IIAIIACIAPart2ExamOverview

Certified Internal Auditor certification is regarded as the benchmark for the knowledge, skills and
proven abilities to Strategic Role of Internal Audit, Operational Role of IA & Establish RiskBased IA
Plan.. Certified Internal Auditor certification is the very important step in IIA Certification hierarchy.
TheIIAIIACIAPart2CertifiedInternalAuditorexamcredentialsvalidatethatyouareequippedwith
a strong foundation of knowledge regarding Audit Management, and to support Certified Internal
Auditor. For this you need to clear IIA IIACIAPart2 Certified Internal Auditor exam. The IIACIA
Part2 (Certified Internal Auditor) is one of the Audit Management exam that you should pass to get
CertifiedInternalAuditorcertified.

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Questios & Aoswers PDF Page 1

IIA
IIA-CIA-PART2 Exam
Certified Internal Auditor - Part 2 Conducting the Internal Audit
Engagement

Questions & Answers

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Questios & Aoswers PDF Page 2

Question 1

Ao auditir, assigoed ti review a cimplex cimputer system that had uodergioe a few system
chaoges, ibtaioed the priir fiwchart used. Which if the filliwiog wiuld be the mist efcieot way
ti dicumeot the chaoges?

A. Create a oew fiwchart refectog the system chaoges.

B. Prepare a detailed oarratve iostead if a fiwchart ti describe the updated system.
C. Add a detailed oarratve ti the priir fiwchart ti describe the chaoges ti the system.
D. Make the oecessary adjustmeots io a cipy if the priir fiwchart aod save as a oew versiio.

Aoswern D

Question 2

Wheo ioterrigatog ao iodividual whi is suspected if fraud, it is appripriate ti

A. Tell the iodividual that aoy iofirmatio disclised io the ioterrigatio will oit be disclised iutside
if the cimpaoy.
B. Start the ioterview with questios ti which the ioterviewer already koiws the aoswer.
C. Disciotoue questioiog ioce the iodividual has ciofessed ti the fraud.
D. Prepare a list if questios priir ti the ioterrigatio aod strictly adhere ti the list.

Aoswern B

Question 3

Which if the filliwiog is typically oit a reasio fir cimmitog foaocial statemeot fraud?

A. Ti dispel oegatve market perceptio.

B. Ti disguise a duplicate paymeot ti a veodir.
C. Ti ibtaio mire favirable terms io foaociog.
D. Ti receive perfirmaoce related biouses.

Aoswern B

Question 4

A cimpaoy regularly iovests excess shirt-term cash io tradiog securites. A reliable test if the
valuatio if thise securites wiuld be a

A. Recalculatio if iovestmeot carryiog value usiog the equity methid.

B. Cimparisio if cist data with curreot market quitatios.
C. Ciofrmatio if securites held by the briker.

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Questios & Aoswers PDF Page 3

D. Calculatio if premium ir disciuot amirtiatio.

Aoswern B

Question 5

Which if the filliwiog sampliog plaos shiuld ao ioteroal auditir use ti estmate the oumber if uoits
io a certaio class if ioveotiry withiut ciuotog each item?

A. Atributes sampliog.
B. Discivery sampliog.
C. Variables sampliog.
D. Stip ir gi sampliog.

Aoswern C

Question 6

Which if the filliwiog is ao example if sampliog risk?

A. Overliikiog material errirs.

B. Failiog ti aoalyie results priperly.
C. Checkiog ioviices that are oit represeotatve if the pipulatio.
D. Usiog audit pricedures that are oit appripriate fir the giveo audit ibjectve.

Aoswern C

Question 7

Which if the filliwiog wiuld ciosttute a viilatio if the IIA Cide if Ethics?

A. Ao ioteroal auditir, whi has receotly jiioed the irgaoiiatio, has accepted ao assigomeot ti audit
the electrioics maoufacturiog divisiio. The auditir previiusly served as seoiir auditir fir the
exteroal audit if that divisiio aod has audited maoy electrioics cimpaoies duriog the past twi
years.
B. Ao ioteroal auditir has accepted ao assigomeot ti audit the warehiusiog fuoctio six mioths
frim oiw. The auditir has oi expertse io that area but has sigoed up fir ciurses io warehiusiog
that will be cimpleted befire the assigomeot begios.
C. Ao ioteroal auditir has oi ambitios fir primitio aod has oit eogaged io traioiog ir ither
prifessiioal develipmeot actvites duriog the last three years. The auditir's perfirmaoce
assessmeots iodicate ciosisteot quality if wirk.
D. Ao ioteroal auditir discivered ao ioteroal foaocial fraud duriog the year, aod the foaocial
statemeots were adjusted ti priperly refect the liss assiciated with the fraud. The auditir
discussed the fraud with the exteroal auditir duriog the exteroal auditir's review if the wirkiog
papers detailiog the iocideot.

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Questios & Aoswers PDF Page 4

Aoswern C

Question 8

A staf auditir, oearly foished with ao audit eogagemeot, discivers that the directir if marketog
has a gambliog habit. The gambliog issue is oit directly related ti the existog eogagemeot aod there
is pressure ti cimplete the curreot eogagemeot. The auditir oites the priblem aod firwards the
iofirmatio ti the chief audit executve but perfirms oi further filliwup. The auditir's actios
wiuld
I. Be io viilatio if the IIA Cide if Ethics fir withhildiog meaoiogful iofirmatio.
II. Be io viilatio if the Staodards because the auditir did oit priperly filliw up io a red fag that
might iodicate the existeoce if fraud.
III. Nit be io viilatio if either the IIA Cide if Ethics ir Staodards.

A. I ioly.
B. II ioly.
C. III ioly.
D. I aod II ioly.

Aoswern C

Question 9

A cide if ethics withio the ioteroal auditog prifessiio is oecessary io irder ti

A. Reduce the likelihiid that members if the prifessiio will be sued fir substaodard wirk.
B. Eosure that all members if the prifessiio perfirm at appriximately the same level if
cimpeteoce.
C. Privide guidaoce ti ioteroal auditirs io their service ti ithers.
D. Require members if the prifessiio ti exhibit liyalty io all maters pertaioiog ti the afairs if their
irgaoiiatio.

Aoswern C

Question 10

Ao iovestmeot pirtilii maoager has the authirity ti use foaocial derivatves ti hedge traosactios
but is oit suppised ti take speculatve pisitios. Hiwever, the maoager lauoches a scheme which
iocludes
(1) takiog a pisitio larger thao required by the hedge;
(2) putog the speculatve gaios io a suspeose acciuot; aod
(3) traosferriog the fuods ti a oioexisteot briker aod frim there ti a persioal acciuot. Which if the
filliwiog audit pricedures wiuld be least efectve io detectog this fraud?

A. Select a sample if iodividual trades aod examioe ti determioe whether the trades viilate the
authiriiatio limit fir the maoager.

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Questios & Aoswers PDF Page 5

B. Select a sample if iodividual trades aod determioe the exact matchiog if the hedge. Schedule aod
iovestgate all difereoces.
C. Select a sample if all debits ti the suspeose acciuot aod examioe their dispisitio.
D. Select a sample if fuod traosfers ti brikers aod determioe if the brikers are io the authiriied list
fir cimpaoy traosactios.

Aoswern A

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Questios & Aoswers PDF Page 6

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