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To be eligible to take the IIA-CIA-Part2 Exam, candidates must have a minimum of two years of internal auditing experience, or a combination of education and experience. IIA-CIA-Part2 exam consists of 100 multiple-choice questions, and candidates have three hours to complete it. The passing score for the exam is 600 out of a possible 800 points.

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IIA Practice of Internal Auditing Sample Questions (Q210-Q215):

NEW QUESTION # 210
In performance auditing, which of the following must first be determined by the internal auditor?

A. Determination that appropriate benchmarks are in place.
B. Whether management controls are appropriate.
C. Management's objectives for the process.
D. Which key performance indicators are in use.

Answer: C

NEW QUESTION # 211
While performing a follow-up of a concern about equipment-inventory tracking, which course of action is not necessary for the auditor to take?

A. Ensure that the inherent risk has been eliminated as a result of resolving the issue.
B. Ensure that the steps being taken resolve the condition disclosed by the initial finding.
C. Ensure that the entity has begun to experience benefits as a result of resolving the issue.
D. Ensure that controls have been implemented to prevent the issue from occurring again.

Answer: A

NEW QUESTION # 212
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 review notes may be cleared from the final documentation once the engagement supervisor's concerns have been addressed.
B. The chief audit executive must initial or sign the engagement supervisor's review notes to provide evidence of appropriate engagement supervision.
C. Review notes provide documented proof that the engagement is supervised properly and must be retained for the quality assurance and improvement program.
D. Management of the area under review must address the engagement supervisor's review notes before the audit report can be finalized.

Answer: A

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 # 213
Which of the following techniques could be used to evaluate the effectiveness of changes to the operation of a computer help line?

A. Benchmarking.
B. Quality circles.
C. Walk-throughs.
D. Baseline measurements.

Answer: D

NEW QUESTION # 214
The chief audit executive of an international organization is planning an audit of the treasury function located at the organization's headquarters. The current internal audit team at headquarters lacks expertise in the area of financial markets which is needed tor the engagement When of the following would be the most approbate solution considering the time constraint?

A. Invite a guest auditor from one of the organization's affiliates who has expertise m the area of financial markets.
B. Limit the scope of the engagement to the knowledge and skills possessed by the internal audit team.
C. Outsource the engagement 10 tie organization's external auditor who has expertise in the area of financial markets
D. Hire additional internal auditors who have expertise in the area of financial markets.

Answer: A

Explanation:
Given the time constraint and the need for specialized knowledge in financial markets, inviting a guest auditor from one of the organization's affiliates who has the required expertise is the most appropriate solution. This approach leverages existing internal resources with the necessary skills, which can be more efficient and cost-effective than hiring new staff or outsourcing the engagement. Additionally, it facilitates knowledge sharing and can help build internal audit capacity for future engagements.References:
* The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 1210 - Proficiency

NEW QUESTION # 215
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Reliable New IIA-CIA-Part2 Practice Questions for Real Exam

Free IIA-CIA-Part2 Practice Exams, Reliable IIA-CIA-Part2 Test Tutorial

IIA Practice of Internal Auditing Sample Questions (Q210-Q215):

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