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Exam Code: CIA-II Practice test 2023 by team
CIA-II Certified Internal Auditor (CIA)

2019 CIA test Syllabus, Part 2 – Practice of Internal Auditing

100 questions l 2.0 Hours (120 minutes)

The CIA test Part 2 includes four domains focused on managing the internal audit activity, planning the engagement, performing the engagement, and communicating engagement results and monitoring progress. Part 2 tests candidates knowledge, skills, and abilities particularly related to Performance Standards (series 2000, 2200, 2300, 2400, 2500, and 2600) and current internal audit practices.​

Domains Collapse All

I. Managing the Internal Audit Activity (20%)​

​ ​ ​Cognitive Level

​​1. Internal Audit Operations

A​ ​​​Describe policies and procedures for the planning, organizing, directing, and monitoring of internal audit operations Basic

​B ​Interpret administrative activities (budgeting, resourcing, recruiting, staffing, etc.) of the internal audit activity Basic

2. Establishing a Risk-based Internal Audit Plan

A ​Identify sources of potential engagements (audit universe, audit cycle requirements, management requests, regulatory mandates, relevant market and industry trends, emerging issues, etc.) Basic​

​B ​Identify a risk management framework to assess risks and prioritize audit engagements based on the results of a risk assessment Basic​​

​C ​Interpret the types of assurance engagements (risk and control assessments, audits of third parties and contract compliance, security and privacy, performance and quality audits, key performance indicators, operational audits, financial and regulatory compliance audits) ​Proficient

​D ​Interpret the types of consulting engagements (training, system design, system development, due diligence, privacy, benchmarking, internal control assessment, process mapping, etc.) designed to provide advice and insight Proficient​

​E ​Describe coordination of internal audit efforts with the external auditor, regulatory oversight bodies, and other internal assurance functions, and potential reliance on other assurance providers Basic​

​3. Communicating and Reporting to Senior Management and the Board

​A ​Recognize that the chief audit executive communicates the annual audit plan to senior management and the board and seeks the board's approval ​Basic

​B ​Identify significant risk exposures and control and governance issues for the chief audit executive to report to the board ​Basic

​C Recognize that the chief audit executive reports on the overall effectiveness of the organization's internal control and risk management processes to senior management and the board​ ​Basic

​D ​Recognize internal audit key performance indicators that the chief audit executive communicates to senior management and the board periodically Basic​

II. Planning the Engagement (20%)​

​ ​ ​Cognitive Level

​​1. Engagement Planning

A​ ​​​Determine engagement objectives, evaluation criteria, and the scope of the engagement Proficient

​B ​Plan the engagement to assure identification of key risks and controls Proficient

C​ ​Complete a detailed risk assessment of each audit area, including evaluating and prioritizing risk and control factors ​Proficient

D​ ​Determine engagement procedures and prepare the engagement work program ​​Proficient

​E ​Determine the level of staff and resources needed for the engagement ​​Proficient

III. Performing the Engagement (40%)

​ ​ ​Cognitive Level

​​1. Information Gathering

A​ Gather and examine relevant information (review previous audit reports and data, conduct walk-throughs and interviews, perform observations, etc.) as part of a preliminary survey of the engagement area Proficient

​B Develop checklists and risk-and-control questionnaires as part of a preliminary survey of the engagement area Proficient

C​ ​Apply appropriate sampling (nonstatistical, judgmental, discovery, etc.) and statistical analysis techniques ​Proficient

2. Analysis and Evaluation

A Use computerized audit tools and techniques (data mining and extraction, continuous monitoring, automated workpapers, embedded audit modules, etc.) Proficient

​B Evaluate the relevance, sufficiency, and reliability of potential sources of evidence Proficient

​C Apply appropriate analytical approaches and process mapping techniques (process identification, workflow analysis, process map generation and analysis, spaghetti maps, RACI diagrams, etc.) ​Proficient

