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
An internal auditor notes that inventory counts are conducted on Mondays only and that all documentation is on paper as there are no computers in the underground warehouses. Also she notices that the person responsible for receiving the goods is the same one who distributes materials and spare parts Finally, she sees that spare parts are written off and taken by the heads of mining units to different underground locations to wait for their turn to be installed.
Which of the described findings requires more consideration from a fraud risk perspective?
- A . The job responsibilities of the warehouse employee compromise segregation of duties
- B . Spare parts are written off before their actual usage and installation
- C . Warehouse management is conducted on paper and requires further investigation
- D . The inventory counts take place on specific days of the week for no apparent reason
Regarding the chief audit executive (CAE). which of the following is considered an impairment to the independence of the internal audit activity?
- A . The CAE reports administratively to the CEO.
- B . The CAE is asked to submit the liquidation of her travel allowances to human resources for approval.
- C . The CAE’s supervisor is responsible for the risk management function.
- D . The CAE is asked to review new procedures before implementation.
In which of the following ways can a whistleblower hotline serve as a prevent Aative control?
- A . Third parties who operate the hotline ensure anonymity for whistle blowers.
- B . Whistleblower tips help discover wrongdoings and violations of the code of conduct. Potential perpetrators of fraud know that their actions can be reported easily.
- C . Better investigation protocols are triggered by the whistleblower hotline.
Which of the following items related to the quality assurance and improvement program should the chief audit executive report to the board?
- A . Ongoing monitoring results
- B . Periodic management assessment results
- C . Annual risk assessment results
- D . Internal auditors’ training evaluation results
What would be the proper sequence of steps for an internal auditor to take in order to draw a conclusion on internal control effectiveness and adequacy after ascertaining the key controls?
- A . Evaluate the adequacy of the controls and then test the controls for effectiveness.
- B . Test the controls for effectiveness and then evaluate the adequacy of the controls.
- C . Identify risks and then evaluate the controls for effectiveness.
- D . Evaluate the controls for effectiveness and then assess the risks in the area.
Which statement is accurate regarding reporting on the quality assurance and improvement program (OAIP) to conform with the International Standards for the Professional Practice of Internal Auditing?
- A . The chief audit executive (CAE) should report all stages of the OAlP’s development and key milestones.
- B . The CAE should report only corrective action plans that meet external assessor or stakeholder requirements.
- C . The CAE should establish the form and content of program communication so that it is in alignment with the internal audit activity charter.
- D . The CAE should disclose program details only after both internal and external assessments have been completed.
Which of the following best demonstrates internal auditors performing their work with proficiency?
- A . Internal auditors meet with operational management at each phase of the audit process.
- B . Internal auditors adhere to The IIA’s Code of Ethics.
- C . Internal auditors work collaboratively with their engagement team.
- D . Internal auditors complete a program of continuing professional development.
A global manufacturing company has three regional offices. The chief audit executive (CAE) is concerned about the cost of an upcoming external quality assessment of the internal audit activity. The last external assessment was performed six years ago. Recently, the internal audit staff at one of the regional offices performed an internal assessment.
To ensure conformance with the Standards, what is the most appropriate action for the CAE to take?
- A . Request from the audit committee an additional budget and an extension so that the external assessment could be performed next year.
- B . Review the results of the internal assessment, identify weaknesses, and implement improvements at the remaining offices.
- C . Request the regional office that performed the internal assessment to perform an assessment of the remaining offices.
- D . Request that an external assessor validate the results of the internal assessment and review the remaining offices.
Which of the following describes the most appropriate match between a potential temporary guest auditor candidate and an upcoming audit assignment?
- A . A purchasing manager with two years of prior audit experience in public practice to lead a contracts management audit
- B . A communications officer who worked in the marketing department during the last six months to conduct a customer loyalty program audit
- C . A manager of social responsibility who has a nursing background to participate m a health and safety audit for the corporate office and plant facilities
- D . An accounting manager who discovered and reported fraud committed by a payables clerk to conduct a performance audit of accounts payable
With regard to the internal audit activity’s quality assurance and improvement program, which of the following must be reported to the board?
- A . A statement of independence of the organization’s internal auditors.
- B . Meeting minutes with the assessment team, if key risks were identified and discussed.
- C . Frequency of the quality assessments being performed.
- D . Summary of previous internal assessments undertaken.
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