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IIA-CIA-Part2 exam consists of 100 multiple-choice questions that test candidates' knowledge and understanding of internal audit practices, including risk management, governance, and internal control. Candidates must pass IIA-CIA-Part2 exam to move on to the third and final part of the CIA exam. Passing IIA-CIA-Part2 Exam demonstrates to employers and clients that an individual has a strong understanding of the principles and practices of internal auditing, and is capable of providing valuable insights and recommendations to help organizations improve their operations and mitigate risk.

IIA Practice of Internal Auditing Sample Questions (Q184-Q189):

NEW QUESTION # 184
An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?

A. Become involved in risk oversight committees, monitoring activities, and status reporting.
B. Audit risk management processes.
C. Manage and coordinate risk management processes.
D. Accept management's responsibility for risk management without board approval.

Answer: D

Explanation:
According to IIA guidance, the chief audit executive (CAE) should maintain independence and objectivity in their role. While the CAE can manage and coordinate risk management processes, audit those processes, and be involved in risk oversight committees, they should not accept management's responsibility for risk management without the board's approval. This ensures that there is no conflict of interest and maintains the CAE's independence. References:
* IIA Standards - 1110: Organizational Independence
* IIA Practice Advisory - 2060-1: Reporting to Senior Management and the Board

NEW QUESTION # 185
The internal audit manager has been delegated the task of preparing the annual internal audit plan for the forthcoming fiscal year All engagements should be appropriately categorized and presented to the chief audit executive for review Which of the following would most likely be classified as a consulting engagement?

A. Reviewing environmental, social, and governance reporting compliance
B. Helping in the design of the risk management program
C. Evaluating procurement department process effectiveness
D. Assessing financial reporting control adequacy

Answer: B

Explanation:
A consulting engagement in internal auditing involves providing advisory and related client service activities, the nature and scope of which are agreed upon with the client. These are intended to add value and improve an organization's governance, risk management, and control processes. Helping in the design of the risk management program is a consulting activity because it involves advising management on how to establish or improve the processes for identifying, assessing, and managing risks. This is different from assurance engagements, which primarily focus on assessing existing processes.
Reference:
The Institute of Internal Auditors (IIA) Standard 2010: Planning
IIA Practice Advisory 2010-1: Linking the Audit Plan to Risk and Exposures

NEW QUESTION # 186
To compete in the global market, an organization is restructuring and consolidating many of its divisions. Prior to the consolidation, senior management requested assistance from tie internal audit activity. Which of the following consulting services would be most appropriate in this situation?

A. Advise division managers on how to streamline operations for better efficiency
B. Brief vendors on the potential risks that will occur without continued business
C. Assess controls for potential compliance issues that may affect me consolidation
D. Determine whether the organization's controls are effective in meeting business objectives

Answer: A

Explanation:
In the context of restructuring and consolidating divisions, providing consulting services that focus on operational efficiency is highly valuable. Internal auditors can leverage their understanding of the organization's processes and controls to advise division managers on streamlining operations. This includes identifying redundant processes, recommending best practices, and suggesting ways to optimize resource use.
Such guidance helps the organization achieve a smoother transition and enhances overall efficiency, supporting the strategic objectives of the restructuring effort.References:
* The Institute of Internal Auditors (IIA) - Standards for the Professional Practice of Internal Auditing, Standard 2120 - Risk Management and Standard 2130 - Control

NEW QUESTION # 187
Which of the following would provide the best audit evidence regarding the effectiveness of an applied research department?

A. Compare research as a percentage of revenue between this company and all major competitors in the same industry.
B. Develop a report on revenue generated by or cost savings directly attributable to newly developed products.
C. Compare the number of this year's new product developments to the number of new product developments for the past five years.
D. Develop a cost-per-product analysis for products developed over the past five years.

Answer: B

Explanation:
Section: Volume A
Explanation/Reference:

NEW QUESTION # 188
In reviewing the appropriateness of the minimum quantity level of inventory established by a department, an auditor would be least likely to consider:

A. Seasonal variations in forecasting inventory demand.
B. The potential for obsolescence of inventory items.
C. Optimal order sizes determined by an economic order quantity model.
D. Stockout costs, including lost customers.

Answer: C

NEW QUESTION # 189
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