Wiley CIAexcel Exam Review Focus Notes 2017, Part 2

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 fields.

Preface vii


CIA Exam Study Preparation Resources ix


CIA Exam–Taking Tips and Techniques xiii


CIA Exam Content Specifi cations xv


Domain 1 Managing the Internal Audit Function (40–50%) 1


Strategic Role of Internal Audit 1


IIA Standards Applicable to Strategic Role of Internal Audit 32


Operational Role of Internal Audit 64


IIA Standards Applicable to Operational Role of Internal Audit 127


Quality Assurance and Improvement Program 137


Risk–Based Internal Audit Plan 160


IIA Standards Applicable to Risk–Based Internal Audit Plan 180


Domain 2 Managing Individual Engagements (40–50%) 206


Plan Engagements 206


IIA Standards Applicable to Plan Engagements 214


Supervise Engagements 233


IIA Standards Applicable to Supervise Engagements 237


Communicate Engagement Results 257


IIA Standards Applicable to Communicate Engagement Results 267


Monitor Engagement Outcomes 291


IIA Standards Applicable to Monitor Engagement Outcomes 292


Domain 3 Fraud Risks and Controls (5–15%) 297


Types of Fraud 297


Integrating Analytical Relationships to Detect Fraud 305


Interrogation or Investigative Techniques 306


Forensic Auditing 313


Use of Computers in Analyzing Data for Fraud and Crime 314


Appendix Sarbanes–Oxley Act of 2002 317


Title II—Auditor Independence 318


Title III—Corporate Responsibility 319


Title IV—Enhanced Financial Disclosures 321


About the Author 323


Index 325