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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 Apr. 26, 2025 (see below)
Which of the following is most likely to be judged as a significant residual risk that would exceed the organization's acceptable risk level?
A significant residual risk that would exceed the organization's acceptable risk level is likely to be one that has severe consequences, such as causing injuries or environmental pollution. These types of risks can have substantial legal, financial, and reputational impacts on an organization and are typically beyond acceptable levels of risk tolerance. Reference:
COSO's Enterprise Risk Management -- Integrating with Strategy and Performance.
The IIA's Practice Guide on Risk Management.
Which of the following would be most useful for an internal auditor to obtain during the preliminary survey of an engagement on internal controls over user access management?
Step-by-Step Detailed Explanation:
A . The policy for granting, modifying, and deleting user access:
Correct. Understanding the policy ensures the auditor knows the framework and controls in place.
B . A sample of change request forms:
Useful for testing but not as foundational as reviewing the policy.
C . User access reports reviewed by management:
This evaluates monitoring but does not establish a baseline understanding of controls.
D . A current listing of system users and employees:
Important for reconciliation but secondary to understanding the control framework.
CIA Exam Syllabus Reference:
Domain V: Performing Internal Audit Services -- Preliminary Surveys.
The internal audit activity of an insurance company is reviewing six of the company's 11 branches. During the review of the fourth branch that was selected, the internal audit team discovered control breaches that could result in regulatory sanctions if not addressed. How should the internal audit team proceed?
Which of the following engagements is likely to be most appropriate for an organization that is planning an acquisition?
Due diligence engagements are crucial when planning an acquisition, as they evaluate the financial, operational, and legal aspects of the target entity. This ensures informed decision-making and minimizes acquisition risks. Performance engagements (Option A) focus on efficiency and effectiveness of operations, while system security engagements (Option B) and compliance engagements (Option D) do not address the comprehensive assessment required for acquisitions. The CIA syllabus emphasizes due diligence as a specialized type of consulting engagement (Part 2: Section II).
A corporate merger decision prompts the chief audit executive (CAE) lo propose interim changes to the existing annual audit plan to account for emerging risks Which of the following is the most appropriate action for the CAE to take regarding the changes made to the audit plan''
When proposing interim changes to the annual audit plan due to emerging risks, the most appropriate action for the CAE is to communicate with the CEO and present the revised audit plan to the board for approval. This ensures that senior management is informed and supportive of the changes, and that the board, which holds the ultimate oversight responsibility, formally approves the revised plan. Reference:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2020 - Communication and Approval.
The IIA's Practice Guide on Engagement Planning.
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