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IIA-CIA-Part1 Certification Exam is a computer-based exam with multiple-choice questions. IIA-CIA-Part1 Exam is divided into two parts, and candidates are given 2 hours and 45 minutes to complete each part. IIA-CIA-Part1 exam is offered in several languages and can be taken at any IIA-authorized testing center worldwide. Candidates who pass the exam earn the designation of Certified Internal Auditor (CIA) and become eligible to pursue the remaining parts of the CIA certification.

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IIA-CIA-Part1 Exam, also known as Essentials of Internal Auditing, is a certification exam conducted by the Institute of Internal Auditors (IIA). IIA-CIA-Part1 Exam is designed to assess the candidates' knowledge and skills in the field of internal auditing. It is the first part of the CIA (Certified Internal Auditor) certification program, which is a globally recognized certification for internal auditors.

IIA Internal Audit Fundamentals Sample Questions (Q708-Q713):

NEW QUESTION # 708
Which of the following is an example of a detective control?

A. Confirmation with suppliers and vendors.
B. Safety instructions.
C. Automatic shut-off valve.
D. Auto-correct software functionality.

Answer: A

Explanation:
An example of a detective control is confirmation with suppliers and vendors. This control involves verifying transactions after they occur to ensure accuracy and authenticity, helping to detect errors or fraud in the organization's operations with external parties.
Internal control concepts and definitions from authoritative sources like the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

NEW QUESTION # 709
Which of the following procedures would be most effective in detecting fraud in electronically-submitted claims to insurance companies?

A. Creating batch controls over all claims arriving from a particular organization and process those claims separately.
B. Using generalized audit software to match the claimant identification number with a master list of valid policyholders.
C. Testing the accuracy of processing by using integrated test facilities.
D. Creating a monitoring program that detects unusual claims to be investigated by the claims department.

Answer: D

NEW QUESTION # 710
Which of the following would be considered a primary control to reduce the risk associated with setting up duplicate vendors?

A. Receipt of a signed and approved vendor setup form.
B. System validation and edit checks on vendor identification number
C. Segregation of duties between setting up vendors and making vendor payments.
D. A vendor setup policy and procedure.

Answer: B

Explanation:
System validations and edit checks on vendor identification numbers are primary controls that effectively reduce the risk of setting up duplicate vendors in the system. These controls ensure that each vendor's information is unique and verified against existing records before a new vendor is entered into the system, thereby preventing duplication.References: Institute of Internal Auditors (IIA) - Risk Control Matrices and Internal Control Frameworks

NEW QUESTION # 711
Which of the following drivers of fraud is directly controllable by an organization?

A. Incentive
B. Rationalization
C. Pressure
D. Opportunity

Answer: D

NEW QUESTION # 712
Due to unfavorable economic conditions management decided to postpone new investments for the next year. Which of the following best describes the risk management strategy used to address this situation?

A. Risk transfer
B. Risk reduction
C. Risk mitigation
D. Risk avoidance

Answer: D

NEW QUESTION # 713
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