CIA Part 2 Test Bank Questions, Answers & Explanations

The aim of this test bank is to focus on

[A] Section I which is the Managing the Internal Audit Activity, in particular in the following areas:

1. Policies and Procedures for the IAA

2. Administrative Activities of the IIA

3. Identifying and Prioritizing Potential Engagements

4. Interpret Types of Assurance Engagements

5. Interpret Types of Consulting Engagements

6. Coordination of Internal Audit Efforts

7. Communicating and Reporting to Senior Management and the Board

[B] Section II which is the Planning the Engagement, in particular in the following areas:

1. Determine Engagement Objectives

2. Identify Key Risks and Controls

3. Detailed Risk Assessment

4. Determine Engagement Procedures and Prepare Work Program

5. Determine Staff and Resources Needed

[3] Section III which is the Performing the Engagement, in particular in the following areas:

1. Gather and Examine Relevant Information

2. Develop Checklists and Questionnaires

3. Apply Sampling and Statistical Analysis Techniques

4. Use Computerized Audit Tools & Techniques

5. Evaluate Evidence

6. Apply Analytical Approaches and Process Mapping Techniques

7. Apply Analytical Review Techniques

8. Prepare Workpapers and Documentation

9. Summarize and Develop Engagement Conclusions

10. Engagement Supervision

[4] Section IV which is the Communicating Results / Monitoring Progress, in particular in the following areas:

1. Demonstrate Communication Quality

2. Preliminary and Interim Reporting

3. Formulate Recommendations

4. Describe Audit Engagement Communication and Reporting

5. Assessing and Reporting Residual Risk

6. Monitoring Progress

It is worth mentioning that

1. Section I - Managing the Internal Audit Activity weighs around 20% of the CIA Part 2 Exam.

2. Section II - Planning the Engagement weighs around 20% of the CIA Part 2 Exam.

3. Section III - Performing the Engagement weighs around 40% of the CIA Part 2 Exam.

4. Section IV - Communicating Results / Monitoring Progress weighs around 20% of the CIA Part 2 Exam.

Throughout these materials, we have chosen particular language, spellings, structures and grammar in order to be consistent and comprehensible for all readers. We are aware that our choices may not always adhere to “formal” standards, but my effort is focused on making the study process easy for all candidates. Nonetheless, I continue to welcome your meaningful corrections and ideas for creating better materials.

Therefore, this test bank is designed to cover the above-mentioned topics by ideas that you might face during the exam. However, this material is designed exclusively to assist people in their exam preparation. No information in the material should be construed as authoritative business, accounting, or consulting advice. Appropriate professionals should be consulted for such advice and consulting.

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I wish you success in your studies.

Please remember that practice makes perfect or at least permanent.

Sincerely yours,

Tariq Al-Basha, MSc, CMA®, FMVA®, CMSA®, CBCA™, BIDA™, CREF, ESG