​D Determine and apply analytical review techniques (ratio estimation, variance analysis, budget vs. actual, trend analysis, other reasonableness tests, benchmarking, etc.) Basic

​E Prepare workpapers and documentation of relevant information to support conclusions and engagement results Proficient

​F ​Summarize and develop engagement conclusions, including assessment of risks and controls Proficient​

​3. Engagement Supervision

​A Identify key activities in supervising engagements (coordinate work assignments, review workpapers, evaluate auditors' performance, etc.) ​Basic

IV. Communicating Engagement Results and Monitoring Progress (20%)

​ ​ ​Cognitive Level

​​1. Communicating Engagement Results and the Acceptance of Risk

A​ Arrange preliminary communication with engagement clients Proficient

​B Demonstrate communication quality (accurate, objective, clear, concise, constructive, complete, and timely) and elements (objectives, scope, conclusions, recommendations, and action plan) Proficient

​C ​Prepare interim reporting on the engagement progress ​Proficient

​D ​​Formulate recommendations to enhance and protect organizational value Proficient​

​E ​​Describe the audit engagement communication and reporting process, including holding the exit conference, developing the audit report (draft, review, approve, and distribute), and obtaining management's response Basic​

​F ​​Describe the chief audit executive's responsibility for assessing residual risk ​Basic

​G ​​Describe the process for communicating risk acceptance (when management has accepted a level of risk that may be unacceptable to the organization) Basic​

2. Monitoring Progress

A ​Assess engagement outcomes, including the management action plan Proficient

​B ​Manage monitoring and follow-up of the disposition of audit engagement results communicated to management and the board Proficient

Additional noteworthy elements related to the revised CIA Part Two test syllabus:

The syllabus features greater alignment with The IIAs Performance Standards.

The test covers the chief audit executives responsibility for assessing residual risk and communicating risk acceptance.

The largest domain is “Performing the Engagement,” which makes up 40% of the exam.

A portion of the test requires candidates to demonstrate a basic comprehension of concepts; another portion requires candidates to demonstrate proficiency in their knowledge, skills, and abilities.

Certified Internal Auditor (CIA)
Financial Certified test Questions
Killexams : Financial Certified test Questions - BingNews Search results Killexams : Financial Certified test Questions - BingNews Killexams : These 3 people didn't just pass the CFP exam, they smashed it

Three candidates who wrote the Certified Financial Planner test in May have been named as the top scorers and awarded a place on the FP Canada President’s List.

The test round saw a strong overall performance with an 80% pass rate among first timers, so to be in the top three scorers among the 406 candidates is certainly impressive.

The test takes 6 hours and contains a mixture of multiple choice and case-based constructed response questions created by practicing professional financial planners.

The top scorers in May 2023 were:

1st place—Michail Tsirikos—Ajax, Ontario (Educators Financial Group)

2nd place (tie)—Chantalle Bernier—Edmonton, AB (ATB Securities Inc)

2nd place (tie)—Adam Prittie—Ottawa, ON (Capital Wealth Partners)

"Congratulations to Michail, Chantalle, and Adam for their exceptional performances on the May CFP exam," says Tashia Batstone, FP Canada's president and CEO. "We at FP Canada commend you for your impressive achievement, and we wish you the best as you advance in your financial planning careers."

CFP certification requires rigorous study, passing a national exam, having a postsecondary degree, and demonstrating three years of qualifying work experience.

Thu, 17 Aug 2023 23:00:00 -0500 en text/html
Killexams : Have you asked your financial adviser these 8 questions? If not, get on it.

Have questions about working with or hiring a financial adviser? Email

Here are all the questions you should ask any adviser you might hire.

Getty Images/iStockphoto

Your financial adviser likely manages your life savings — but have you truly vetted them? Here are all the questions you should ask any adviser you might hire, and ask your current one if you haven’t already. Indeed, these questions can save you time and money, and ensure you’ve hired the most qualified, and ethical, person you can.

