IIA-CIA-Part1 exam

Which of the following controls would best mitigate the risk of fraud in the bidding process?A . Have a bidding committee open the tender bids.B . Restrict the time to submit tender bids.C . Keep minutes of pre-bid meetings.D . Allow the higher tenders to rebid.View AnswerAnswer: A Explanation: Having...

Which of the following actions should the internal audit activity take during an audit engagement when examining the effectiveness of risk management processes?A . Evaluate how the organization manages fraud risk.B . Establish procedures for improving risk management processes.C . Ensure risk responses are aligned with industry standards.D . Verify...

While conducting an engagement in the procurement department, the internal auditor noticed that the department head’s travel reports showed minor travel expenses, and there were no charges for hotels, meals, or transportation. However, the auditor knew that the department head frequently traveled worldwide to meet with suppliers and visit their...

A chief audit executive (CAE) has no direct access to the board. According to IIA guidance, which of the following is the most appropriate way for the CAE to react?A . Ensure all subsequent audit reports include a disclaimer as to the lack of access to the board,B . Focus...

Which of the following factors is most important for internal auditors to consider when prioritizing fraud risks?A . The organization’s code of conduct.B . The organization’s competition.C . The organization’s code of ethics.D . The organization’s cultureView AnswerAnswer: D Explanation: When prioritizing fraud risks, the most important factor for internal...

According to NA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?A . To enable Triple Bottom Line reporting capability.B . To facilitate the conduct of risk assessment.C . To achieve and maintain sustainable development.D . To fulfill regulatory and compliance...

Which of the following skills is most important for an internal auditor who facilitates control self- assessment workshops to possess?A . Groupthink.B . Collaboration skills.C . Process analysis skills.D . Project management skills.View AnswerAnswer: B Explanation: For an internal auditor who facilitates control self-assessment workshops, collaboration skills are most important....

A multinational organization has asked the internal audit activity to assist in setting up the organization’s risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?A . Coordinate and facilitate risk...

Which requirement should the chief audit executive consider when communicating results of the quality assurance and improvement program to the board of a large organization?A . The internal assessment results should be discussed once every five years,B . The rating conclusions and the impact from results of the external assessment...

During an assurance engagement, an internal auditor uses benchmarking research to support preparation of a report to stakeholders that contains significant findings about control deficiencies. Which of the following skills did the auditor demonstrate?A . Internal audit management.B . Conflict negotiation.C . Critical thinking.D . Persuasion and collaboration.View AnswerAnswer: C...