IIA IIA-CIA-Part2 Exam With Confidence Using Practice Dumps

According to the International Standards for the Professional Practice of Internal Auditing (Standards) set by the Institute of Internal Auditors (IIA), internal audit functions are allowed flexibility in including consulting engagements in their annual plans. Standard 2010 – Planning states that "the chief audit executive must establish a risk-based plan to determine the priorities of the internal audit activity, consistent with the organization’s goals." This risk-based plan should consider the potential value-add of consulting engagements. Consulting engagements that are expected to add significant value or align with strategic objectives are often included, but not all requests need to be automatically included unless they meet these criteria.References:

Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2010 – Planning.

Entity-level controls set the tone and establish the framework for the overall control environment within an organization. If these controls are poorly designed or deficient, they can undermine the effectiveness of process-level controls, even if those controls are well-designed. Entity-level controls include governance, risk management, and compliance controls that influence the entire organization. Therefore, deficiencies at this level can have a widespread impact, preventing lower-level controls from functioning properly.References:

Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2130 – Control.

Discovery sampling is typically used when an internal auditor wants to test a large sample for fraud. This technique is particularly effective for identifying instances of fraud or other irregularities in a population. Discovery sampling is designed to detect at least one occurrence of an attribute, such as fraud, within the sampled population if it exists. It is particularly useful when the occurrence rate of the fraud is expected to be low.

References:

IIA Practice Guide: Sampling in Internal Auditing

IIA Standards: 2320 - Analysis and Evaluation