  • Are you a fiduciary?
    Fiduciary advisers are required to put their clients best interests first, ahead of their own. “Not all financial advisers are fiduciaries, and you want your financial adviser to work for you and act in your best interest, without any conflicts,” says certified financial planner Ryan Haiss at Flynn Zito Capital Management. To determine whether or not someone is a fiduciary, you can ask them, look at their designations (CFPs are held to a fiduciary duty) or vet them through the National Association of Personal Financial Advisors (NAPFA) database. (Looking for a new financial adviser? This tool can match you to a fiduciary adviser who may meet your needs.)
  • What are your qualifications/credentials? Some financial professionals have gone through a lot more training than others. Here are a few of the most common qualifications for financial advisers, and what they mean: – Certified Financial Planner (CFP) CFPs must hold a bachelor’s degree or higher and complete financial planning coursework through the CFP Board. They must also pass the CFP test and have 6,000 hours of professional experience or 4,000 hours of apprenticeship experience. CFPs must also adhere to high ethical and professional standards and act as a fiduciary when providing financial advice. – Chartered Financial Consultant (ChFC) Before enrolling in The American College of Financial Services ChFC 8-course program, candidates must have 3 years of full-time, relevant business experience and a high school diploma or equivalent. Upon passing a closed-book exam, candidates must agree to comply with the American College code of ethics and procedures and recertify their eligibility every 2 years. – Chartered Financial Analyst (CFA) To become a CFA, you must have a bachelor’s degree, pass 3 levels of CFA exams with 900+ hours of self study in 10 subject areas, complete 4,000 relevant work experience, submit 2 to 3 professional reference letters. – Registered Investment Advisor (RIA) RIAs must pass the Series 65 (Investment Advisers Law) test administered by the Financial Industry Regulatory Authority (FINRA); and register with the SEC or state authorities, depending on how much money they manage. – Certified Public Accountant (CPA) CPA rules differ by state, but generally, to pursue the CPA designation, you need to complete certain college-level education courses in accounting and then pass the Uniform CPA Examination given through the National Association of State Boards of Accountancy (NASBA). After passing the exam, candidates need 1 year of experience in accounting, auditing, taxation or attestation, and some states require candidates to pass an ethics exam.
  • What are your personal or firm values?
    Asking your adviser what their personal and/or firm’s values are can be not only eye opening, but also helpful in determining whether they’re the right adviser for you. “There are few things more intimate, more emotional, or more value-laden than talking about money. If you feel your adviser’s values are poorly aligned and in conflict with your own, how comfortable will you be in being completely candid in talking about your values and what’s most important to you?” says certified financial planner Lisa Weil at Clarity Northwest.
  • What is your investment philosophy?
    “Ask your adviser what their investment philosophy is and how they handle market downturns. Some advisers may take a more passive approach and some may take a more active approach. There are pros and cons to both, but it’s important to understand so you can have the right expectations,” says certified financial planner Mark Brinser at Stewardship Advisors.
  • What is your fee structure?
    First, be sure to ask your adviser if they’re fee-only, meaning all their fees come from the client, or if they’re fee-based, which means they can take fees from the client as well as commissions and fees from other parties. The latter can create a conflict of interest. (Looking for a new financial adviser? This tool can match you to a fiduciary adviser who may meet your needs.) “Ultimately you will want to ask if you’re receiving at least as much value for the services as the fee you’re paying and if the compensation model and advice align with your best interests in mind,” says certified financial planner Sam Schwartz at Anchorpointe Wealth Management. Secondly, dive deeper into how you will pay them:
    • Fixed fee
