Wiley CIA Exam Review 2020, Part 2 Practice of Internal Auditing

S. RAO VALLABHANENI is an educator, author, publisher, consultant, and practitioner in business with more than thirty years of management and teaching experience in auditing, accounting, manufacturing, and IT consulting in both public and private sectors. He is the author of more than sixty trade books, study guides, review guides, monographs, audit guides, and articles in auditing and IT. He holds twenty-four professional certifications in business management in Accounting, Auditing, Finance, Information Technology, Manufacturing, Quality, and Human Resource.

Preface vii

CIA Exam Content Syllabus and Specifications xi

CIA Exam-Taking Tips xv

Professional Standards 1

I.1 New IPPF Defined 2

II.2 Introduction to the IIA’s Standards 2

III.3 IIA’s International Standards 4

Domain 1 Managing the Internal Audit Activity 83

1.1 Internal Audit Operations 83

1.2 Risk-Based Internal Audit Plan 96

1.3 Assurance Engagements 102

1.4 Consulting Engagements 227

1.5 Coordination between Internal Auditors and Others 265

1.6 Communicating and Reporting 272

1.7 Sample Practice Questions 276

Domain 2 Planning the Engagement 279

2.1 Objectives and Scope of Audit Engagement 279

2.2 Risk Assessment for Auditable Areas 282

2.3 Engagement Work Program 290

2.4 Audit Resources for Audit Engagements 293

2.5 Sample Practice Questions 295

Domain 3 Performing the Engagement 299

3.1 Information-Gathering Tools and Techniques 299

3.2 Sampling Methods and Statistical Analysis 307

3.3 Data Analysis and Evaluation Techniques 349

3.4 Audit Analytics 369

3.5 Audit and Legal Evidence 389

3.6 Audit Workpapers 396

3.7 Engagement Supervision 399

3.8 Sample Practice Questions 404

Domain 4 Communicating Results and Monitoring Progress 411

4.1 Communication Quality and Elements 411

4.2 Audit Reporting Process 423

4.3 Residual Risk and Risk Acceptance 425

4.4 Monitoring Audit Progress 429

4.5 Sample Practice Questions 432

Sample Practice Questions, Answers, and Explanations 435

Appendix A: Characteristics of Effective Auditors and Audit Function 467

Appendix B: Sarbanes-Oxley Act of 2002 475

Appendix C: Big Data and Data Mining 483

Appendix D: Operational Audits 511

Appendix E: Information Technology Audits 617

Appendix F: Environmental Compliance Audits 741

Appendix G: Human Resources Compliance Audits 751

Appendix H: Quality Audits 761

Appendix I: Information Security Protection Methods 787

General Glossary 799

Risk Glossary 841

Sampling and Statistics Glossary 865

About the Author 881

Index 883

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