What format is the IIA CIA Part 2 Exam?

Number of Questions: 100 questions
Languages: English
Time Duration: 120 mins
The passing score: 70%
Format : multiple-choice

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Reference: https://na.theiia.org/certification/CIA-Certification/Pages/CIA-2013-Exam-Syllabus-Part-2.aspx

IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Weight	Objectives
Managing the Internal Audit Activity	20%	- Strategic role of internal audit within governance, risk management, and control - Managing financial, human, and IT resources within the internal audit function - Knowledge management and information sharing across the internal audit activity - Internal audit operations: planning, organizing, directing, and monitoring - Risk-based audit planning and alignment with organizational strategy - Coordination with external auditors and other internal assurance providers
Performing the Engagement	40%	- Assessing compliance with laws, regulations, and organizational policies - Assessing IT governance, security, and control frameworks - Root cause analysis and evaluation of evidence - Development of engagement findings: criteria, condition, cause, and effect - Assessing the adequacy and effectiveness of risk management and controls - Drawing conclusions and formulating recommendations - Applying analytical approaches and process mapping techniques - Information gathering: interviews, observation, document review, and data analysis - Use of technology tools to support engagement execution (e.g., CAATs, data analytics) - Evaluation of fraud risk and fraud-related indicators during engagements
Communicating Engagement Results and Monitoring Progress	20%	- Communication of engagement results: objectives, scope, conclusions, recommendations, action plans - Attributes of effective engagement communication: accurate, objective, clear, concise, constructive, complete, timely - Developing recommendations vs. requesting management action plans vs. collaborative approaches - Reporting on the adequacy of management's corrective actions - Disseminating final results to appropriate stakeholders - Management response and action plan tracking - Monitoring and follow-up on the resolution of engagement findings
Planning the Engagement	20%	- Coordination with stakeholders during engagement planning - Understanding business processes, IT systems, and relevant regulations - Detailed engagement work program development - Risk and control identification and assessment for the engagement - Engagement objectives, scope, and resource allocation - Engagement planning procedures including data analytics and sampling

IIA Internal Audit Engagement Sample Questions:

Question #1

An organization established new procedures to ensure that its supply chain is not disrupted due to supplier shortages or delays. The procedures require departments to perform quarterly risk assessments that identify potential weaknesses in the supply chain. The internal audit function will perform an assurance engagement on the organization ' s implementation of the new supply chain procedures. Which of the following actions would support the engagement objective?

A. Determine whether suppliers deliver materials that meet the organization ' s quality requirements.
B. Determine whether suppliers are properly certified to provide the requested materials.
C. Determine whether suppliers deliver required materials to the organization within specified time periods.
D. Determine whether suppliers are qualified to meet the organization ' s vendor standards.

Reveal Solution Discussion 0

Correct Answer: C 🗳️

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Question #2

An organization uses the management-by-objectives method, whereby employee performance is based on defined goals. Which of the following statements is true regarding this approach?

A. it is more successful when goal-setting Is performed not only by management, but by all team members, including lower-level staff
B. it is particularly successful in environments that are prone to having poor employer-employee relations
C. It is a more successful approach when adopted by mechanistic organizations.
D. It is particularly helpful to management when the organization is facing rapid change.

Reveal Solution Discussion 0

Correct Answer: A 🗳️

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Question #3

A manufacturing organization specializes in the production of evaporated milk and breakfast cereals. The manufacturing processes create significant loss in the form of waste and byproducts. The provision for normal production loss is known to senior management, but little action is taken when abnormal production losses occur. The organization sells its production byproducts to fish farmers at a reduced price. The byproducts are a widely recognized and used product in the fish farming industry. The organization has a policy that also allows its employees to purchase the byproducts at a negligible price. Based on the above, which of the following risks should the internal audit function consider when planning an engagement of the production process?

A. Increased misappropriation of finished products.
B. The production team may be incentivized to increase production losses.
C. Risk that the finished product quality may be impaired.
D. The production team may work overtime and be overworked.

Reveal Solution Discussion 0

Correct Answer: B 🗳️

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Question #4

The chief audit executive (CAE) determined that the internal audit activity lacks the resources needed to complete the internal audit plan Which of the following would be the most appropriate action tor the CAE to take?

A. Use guest auditors from within the organization, and leverage their experience by assigning them to lead engagements m areas where they previously worked
B. Recruit recent college graduates and employ them as audit interns with an aim to offer permanent employment
C. Outsource some of the audits to the organization s external auditor who is already familiar with the organization
D. Invite nonauditors to join the internal audit activity for a two-year rotational position, and assign them to join audit teams that are reviewing areas where they have no previous management responsibility

Reveal Solution Discussion 0

Correct Answer: C 🗳️

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Question #5

Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward contracts to hedge against fluctuations in the exchange rate. When recalculating the exchange losses from individual purchases of jet fuel, which of the following details does the internal auditor need to validate?
1. The hedge documentation designating the hedge.
2. The spot exchange rate on the transaction date.
3. The terms of the forward contract.
4. The amount of fuel purchased.