      “There is a growing portion of the wealth management industry that is moving toward flat and fixed-fee offerings. This service is priced not as a percentage but rather in dollars and not only provides more transparency around costs, but also better aligns the costs to all the areas where value is delivered,” says certified financial planner Curtis Bailey at Quiet Wealth. Rates for fixed fee advisers varies based on location and experience, but most planners charge between $2,500 and $10,000 under a fixed fee structure.
    • Hourly fee Financial planners who charge hourly fees can be controversial, as some pros feel that hourly planning creates a barrier in the most trusted relationship a consumer might have with their financial adviser. “From my experience, clients do not want an hourly fee barrier every time they have a question or need help from their adviser,” says certified financial planner Lynn Dunston at Moneta Group. On the other hand, even though working on an hourly basis may be inherently more transactional that other fee models, by providing hourly fee structures, many younger, but still successful and hardworking people can afford financial planning services, whereas they may not qualify to meet a firm’s minimums otherwise. Hourly fees vary based on location and experience but rates under the hourly fee structure tend to run between $150 to $450 per hour.
    • Assets under management (AUM) Some advisers charge an assets under management fee, which is a percentage based on the total number of funds being managed. The industry standard is 1%, but it’s not uncommon to see AUM rates above or below 1%. “The reason so many firms charge an AUM fee is because they want to create deep, long-standing relationships with clients and they want to do so with those they can create the largest impact,” says Adam Koos, certified financial planner at Libertas Wealth Management.
    • Commissions If your adviser is working on commission, there’s always the possibility that there will be a source of conflict. Asking your adviser if they’re recommending or selling products that will pay them a commission is an indication that they’re not a fiduciary and therefore not necessarily giving you financial advice that puts your best interests ahead of their own.
  • What types of clients do you typically have?
    Asking an adviser what type of client they typically work with can help you find someone familiar with situations like yours. “After learning how an adviser is paid, the next most important factors revolve around finding a good fit. If you’re a small business owner, you probably want to work with a financial planner who has many other clients like you. Similarly, if you have small children or are a single parent, you may want to ask your planner if he or she has experience with clients with similar backgrounds. That’s one reason it can be helpful to ask friends for referrals in addition to searching for professionals online,” says Kimberly Palmer, personal finance expert at NerdWallet.
  • How will we work together?
    It’s important to gauge expectations from the get-go and asking your adviser how you’ll work together and in what capacity is the first step in ensuring you’re on the same page. “At the very least, an adviser should be checking in with their client annually to see how they’re doing, go over their performance and discuss potential changes moving forward,” says certified financial planner Eric Presogna at One Up Financial. While face to face meetings used to be the norm, since the start of the pandemic, many advisers have moved to virtual-based relationships. “CFPs are held to very high ethical standards and working face to face or virtually doesn’t change that. We can charge a lot less because we do not rent an office,” says Mark Kinsella at Family Financial Planning Services.
  • What resources will I have access to through you?
    Depending on what your needs are, your financial adviser may recommend more specific professionals to assist in creating a streamlined plan. “In the process of evaluating a client’s circumstances, we identify if and when another professional is needed. If there’s an insurance need, we may discuss the subject with their agent or refer one if they don’t have one. We often attend client appointments with the estate planning attorney in order to help the process along. Coordinating with other professionals, whether the tax adviser, estate attorney or insurance agent helps to ensure that everyone is working in a cohesive manner so nothing is done by one party that will come in conflict with what the other is trying to do,” says certified financial planner Joe Favorito at Landmark Wealth Management.
Sun, 06 Aug 2023 21:37:00 -0500 en-US text/html
Killexams : Best CFP test Prep Courses of 2023

