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The IIA IIA-CIA-Part2 exam is administered by the Institute of Internal Auditors (IIA), a global professional organization that is dedicated to advancing the internal audit profession. The IIA has been providing certification programs and training for internal auditors for over 70 years, and the IIA-CIA-Part2 exam is one of its most popular certification exams.

The Practice of Internal Auditing exam, IIA-CIA-Part2, is the second part of the three-part CIA certification program. IIA-CIA-Part2 Exam covers topics such as internal audit governance, risk management, fraud risks, and controls, and the internal audit process. IIA-CIA-Part2 exam is designed to assess the candidate's ability to apply the principles of internal auditing to real-world scenarios.

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IIA-CIA-Part2 (Practice of Internal Auditing) Exam is a certification offered by the Institute of Internal Auditors (IIA) to professionals who are looking to advance their careers in internal auditing. Practice of Internal Auditing certification is designed to assess the knowledge, skills, and abilities of candidates in the areas of internal audit practice, risk management, governance, and control.

IIA Practice of Internal Auditing Sample Questions (Q46-Q51):

NEW QUESTION # 46
The chief audit executive (CAE) of an organization has established an internal audit activity (IAA) quality assessment program. According to IIA guidance, which of the following would be part of this program?

A. Assessment of the IAA conducted independently of client feedback, and the review of individual audits to determine the quality and timeliness of supervision.
B. Compliance with a checklist of required audit procedures, and identified areas of improvement reviewed at the end of the year.
C. Assessment of the IAA conducted independently of client feedback, and identified areas of improvement reviewed at the end of the year.
D. Compliance with a checklist of required audit procedures, and review of individual audits to determine the quality and timeliness of supervision.

Answer: D

Explanation:
Section: Volume C
Explanation/Reference:

NEW QUESTION # 47
Some lime after the final audit report was issued, the engagement supervisor teamed that several internal control deficiencies were not remedied, despite management's previous agreement to remedy them According to IIA guidance, which of the following is the most appropriate response'5

A. The engagement supervisor should rely on professional judgment as to whether the CAE should be informed, or the management action plan should be adjusted
B. The engagement supervisor should rely on his negotiation skills and issue an ultimatum to management to remedy the control deficiencies
C. The engagement supervisor must notify the chief audit executive (CAE) that the deficiencies have not been rectified
D. Ensure that these deficiencies are captured in the documentation as high-priority areas to be reviewed during the next audit.

Answer: C

Explanation:
According to the International Standards for the Professional Practice of Internal Auditing, the CAE must be kept informed of significant issues and deficiencies that are not addressed by management. Standard 2600 - Communicating the Acceptance of Risks requires the CAE to report any situation where management has accepted a level of risk that may be unacceptable to the organization. If the engagement supervisor learns that agreed-upon remedial actions have not been implemented, the CAE needs to be notified to determine further steps, ensuring that risks are managed appropriately and in alignment with the organization's risk tolerance.
This response aligns with the internal audit function's responsibility to follow up on management's corrective actions.References: The IIA's International Standards for the Professional Practice of Internal Auditing, Standard 2600 - Communicating the Acceptance of Risks.

NEW QUESTION # 48
When reviewing workpapers, engagement supervisors may ask for additional evidence or clarification via review notes. According to IIA guidance, which of the following statements is true regarding the engagement supervisor's review notes?

A. The chief audit executive must initial or sign the engagement supervisor's review notes to provide evidence of appropriate engagement supervision.
B. Review notes provide documented proof that the engagement is supervised properly and must be retained for the quality assurance and improvement program.
C. The review notes may be cleared from the final documentation once the engagement supervisor's concerns have been addressed.
D. Management of the area under review must address the engagement supervisor's review notes before the audit report can be finalized.

Answer: C

Explanation:
Review notes are a tool used by engagement supervisors to ensure that audit workpapers and related documents are accurate, complete, and in line with auditing standards. According to the IIA's International Standards for the Professional Practice of Internal Auditing, these notes are part of the supervisory process, designed to improve the quality of the audit engagement.
Detailed Explanation:
IIA Standard 2340 - Engagement Supervision:
This standard emphasizes that audit engagements must be properly supervised to ensure that objectives are achieved, work is performed according to appropriate standards, and the results are supported by sufficient evidence. Review notes are part of this supervisory process.
Clearing Review Notes:
Once the concerns raised by the engagement supervisor are addressed, review notes serve their purpose and can be removed from the final documentation. This is standard practice, as the final workpapers should reflect only the resolved and agreed-upon findings and conclusions.
Documentation and Record Retention:
According to the IIA's standards, while it's essential to document that supervision took place, the specific review notes themselves do not need to be retained once the issues are resolved. The documentation should reflect the final outcome of the review process, ensuring that the audit work is thoroughly vetted.
IIA Practice Advisory 2330.A1-1:
This advisory highlights that workpapers should be complete, and clearing review notes helps in maintaining clarity and reducing unnecessary clutter in the final audit documentation.
Why Not Other Options?
Option B: This option suggests that management must address the review notes, which is incorrect. The engagement supervisor's notes are meant for the audit team, not management.
Option C: This option implies that the chief audit executive must sign the review notes, which is not a requirement by the IIA standards. The CAE ensures overall supervision but does not need to sign each review note.
Option D: While review notes do demonstrate supervision, they do not need to be retained after the concerns have been addressed.
Conclusion: Option A is correct because it reflects the best practice of clearing review notes once they have fulfilled their purpose during the audit process, aligning with IIA guidelines.

NEW QUESTION # 49
While performing an audit of the human resources department, an internal auditor discovered unencrypted files containing the personal information of employees stored on a public shared drive. According to IIA guidance, which of the following actions by the auditor would be the most appropriate?

A. Remove the files containing the social security numbers and personal information.
B. Communicate the issue to the chief audit executive as well as IT and legal departments.
C. Change permissions to the shared drive to only allow access to human resources personnel.
D. Immediately review the audit logs to see if anyone has accessed this information and follow-up.

Answer: B

Explanation:
Section: Volume C

NEW QUESTION # 50
An internal auditor found that the cost of some material installed on capital projects had been transferred to the inventory account because the capital budget had been exceeded. Which of the following would be an appropriate technique for the auditor to use to determine the extent of the problem?

A. Compare inventory receipts with debits to the inventory account and investigate discrepancies.
B. Review all journal entries that transferred costs from capital to inventory accounts.
C. Identify variances between amounts capitalized each month and the capital budget.
D. Analyze a sample of capital transactions each quarter to detect instances in which installed material was transferred to inventory.

Answer: B

Explanation:
Section: Volume B

NEW QUESTION # 51
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