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The IIA provides two main global certifications: Certified Internal Auditor (CIA) and Certification in Risk Management Assurance (CRMA). The CIA is the first accreditation and classification for internal auditors that the IIA suggests that all internal auditors pursue and have. The CIA not only shows your credibility as an internal audit expert, but it also gives you a competitive advantage over your peers. The CIA is a three-part exam that covers the understanding, skills, and abilities required by today’s internal listeners.
As a professional accountant or auditor seeking to energize your profession, you may have considered earning an audit certification. But you have several options for qualifying in accounting, so which one should you choose? if you intend to go down the path of an internal auditor, after that, Certified Internal Auditor (CIA) is the certification for you.
What is IIA-CIA-Part1 Exam
The revised CIA Part 1 exam is well aligned with the IIA’s International Specialized Practice Framework (IPPF) and also includes 6 areas that cover the fundamentals of internal accounting; autonomy and neutrality; efficacy and appropriate specialized treatment; quality assurance and renewal programs; governance, threat tracking and even control; and even the threat of fraud. The first part examines the understanding, skills and also the capabilities of the perspectives associated with the International Specifications for Household Accounting Specialized Technique, in particular the characteristic standards (1000, 1100, 1200 and 1300 series), as well as the criteria performance 2100.
Aspects of the IPPF are included such as the purpose of internal auditing and the basics of expert internal auditing technique. The program offers a higher rating with the IIA performance standards. The test covers the distinctions between obtaining and seeking advice from compromises. The review is about the appropriate disclosure of consistency with respect to non-conformance to specifications. The most important area is “Threat Governance, Management and Control”, which represents 35% of the audit. Part of the exam requires candidates to demonstrate a basic understanding of the concepts; another section requires candidates to demonstrate mastery of their knowledge, skills, and abilities.
NEW QUESTION 59
The chief audit executive (CAE) of a mid-sized pharmaceutical organization has operational responsibility for the regulatory compliance function. The audit committee requests an assessment of regulatory compliance. According to IIA guidance, which of the following is the CAE's best course of action?
- A. Have a proficient internal audit staff member perform the audit and report the results of the assessment directly to senior management and the board.
- B. Have a proficient internal audit staff member perform the assessment and disclose the impairment in the audit report and to the board.
- C. Have a regulatory compliance staff member perform a self-assessment, to be reviewed by a proficient internal auditor.
- D. Contract with a third-party entity or external auditor to complete the assessment and report the results to senior management and the board.
Answer: D
NEW QUESTION 60
To fill a critical vacancy, an internal auditor is assigned temporarily to a nonaudit role in the purchasing department, where she worked previously before joining the internal audit activity. According to IIA guidance, which of the following statements is true regarding these circumstances?
- A. The auditor should obtain the CAE's approval as to the nature and scope of the duties she is permitted to perform during her temporary assignment.
- B. Any work performed by the auditor during her temporary assignment must conform to the internal audit charter.
- C. The CAE may conduct audits in the purchasing department during the auditor's temporary assignment.
- D. The chief audit executive (CAE) should review all work performed by the auditor during her temporary assignment to ensure no impairments.
Answer: A
NEW QUESTION 61
According to IIA guidance, which of the following best describes processes and tools typically used in ongoing internal assessments?
- A. Report of internal assessment results, response plans, and outcomes.
- B. Analysis of performance metrics such as cycle times.
- C. Benchmarking of the internal audit activity's practices and performance.
- D. Self-assessments and surveys of stakeholder groups.
Answer: B
Explanation:
Section: Volume E
NEW QUESTION 62
Which of the following is most likely to be an element of an effective compliance program?
- A. The organization uses monitoring systems designed to detect improper activity.
- B. The program is communicated to employees in a video format on a one-time basis.
- C. The organization obtains as much information as possible when performing background checks on employees.
- D. The internal audit activity is assigned responsibility for overseeing the program.
Answer: A
NEW QUESTION 63
Which of the following risk management activities is most appropriate for an internal auditor to undertake?
- A. Coordinate risk management activities.
- B. Review the management of key risks.