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.

Certified Financial Planner (CFP) is a professional designation for the financial planning profession. Financial planners can earn the CFP designation after completing the CFP Board's education, exam, experience, and ethics requirements.

One of the more challenging steps in the process, the CFP exam, is a pass-or-fail test. You may register for the CFP test after meeting the CFP Board's education requirements. Once you pass the exam, you will be one step closer to becoming a CFP professional, one of the most elite financial planning designations.

To create our list of the best CFP test prep courses, we compared each program's features, including reputation, cost, guarantees, course materials, in-person classes, special features, and more. These are the best CFP test prep courses for aspiring CFP professionals.

Wed, 07 Jun 2023 23:28:00 -0500 en text/html
Killexams : What is a Certified Financial Planner (CFP) and what do they do? No result found, try new keyword!Find a Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes ... Thu, 03 Aug 2023 08:30:35 -0500 en-us text/html Killexams : What Is a Certified Financial Planner? No result found, try new keyword!The certified financial planner ... scenario-based and case-study questions. In July 2021, 62% of exam-takers passed the test. "Studying for the test is a major commitment and is usually done ... Wed, 24 Nov 2021 02:34:00 -0600 text/html Killexams : CFP test pass rate highest in 8 years but which states saw the most takers?

Almost seven in ten of the 2,926 candidates who took the CFP Certification test in July passed.

The CFP Board stats show that the 67% pass rate was the highest since July 2015 (70%), although the test blueprint has been updated twice since, in March 2016 and March 2022.

Ten states accounted for more than half (1,562) of those taking the test last month – California, Texas, Pennsylvania, Florida, Illinois, New York, North Carolina, Colorado, Ohio and Massachusetts – although the individual states’ pass rates is not reported.

Asked after the test why they wanted to gain CFP Certification, 41% said to demonstrate experience on the job (41%), and 25% said to distinguish themselves as a fiduciary.

Firms showed strong support for their candidates with 77% of test takers saying they had received some financial support from their employer during the examination process.

“As CFP Board continues to foster growth in the financial planning profession, we are committed to providing access to the tools CFP® certification candidates need to prepare for the exam,” said CFP Board CEO Kevin R. Keller, CAE. “Congratulations to candidates from across the country for passing this rigorous exam.”

Prepping for the exam

Exam takers from last month’s round were asked how they prepared for the examination.

The top answers included:

  • CFP Board Practice test 1
  • the test Candidate Handbook
  • the Candidate Preparation Toolkit.

Other resources used included CFP Board supplementary resources and guidance documents, the CFP Board Candidate Forum and webinars.

Wed, 16 Aug 2023 22:31:00 -0500 en-US text/html
Killexams : Certified Public Accountant (CPA): Definition, What CPAs Do

What is a CPA? And when might you need one? Although these accounting pros usually come to mind when it comes to filing income taxes, they can help with quite a few other things.

What is a CPA?

CPA stands for certified public accountant. It’s a credential an accounting professional can earn to demonstrate expertise in their field. Becoming a CPA requires passing an test and fulfilling several education and experience requirements.

Internationally, accounting professionals with similar education and credentials are called CAs, or charted accountants.

How do you become a CPA?

To earn a CPA title, candidates must pass a 16-hour test called the Uniform CPA Examination. Before taking the exam, they must also meet an education requirement

. Typically, that means completing 120 to 150 hours of credited coursework, with a minimum of 24 hours focused on accounting and 24 hours focused on business courses

Becoming a CPA means meeting specific experience and ethics requirements, too. The state usually sets those parameters, but generally, you can’t officially be called a CPA until you’ve apprenticed under one for at least a year

National Association of State Boards of Accountancy. CPA Exam. Accessed Aug 17, 2023.

Once an accountant has earned a CPA license, some work is required to maintain it. Many state boards ask certified public accountants to take additional courses throughout their careers to keep their skills sharp and up to date.

Track your finances

A NerdWallet account is the smartest way to track your savings, credit cards, and investments together in one place.

What is the CPA exam?

The certified public accountant exam, formally called the Uniform CPA Examination, is a nationally administered test that sets the standards for the skills and knowledge CPAs must possess.

The test has four sections: auditing and attestation, business environment and concepts, financial accounting and reporting, and regulation. To pass, candidates must earn a score of at least 75 on each section.

What do CPAs do?

People often think of CPAs when they think about tax preparation and filing, but these professionals can work in several industries, depending on their focus. This can include tax planning, financial reporting or working as an accountant for a private or public company


CPAs are often the people who are called in to conduct audits — assessments of a business’s paperwork and financial statement. They can also hold chief controller or chief financial officer (CFO) positions, depending on their skill level and education.

