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IIA-CIA-Part1 is a certification exam designed for professionals who aspire to become internal auditors. IIA-CIA-Part1 exam is conducted by the Institute of Internal Auditors (IIA) and is a part of the Certified Internal Auditor (CIA) program. The IIA-CIA-Part1 certification exam is also known as the Essentials of Internal Auditing exam. It is the first step towards becoming a certified internal auditor.
NEW QUESTION # 235
Which of the following needs to be established prior to undertaking an assessment of the quality assurance and improvement program?
- A. External assessment resources
- B. Remediation timeframes.
- C. Nonconformance disclosures.
- D. Department performance standards.
Answer: A
Explanation:
Before undertaking an assessment of the quality assurance and improvement program, it is necessary to establish external assessment resources. This includes determining who will conduct the external assessment, the methodology to be used, and other logistical considerations to ensure that the assessment is thorough and conforms to the IIA's standards for quality assurance.References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing, specifically those related to quality assurance and improvement.
NEW QUESTION # 236
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care?
A description of their job responsibilities,
- A. An annual declaration of commitment to
- B. A non-disclosure agreement.
- C. The internal audit charter.
- D. The IIA s Code of Ethics.
Answer: A
NEW QUESTION # 237
The audit process used by the internal audit activity of a large wholesale clothing company does not include an engagement letter or project approval document.
The most serious consequence of this deficiency in the process is that the:
- A. Audit resources may not be sufficient.
- B. Audit plan priority may have changed.
- C. Audit objectives may not be understood by management of the area being audited.
- D. Audit schedule may not be optimal from the engagement client's perspective.
Answer: C
NEW QUESTION # 238
Which of the following conditions is the most likely indicator of fraud?
- A. Commissions are paid based on verified increases to sales.
- B. Lower earnings occur during the industry's down cycle.
- C. A manager regularly assumes subordinates' duties.
- D. Departmental reports are consistently issued in an untimely manner.
Answer: C
NEW QUESTION # 239
Which of the following is not an appropriate role of the internal audit activity in governance activities?
- A. Ensure the timely implementation of audit recommendations.
- B. Support the board in enterprise-wide risk assessment.
- C. Monitor compliance with the organization's ethics policies.
- D. Discuss areas of significant risk.
Answer: A
NEW QUESTION # 240
The primary objective of risk-based auditing is to assess the:
- A. Adequacy of controls.
- B. Economy of controls.
- C. Efficiency of controls.
- D. Compliance with controls.
Answer: A
NEW QUESTION # 241
Which of the following statements is true regarding an organization's code of ethics?
- A. It should be written with primary consideration given to using a rule-based approach.
- B. Its operational effectiveness cannot be tested using traditional audit and rating systems such as maturity models.
- C. It should be of two variations: one applicable internally and one applicable for third parties.
- D. It should require an annual attestation of compliance with the code of conduct by all employees.
Answer: D
NEW QUESTION # 242
Which of the following requests, if accepted by the internal audit activity, would impair its independence?
- A. A request to determine appropriate risk management responses for management.
- B. A request to develop workshops on corporate governance for management.
- C. A request to provide counseling services on ethical matters.
- D. A request to act as liaison with external auditors.
Answer: A
Explanation:
If the internal audit activity accepts a request to determine appropriate risk management responses for management, it would impair its independence. The role of internal audit is to provide assurance and consulting services, but not to take on management responsibilities such as making decisions on risk responses. Doing so would compromise the objectivity and independence required of the internal audit function. References: The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 1100 - Independence and Objectivity, and Standard 1112 - Chief Audit Executive Roles Beyond Internal Auditing.
NEW QUESTION # 243
Which of the following lists these audit steps in the correct chronological order?
I.Create the engagement work program.
II.
Conduct the exit conference.
III.
Perform fieldwork.
IV.
Schedule the audit engagement.
Issue a summary report of audit findings.
- A. I, IV, II, III, V.
- B. IV, I, III, II, V.
- C. I, IV, III, II, V.
- D. IV, III, I, V, II.
Answer: B
NEW QUESTION # 244
Which of the following should an internal auditor take into consideration when making a judgement regarding whether management selected appropriate risk responses?
- A. Risk appetite
- B. Risk capacity
- C. Significant risks
- D. Risk tolerance
Answer: A
NEW QUESTION # 245
Which of the following statements is true with regard to conducting an effective quality assurance and improvement program?
- A. Periodic internal assessments provide the most current and independent recommendations for improvement.
- B. The conclusions of periodic internal assessments are intended to assist in achieving conformity to the Standards.
- C. Members of the internal audit activity are not permitted to perform quality assessments, as they would not be independent.
- D. The IIA's Quality Assessment Manual for the Internal Audit Activity must be used as the basis for periodic assessments.
Answer: B
NEW QUESTION # 246
Which of the following is accomplished by the internal audit charter?
- A. It defines the scope of internal and external audit activities.
- B. It states the nature of the chief audit executive's administrative reporting relationship with the board.
- C. It authorizes access to records, personnel and physical properties relevant to the performance of engagements.
- D. It establishes the audit committee's position within the organization.
Answer: C
Explanation:
Section: Volume D
NEW QUESTION # 247
Which of the following does not need to be defined in the internal audit charter?
- A. The internal audit activity's position within the organization.
- B. Management and the board of directors' agreement regarding the roles and responsibilities of the internal audit activity.
- C. The scope of internal audit activities.
- D. The audit engagements to be performed during the upcoming year.
Answer: D
NEW QUESTION # 248
Which of the following techniques would best assist an internal auditor in evaluating the efficiency of a wholesale grocery distributor`s process to fill and package orders for shipping?
- A. Decision trees rating actual performance against requirements.
- B. ABedfordanalysis of orders filled to average delivery times.
- C. Queuing theory to assess potential bottlenecks in the process.
- D. A program evaluation and review technique chart.
Answer: C
NEW QUESTION # 249
To achieve conformance with the Standards, the chief audit executive must include which of the following activities in the quality assurance and improvement program (QAIP)?
- A. Report the results of the QAIP to senior management
- B. Require board oversight of the QAIP.
- C. Assess Standards conformance for each individual engagement.
- D. Conduct a self assessment at least once every five years.
Answer: A
Explanation:
To achieve conformance with the Standards, the chief audit executive must include the activity of reporting the results of the quality assurance and improvement program (QAIP) to senior management and the board. This is essential for maintaining transparency and accountability in the internal audit activity's efforts to uphold and enhance the quality of its operations.References: IIA Standard 1300: Quality Assurance and Improvement Program.
NEW QUESTION # 250
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