, and the scope of the engagement
- Topic 7: Evaluate the relevance, sufficiency, and reliability of potential sources of evidence/ Develop checklists and risk-and-control questionnaires as part of a preliminary survey of the engagement area
- Topic 8: Identify sources of potential engagements/ Describe policies and procedures for the planning, organizing, directing
- Topic 9: Interpret administrative activities/ Use computerized audit tools and techniques/ Recognize that the chief audit executive communicates the annual audit plan to senior management
Free IIA IIA-CIA-Part2 Exam Actual Questions
Note: Premium Questions for IIA-CIA-Part2 were last updated On Jan. 22, 2025 (see below)
While reviewing the organization's financial year-end processes, an internal auditor discovered an erroneous journal entry. If the error is not addressed, it will result in a material misstatement of the financial records. The internal auditor needs an additional four weeks to complete the audit engagement. How should the auditor communicate this finding?
The correct approach aligns with the International Standards for the Professional Practice of Internal Auditing (Standards), particularly Standard 2400: Communicating Results. The auditor must promptly discuss material errors to prevent ongoing misstatements. Immediate correction ensures timely remediation and reduces the risk of material misstatement persisting in the financial records. Additionally, if the error is resolved before the engagement concludes, it may not necessitate inclusion in the final report, as per the guidance on handling material findings (Practice Advisory 2410-1). This approach also demonstrates collaboration and alignment with management, fostering trust.
An internal auditor selects a sample of paid invoices and matches them to receiving reports. What is the most likely purpose for this procedure?
Matching invoices to receiving reports ensures the organization only pays for goods it has actually received, addressing completeness and accuracy in financial transactions. This procedure aligns with the COSO Internal Control Framework's principles regarding transaction processing and control activities. It mitigates risks of paying for unordered or unreceived goods, a common source of errors and potential fraud in the accounts payable process. The IIA's CIA Part 2 syllabus emphasizes testing of key controls in financial systems, including those preventing overpayments (Section II: Audit Engagements).
Which of the following steps should an internal auditor complete when conducting a review of an electronic data interchange application provided by a third-party service?
Ensure encryption keys meet ISO standards.
Determine whether an independent review of the service provider's operation has been conducted.
Verify that the service provider's contracts include necessary clauses.
Verify that only public-switched data networks are used by the service provider.
When conducting a review of an electronic data interchange (EDI) application provided by a third-party service, it is essential to determine whether an independent review of the service provider's operation has been conducted and to verify that the service provider's contracts include necessary clauses. These steps ensure that the service provider operates securely and meets the organization's requirements for data protection and service reliability.
IIA Reference:
IIA Standard 2100: Nature of Work indicates that internal audit should evaluate the adequacy and effectiveness of controls, including those at third-party service providers. Verifying that an independent review has been conducted and ensuring that contracts contain the necessary clauses are critical steps in assessing these controls.
The Practice Guide on Third-Party Risk Management advises internal auditors to review the service provider's contractual agreements and independent audit reports to assess the adequacy of controls and compliance with standards.
Which of the following internal audit activities is performed in the design evaluation phase?
During audit engagement planning, an internal auditor is determining the best approach for leveraging computer-assisted audit techniques (CAATs). Which of the following approaches maximizes the use of CAATs and why?
- Select Question Types you want
- Set your Desired Pass Percentage
- Allocate Time (Hours : Minutes)
- Create Multiple Practice tests with Limited Questions
- Customer Support
Casandra
1 days agoEleonore
23 days agoLucy
1 months agoDenny
2 months agoDino
2 months agoChantay
2 months agoJaime
3 months agoMichal
3 months agoMerrilee
3 months agoPamella
4 months agoLenna
4 months agoLawanda
4 months agoAvery
4 months agoGail
4 months agoLeota
5 months agoDestiny
5 months agoElza
6 months agoJaime
7 months agoFrankie
7 months ago