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IIA IIA-CIA-Part2 Exam

Certified Internal Auditor

Total Questions: 360

What is Included in the IIA-CIA-Part2 Exam?

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IIA IIA-CIA-Part2 Exam Overview :

Exam Name Certified Internal Auditor
Exam Code IIA-CIA-Part2
Actual Exam Duration 120 minutes
Expected no. of Questions in Actual Exam 100
Official Information https://na.theiia.org/certification/CIA-Certification/Pages/CIA-2013-Exam-Syllabus-Part-2.aspx
See Expected Questions IIA IIA-CIA-Part2 Expected Questions in Actual Exam
Take Self-Assessment Use IIA IIA-CIA-Part2 Practice Test to Assess your preparation - Save Time and Reduce Chances of Failure

IIA IIA-CIA-Part2 Exam Topics :

Section Weight Objectives
I. Managing the Internal Audit Function 40-50% A. Strategic Role of Internal Audit

    Initiate, manage, be a change catalyst, and cope with change
    Build and maintain networking with other organization executives and the audit committee
    Organize and lead a team in mapping, analysis, and business process improvement
    Assess and foster the ethical climate of the board and management
        Investigate and recommend resolution for ethics/compliance complaints, and determine disposition of ethics violations
        Maintain and administer business conduct policy (e.g., conflict of interest), and report on compliance
    Educate senior management and the board on best practices in governance, risk management, control, and compliance
    Communicate internal audit key performance indicators to senior management and the board on a regular basis
    Coordinate IA efforts with external auditor, regulatory oversight bodies and other internal assurance functions
    Assess the adequacy of the performance measurement system, achievement of corporate objective – Awareness Level (A)

B. Operational Role of IA

    Formulate policies and procedures for the planning, organizing, directing, and monitoring of internal audit operations
    Review the role of the internal audit function within the risk management framework
    Direct administrative activities (e.g., budgeting, human resources) of the internal audit department
    Interview candidates for internal audit positions
    Report on the effectiveness of corporate risk management processes to senior management and the board
    Report on the effectiveness of the internal control and risk management frameworks
    Maintain effective Quality Assurance Improvement Program

C. Establish Risk-Based IA Plan

    Use market, product, and industry knowledge to identify new internal audit engagement opportunities
    Use a risk framework to identify sources of potential engagements (e.g., audit universe, audit cycle requirements, management requests, regulatory mandates)
    Establish a framework for assessing risk
    Rank and validate risk priorities to prioritize engagements in the audit plan
    Identify internal audit resource requirements for annual IA plan
    Communicate areas of significant risk and obtain approval from the board for the annual engagement plan
    Types of engagements
        Conduct assurance engagements
        a.1  Risk and control self-assessments
                a) Facilitated approach
                     (1)  Client-facilitated
                     (2)  Audit-facilitated
                 b)  Questionnaire approach
                 c)  Self-certification approach
          a.2  Audits of third parties and contract auditing
          a.3  Quality audit engagements
          a.4  Due diligence audit engagements
          a.5  Security audit engagements
          a.6  Privacy audit engagements
          a.7  Performance audit engagements (key performance indicators)
          a.8 Operational audit engagements (efficiency and effectiveness)
          a.9  Financial audit engagements
       b.  Compliance audit engagements
       c.  Consulting engagements
        c.1 Internal control training
        c.2  Business process mapping
        c.3 Benchmarking
        c.4  System development reviews
        c.5 Design of performance measurement systems
II. Managing Individual Engagements 40-50% A. Plan Engagements

    Establish engagement objectives/criteria and finalize the scope of the engagement
    Plan engagement to assure identification of key risks and controls
    Complete a detailed risk assessment of each audit area (prioritize or evaluate risk/control factors)
    Determine engagement procedures and prepare engagement work program
    Determine the level of staff and resources needed for the engagement
    Construct audit staff schedule for effective use of time

B. Supervise Engagement

    Direct / supervise individual engagements
    Nurture instrumental relations, build bonds, and work with others toward shared goals
    Coordinate work assignments among audit team members when serving as the auditor-in-charge of a project
    Review work papers
    Conduct exit conference
    Complete performance appraisals of engagement staff

C. Communicate Engagement Results

    Initiate preliminary communication with engagement clients
    Communicate interim progress
    Develop recommendations when appropriate
    Prepare report or other communication
    Approve engagement report
    Determine distribution of the report
    Obtain management response to the report
    Report outcomes to appropriate parties

D. Monitor Engagement Outcomes

    Identify appropriate method to monitor engagement outcomes
    Monitor engagement outcomes and conduct appropriate follow-up by the internal audit activity
    Conduct follow-up and report on management's response to internal audit recommendations
    Report significant audit issues to senior management and the board periodically
III. Fraud Risks and Controls 5-15% A. Consider the potential for fraud risks and identify common types of fraud associated with the engagement area during the engagement planning process

B. Determine if fraud risks require special consideration when conducting an engagement

C. Determine if any suspected fraud merits investigation

D. Complete a process review to improve controls to prevent fraud and recommend changes

E. Employ audit tests to detect fraud

F. Support a culture of fraud awareness, and encourage the reporting of improprieties

G.  Interrogation/investigative techniques – Awareness Level (A)

H. Forensic auditing – Awareness Level (A)

Updates in the IIA-CIA-Part2 Exam Topics:

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