- C. Implement risk responses on management's behalf.
- D. Impose risk management processes.
Answer: B
NEW QUESTION 64
An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?
- A. Higher inventory turnover.
- B. Lower sales volume.
- C. Lower obsolete stock disposal.
- D. Higher operating margin.
Answer: B
NEW QUESTION 65
During an engagement, an internal auditor decided to use variance analysis as an auditing techniques. Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?
- A. Perform alternative forms of analytical procedures which provide no deviations.
- B. Gather additional information to determine the cause of the deviations.
- C. Conclude that the budget was unreasonably set and accept the deviations.
- D. Report the deviations immediately to the audit committee.
Answer: B
NEW QUESTION 66
Which of the following methods is not valid for completing continuing professional
education hours?
- A. Attending technical session meetings held by state auditing organizations.
- B. Completing all audit engagements in accordance with the Standards.
- C. Participating in a formal in-house training program.
- D. Publishing an article on the organization's internal audit department.
Answer: B
NEW QUESTION 67
A chief audit executive (CAE) reports functionally to the CEO and administratively to the chief financial officer, both of whom serve on the company's board of directors. According to IIA guidance, which of the following would offer the greatest protection for the independence of the internal audit activity?
- A. Move the CAE's functional reporting to the audit committee.
- B. Obtain full board approval of the internal audit activity's annual audit plan.
- C. Move the CAE's functional reporting to an executive who is not on the board.
- D. Appoint the CAE as a member of the board.
Answer: A
NEW QUESTION 68
The chief audit executive (CAE) of a small internal audit activity (IAA) performs all high-risk engagements on the annual audit plan to make use of his knowledge and experience and to maximize the efficient use of audit resources. Which of the following statements is most relevant regarding this practice?
- A. The CAE's work should be reviewed by an individual with the appropriate background and knowledge.
- B. The CAE may self-review his work, provided he discloses this practice in the final report.
- C. The CAE should avoid performing engagements to ensure he is able to review all audit work objectively.
- D. The CAE's work may be reviewed by any other experienced staff member within the IAA.
Answer: A
Explanation:
Section: Volume F
NEW QUESTION 69
An organization has developed a large database that tracks employees, employee benefits, payroll deductions, job classifications, and other similar information. In order to test whether data currently within the automated system are correct, an auditor should:
- A. Select a sample of data to be entered for a few days and trace the data to the updated database to determine the correctness of the updates.
- B. Use generalized audit software to provide a printout of all employees with invalid job descriptions.
Investigate the causes of the problems. - C. Use generalized audit software to select a sample of employees from the database. Verify the data fields.
- D. Use test data and determine whether all the data entered are captured correctly in the updated database.
Answer: C
NEW QUESTION 70
Internal auditors must exercise due professional care by considering which of the
following?
1.Cost of assurance in relation to potential benefits.
2.Adequacy and effectiveness of governance,risk management,and control processes.
3.Management's competency level in the area being evaluated.
4.Probability of significant errors,fraud,or noncompliance.
- A. 1,2,and 3 only
- B. 1,2,and 4 only
- C. 2,3,and 4 only
- D. 1 and 2 only
Answer: B
NEW QUESTION 71
What type of risk management strategy is being employed when an organization installs two firewalls to provide protection from unauthorized access to the network?
- A. Accepting the risk that there may be attempts at unauthorized access to the network.
- B. Diversifying the risk that network access will not be available to legitimate, authorized users.
- C. Avoiding the risk of having a direct network connection to untrusted networks.
- D. Sharing the risk that either firewall could be compromised by hackers.
Answer: B
NEW QUESTION 72
Which of the following would not be considered part of preliminary survey of an engagement area?
- A. Analytical reviews.
- B. Functional walk through test.
- C. Interviews with individuals affected by the entity.
- D. Sampling scope.
Answer: D
NEW QUESTION 73
Management should be included in the development of the audit plan in order to:
- A. Guarantee access to the organization's sites and records for audit work.
- B. Provide assurance that past audit recommendations have been properly implemented.
- C. Select the audit tests that will be used for each engagement.
