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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Ethics and Professionalism	20%	- Professional conduct and due care 1. Due professional care in engagements 2. Competence and continuing professional development - IIA Code of Ethics 1. Principles: integrity, objectivity, confidentiality, competency 2. Rules of conduct and application
Foundations of Internal Auditing	35%	- Purpose, authority, and responsibility of internal auditing 1. Assurance vs. advisory services 2. Definition, mission, and core principles 3. Internal audit charter requirements - Independence and objectivity 1. Organizational independence and reporting lines 2. Individual objectivity and safeguards 3. Impairments to independence/objectivity - Quality assurance and improvement program 1. Requirements and scope of QAIP 2. Conformance with Standards 3. Internal and external assessments
Governance, Risk Management, and Control	30%	- Risk management 1. Risk appetite, assessment, and response 2. Internal audit role in risk management 3. Risk management frameworks (e.g., COSO, ISO 31000) - Governance frameworks and processes 1. Governance models and best practices 2. Roles of board, management, and internal audit - Internal control 1. Control frameworks and components 2. Evaluating control effectiveness 3. Types of controls and control activities
Fraud Risks	15%	- Internal audit responsibilities regarding fraud 1. Detecting fraud indicators 2. Investigation procedures and reporting - Fraud concepts and types 1. Asset misappropriation, corruption, financial statement fraud 2. Fraud triangle and fraud risk factors - Fraud risk assessment and prevention 1. Identifying and prioritizing fraud risks 2. Preventive and detective controls

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IIA Internal Audit Fundamentals Sample Questions (Q758-Q763):

NEW QUESTION # 758
Which of the following types of information would an internal auditor expect to find in the supporting documentation for a high-level accounts payable process flowchart?

A. A copy of the new customer request form.
B. The payment terms and credit limit of the vendor to be paid.
C. The number of payments paid before the due date of the invoice.
D. An overview of the steps for validating invoices.

Answer: D

NEW QUESTION # 759
According to IIA guidance, which policy, established by the chief audit executive, would most likely ensure internal audits are conducted with due professional care?

A. Training documents should be destroyed at the end of the year to create space for the next year's training documents.
B. Independent internal assessments of the internal audit activity should be performed by entry-level staff as part of on-the-job training.
C. The initial review of workpapers should be conducted after the final engagement report is issued.
D. Internal audit staff should be informed regularly of changes to policies and procedures.

Answer: D

Explanation:
Ensuring that internal audit staff are regularly informed of changes to policies and procedures is crucial for maintaining due professional care. Regular updates ensure that auditors are aware of current standards, methodologies, and best practices, which helps them perform their duties effectively and with due diligence.
* Option A: Reviewing workpapers after the final engagement report is issued is too late to ensure due professional care.
* Option B: Independent assessments by entry-level staff might not ensure the required objectivity and proficiency.
* Option D: Destroying training documents does not contribute to due professional care and may hinder ongoing training and development efforts.
IIA Standard 1230: Continuing Professional Development.
IIA Standard 1220: Due Professional Care.

NEW QUESTION # 760
When taken by a chief audit executive, which of the following actions would be most likely to prevent division management from exaggerating sales reports?
1. Announcing a series of internal audit engagements focusing on compliance with corporate sales-reporting policies.
2. Asking 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.
3. Setting up a hotline for employees to report fraudulent behavior anonymously,
4. Assisting the controller in developing and monitoring a series of business process indicators, which are historically correlated with, but independent of sales.

A. 2 and 4 only.
B. 2 and 3 only.
C. 3 and 4 only
D. 1 and 2 only.

Answer: D

Explanation:
The most likely actions by a chief audit executive to prevent division management from exaggerating sales reports would be announcing a series of internal audit engagements focusing on compliance with corporate sales-reporting policies and asking 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. These actions directly address the behavior of management by establishing oversight and reinforcing the importance of ethical reporting practices through policy reinforcement and targeted audits.
References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing

NEW QUESTION # 761
A high-volume retailer of consumer goods has used point-of-sale data to record sales and update inventory records for several years. When price changes are scheduled, corporate headquarters downloads a price change file to a computer server system at each store. Each store's assistant manager is responsible for checking the server for downloads and running the program that updates the store's price file at the authorized price update time. In comparison with having headquarters initiate the price update centrally, this approach to price updating will most likely:

A. Decrease the risk that item prices will sometimes be inaccurate.
B. Decrease the risk that customers will be undercharged consistently for sales items.
C. Increase the risk that customers will be undercharged consistently for sales items.
D. Increase the risk that item prices will sometimes be inaccurate.

Answer: D

Explanation:
Section: Volume A

NEW QUESTION # 762
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?

A. The amount of risk that an organization is willing to seek or accept.
B. The extent and degree of interdependency for identified key risks.
C. The exposure to risks following management's risk responses.
D. The boundaries established to manage the amount of risk taken.

Answer: C

Explanation:
Section: Volume F

NEW QUESTION # 763
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