IIA IIA-CIA-Part1 CIA Exam Part One: Essentials of Internal Auditing Online Training
IIA IIA-CIA-Part1 Online Training
The questions for IIA-CIA-Part1 were last updated at Nov 20,2024.
- Exam Code: IIA-CIA-Part1
- Exam Name: CIA Exam Part One: Essentials of Internal Auditing
- Certification Provider: IIA
- Latest update: Nov 20,2024
A new internal audit activity is considering the adoption of a risk and control framework.
Which of the following is the most appropriate consideration during this process?
- A . The framework should not be developed by the internal audit activity
- B . The framework should apply to individual projects rather than the organization as a whole
- C . The framework should always be tailored to the organization
- D . The framework should require fewer resources to implement
If the skills and competencies are not present within the internal audit activity to complete an ad-hoc assurance engagement, which of the following is an acceptable resolution?
- A . Politely decline the engagement due to a lack of qualified staff available at the time.
- B . Complete the engagement as requested, with the best of the current staffs abilities.
- C . Consider using employees from other departments in the organization on the audit team.
- D . Change the scope of the testing to ensure that only available staff proficiencies are used
What is the primary purpose of The IIA’s Code of Ethics?
- A . Communicate specific activities appropriate to the performance of internal auditing
- B . Promote ethical culture within corporations and other business organizations
- C . Establish mandatory standards of competence for the practice of internal auditing
- D . Establish principles and expectations governing behavior of individuals and organizations in the conduct of internal auditing
A chief audit executive (CAE) has been asked by the board to evaluate the effectiveness of ethical programs created by management.
Which of the following would be the most appropriate action for the CAE to take?
- A . Compare the design of the organization’s ethical programs with best practices.
- B . Verify that a code of conduct and related policies exist and are communicated.
- C . Use employee surveys to assess whether ethical programs are achieving desired outcomes.
- D . Compare the cost of the ethical programs with the achieved outcomes.
An internal audit of warehouse inventory revealed no material deficiencies. However, management later discovered fraud, which occurred during the period that was audited, and determined that a major control deficiency allowed the fraud to occur.
Given management’s discovery, which of the following statements is valid?
- A . The internal auditors violated the standard for due professional care because they did not detect the fraud, even though it occurred during the period that was reviewed.
- B . The internal auditors should have had sufficient knowledge of fraud to identify red flags indicating possible fraud.
- C . The internal auditors could not have detected the fraud due to collusion among employees in the inventory unit.
- D . The internal auditors are not responsible for considering fraud risk, which is a management responsibility.
An external assessment was performed as part of the organization’s quality assurance and improvement program.
Which of the following conclusions confirms that the internal audit activity is in conformance with the Standards’?
- A . The chief audit executive is well qualified and has responsibilities over operational areas that the internal audit activity assesses.
- B . Periodic self-assessments are assigned to entry-level internal audit staff to support their continuing professional development.
- C . All audit workpapers are reviewed and signed by the engagement supervisor before the audit report is issued.
- D . Employees who rotate into the internal audit activity from other areas of the organization are assigned to audit areas where they previously worked, to take advantage of their operational expertise and experience.
Management decided to post the organization’s newly established code of conduct on its website.
This decision is primarily intended to mitigate which of the following risks?
- A . Accountability risk.
- B . Communication risk.
- C . Knowledge risk.
- D . Cultural risk.
Which of the following would best describe a control implemented to detect cash register disbursement fraud in a large retail store?
- A . Separate the duties of processing and authorizing refunds on merchandise
- B . Post signs in the register area prompting customers to ask for and examine their sales receipts
- C . Periodically count the cash in the register and compare it to the expected amount
- D . Use cash registers with internal tapes that are tamper proof and that require a manager to process voids or refunds
A chief audit executive (CAE) recruited a few new internal auditors to reduce the resource gaps identified in this year’s internal audit plan. One of the new recruits has several years of experience with the organization. Ten months ago. she served as a senior supervisor in the finance department. However, for the past 10 months, she has been helping the organization with implementing a new IT system.
What approach should the CAE take for the upcoming financial statement controls audit?
- A . Assign the new auditor to assist with conducting the fieldwork. but ensure that her work is reviewed by the CAE.
- B . Assign the new auditor to assist with developing the audit program, but ensure that the audit program is executed by other audit staff.
- C . Ensure that the new auditor’s previous manager, and other close former coworkers, are excused during the audit.
- D . Ensure that the new auditor is responsible only for the supervisory review, but not the execution of the audit field work.
The internal audit activity is responsible for conducting fraud investigations. A potential fraud instance was identified during an audit engagement. The chief audit executive appoints a lead investigator.
Which of the following would most likely be the next step?
- A . Ask internal auditors to gather all relevant information and evidence.
- B . Identify and interview witnesses first and potential suspects later.
- C . Conduct a fraud risk assessment to identify the most vulnerable areas.
- D . Determine the competencies needed and assess whether team members have a conflict of Interest.
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