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To be eligible to take the IIA-CIA-Part2 Exam, candidates must have already passed the IIA-CIA-Part1 exam or be a Certified Internal Auditor (CIA) in good standing. Candidates must also meet the IIA's experience requirements, which vary based on their educational background. For example, candidates with a bachelor's degree need at least 24 months of internal auditing experience, while candidates with a master's degree need only 12 months.
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IIA Practice of Internal Auditing Sample Questions (Q28-Q33):
NEW QUESTION # 28
'Internal policy prohibits employees from entering into contacts with financial obligations without proper approval.
A project manager signed a change to an important service agreement without obtaining the proper approval As a result the organization is receiving $5,000 per month less for its services.'' Which of the following should be added to the observation?
- A. A description of what constitutes proper approval
- B. Details regarding when the change to the agreement was signed
- C. The reason for not following the internal policy
- D. The annual impact of the changed agreement on cash flows
Answer: A
NEW QUESTION # 29
According to MA guidance, which of the following factors should an internal auditor consider when assessing the likelihood of fraud risk1?
- A. The potential and realized financial impacts
- B. Past fraud allegations and actual occurrences
- C. Any potential damage to the organization's relationship with customers.
- D. The effect on the organization's reputation
Answer: B
Explanation:
According to MA (Management Accounting) guidance and internal auditing standards, when assessing the likelihood of fraud risk, internal auditors should consider historical data and patterns within the organization. Past fraud allegations and actual occurrences provide valuable insights into potential vulnerabilities and areas where controls might have previously failed. This historical perspective helps in evaluating the current fraud risk environment and in identifying areas that require stronger controls or more vigilant monitoring.
Reference:
IIA Practice Guide: "Assessing the Risk of Fraud"
COSO (Committee of Sponsoring Organizations of the Treadway Commission) Fraud Risk Management Guide
NEW QUESTION # 30
During an engagement in one of the subsidiaries of an organization, an internal auditor noted the following in the workpapers:
"As a subsidiary of a multinational organization in this particular country, the entity is required to register annually with the respective ministry. However, the subsidiary did not submit the required documentation for registration during the prior year. Failure to comply with internal and external regulations could lead to penalties or fines from the respective authorities. It is recommended that the management of the subsidiary ensures compliance with the relevant legislation. As a recoverable action, management should register the subsidiary in the current year as soon as possible." What part of this narrative represents a condition of the observation made by auditors in the final report?
- A. " ... the entity is required to register annually with the respective ministry."
- B. " ... failure to comply with internal and external regulations might lead to penalties or fines from the respective authorities."
- C. " ... management should register the subsidiary in the current year as soon as possible."
- D. " ... the subsidiary did not submit required documentation for registration in the prior year."
Answer: D
Explanation:
In internal auditing, the "condition" of an observation refers to the specific state or situation that has been identified during the audit. It describes what is actually occurring and provides the factual basis for the observation. In this case, the statement "... the subsidiary did not submit required documentation for registration in the prior year." explicitly describes the observed deficiency, which is the failure to submit the necessary documentation. This condition highlights the exact issue that needs to be addressed by management.
References:
* IIA Practice Guide: "Audit Documentation"
* IIA Standard 2410: "Criteria for Communicating"
NEW QUESTION # 31
A chief audit executive (CAE) is determining which engagements to include on the annual audit plan. She would like to consider the organization's attitude toward risk and the degree of difficulty in achieving objectives. Which of the following resources should the CAE consult?
- A. The corporate risk register.
- B. Internal and external audit reports.
- C. The board's meeting records.
- D. The strategic plan.
Answer: D
NEW QUESTION # 32
Which of the following is not a primary purpose for conducting a walk-through during the initial stages of an assurance engagement?
- A. To determine segregation of duties.
- B. To test the adequacy of controls.
- C. To help develop process maps.
- D. To identify residual risks.
Answer: B
NEW QUESTION # 33
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