- D. Verify that the highest risks are included in the risk-based audit plan.
Answer: D
Explanation:
Section: Volume B
NEW QUESTION 74
The security department uncovered what appears to be a complex fraud in the accounting department. The CEO has requested the internal audit activity to investigate the fraud. If the internal audit staff lacks the expertise to conduct the investigation, how should the chief audit executive proceed?
- A. Proceed with the investigation, as internal auditors are not required to have fraud expertise.
- B. Outsource the sensitive investigation to a third-party consultant with fraud expertise.
- C. Disclose the deficiency, and request that the investigation be reassigned to the first line of defense.
- D. Select a member of the accounting department who is not involved in the fraud to join the investigation team in a consulting capacity.
Answer: B
NEW QUESTION 75
In developing an appropriate work program for an audit engagement, the most important factor for an audit supervisor to consider is the:
- A. Time required to complete the engagement.
- B. Audit personnel's knowledge and experience.
- C. Availability of records and data.
- D. Potential impact of risks.
Answer: D
NEW QUESTION 76
Which of the following is an activity that an internal auditor must not perform?
- A. Provide assurance for the effectiveness of anti-money laundering training.
- B. Assess the risk of being fined for ineffective anti-money laundering practices.
- C. Establish and provide continuing assurance on an anti-money laundering program for new hires.
- D. Survey employees for their understanding of anti-money laundering practices.
Answer: C
NEW QUESTION 77
For a bank handling large amounts of cash, which of the following types of control would be the most effective to use?
- A. Preventive controls.
- B. Corrective controls.
- C. Detective controls.
- D. Directive controls.
Answer: A
NEW QUESTION 78
Which of the following is true with respect to the risk assessment process?
- A. The ethical climate should not be included since this factor cannot be measured quantitatively.
- B. The risk assessment process should be conducted at least every three years.
- C. Each risk factor should be given equal weighting in order to reduce the opportunity for bias.
- D. More than one risk factor may have to be used to ensure that the risk assessment is comprehensive.
Answer: D
NEW QUESTION 79
Which of the following topics would a chief audit executive most likely include with their report to the board?
- A. A recent management hire to oversee labor concerns.
- B. The status of labor contract negotiations at the largest manufacturing plant.
- C. A significant level of senior management turnover throughout the organization.
- D. Analyses of recent increases in overtime.
Answer: C
NEW QUESTION 80
What role, if any, should the internal audit activity have in the process of following up on observations and recommendations made by the external auditors?
- A. The internal audit activity should review the adequacy and effectiveness of management's follow-up actions.
- B. The internal audit activity should become involved only if the chief audit executive has sufficient evidence that the follow-up is not occurring.
- C. The internal audit activity should have no role in this process in order to ensure independence.
- D. The internal audit activity should become involved only if specifically requested by management or the board of directors.
Answer: A
NEW QUESTION 81
With regard to external assessments of an internal audit activity (IAA), which of the following is the chief audit executive required to discuss with the board?
- A. External reviewer conflicts of interest, and the need for an external assessment more frequently than once every five years.
- B. The simplest way for the external reviewer to join the IAA's organization, and the timeline of the external assessment.
- C. External reviewer conflicts of interest, and the timeline of the external assessment.
- D. The need for an external assessment more frequently than once every five years, and the simplest method for the external reviewer to join the IAA's organization.
Answer: A
Explanation:
Section: Volume D
Explanation/Reference:
NEW QUESTION 82
Which of the following actions by a chief audit executive is most likely to prevent exaggerated sales reports by division management?
I.Hire a new internal auditor who has fraud investigation credentials.
II.Assist the controller in developing and monitoring a series of business process indicators which are historically correlated with, but independent of, sales.
III.Announce a series of internal audit engagements focusing on compliance with corporate sales-reporting policies.
IV.Ask the president and the board to issue a statement of corporate policy stressing the importance of accurate management reporting and the negative consequences of intentional misreporting.
- A. III and IV only.
- B. I, II, III, and IV.
- C. I and II only.
- D. II and III only.
Answer: A
NEW QUESTION 83
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