What is the difference between an accountant and a CPA?

Typically, an accountant is a person who has a degree in accounting from a higher education institution. However, this is not an official requirement because the general term “accountant” is largely unregulated in the U.S.

Accountants can provide similar services to a CPA, but CPAs are distinct from accountants in a few ways:

How can a CPA help with my taxes?

If you’re wondering how a CPA can assist you with taxes and whether you need one’s help in the first place, you can start by asking: Why do I need help, and what kind of help do I need?

If you’re not sure where to start when it comes to filing, many resources can walk you through how to file your taxes. Once you’ve got the basics down, you might find that quality tax software is often helpful enough to get your annual tax forms in — some taxpayers may even be able to do their taxes for free.

Calling in a tax-focused CPA could make sense if you’re struggling to figure something out about your tax life, have complex needs or have questions you could use extra guidance with. If you need to file for a tax extension, for example, because you need extra help with your paperwork, a tax pro can help you to get back on track.

Certain people, such as business owners and those who are self-employed, might find working with a CPA beneficial because CPAs can also provide small-business tax advisory services, aka big-picture tax and financial planning, that might be particularly helpful to these taxpayers.

Sat, 19 Aug 2023 14:58:00 -0500 en-US text/html
Killexams : FP Canada™ recognizes top-performing candidates on the May 2023 CFP® exam

TORONTO, Aug. 17, 2023 /CNW/ - FP Canada announces the three individuals who earned the top scores for the May 2023 sitting of the Certified Financial Planner® exam. The following candidates have been awarded a spot on the President's List:  

  • 1st place—Michail Tsirikos—Ajax, Ontario (Educators Financial Group)
  • 2nd place (tie)—Chantalle Bernier—Edmonton, AB (ATB Securities Inc)
  • 2nd place (tie)—Adam Prittie—Ottawa, ON (Capital Wealth Partners)

"Congratulations to Michail, Chantalle, and Adam for their exceptional performances on the May CFP exam," says Tashia Batstone, FP Canada's President and CEO. "We at FP Canada commend you for your impressive achievement, and we wish you the best as you advance in your financial planning careers."

To obtain CFP certification, candidates must complete a rigorous education program, pass a national exam, have a postsecondary degree and demonstrate three years of qualifying work experience. To maintain certification, CFP professionals must keep their knowledge and skills current by completing 25 hours of continuing education each year, including at least two hours of professional responsibility focused continuing education. They must also adhere to high professional standards established by the FP Canada Standards Council™. To learn more about CFP certification, visit the webpage devoted to designations offered by FP Canada.

The CFP test is a standardized national test with questions focusing on specific elements of the FP Canada Standards Council Competency Profile. The six-hour test consists of both multiple-choice questions and case-based constructed response questions. The questions are created by practicing professional financial planners.

FP Canada offers the CFP test in both English and French. Candidates who wish to sit for the next CFP test can register by logging into their FP Canada portal.

About CFP Certification

CERTIFIED FINANCIAL PLANNER certification is the most widely recognized financial planning designation in Canada and throughout the world and is considered the gold standard for the profession. CFP professionals have demonstrated the knowledge, skills, experience and ethics to provide holistic financial planning strategies and solutions at the highest level of complexity required of the profession and work with their clients to build a financial plan so that they can Live Life Confidently™. CFP professionals in Canada are certified by FP Canada, a national, not-for-profit professional body working in the public interest. There are about 17,000 CFP professionals across Canada, part of an international network of more than 213,000 in 26 territories around the world. CFP certification has also been approved by the Financial Services Regulatory Authority of Ontario (FSRA) as a valid credential for individuals using the Financial Planner title in Ontario.

About FP Canada

Established in 1995, FP Canada is a national not-for-profit education, certification and professional oversight organization working in the public interest. FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada.


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