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IIA IIA-CIA-Part1 Exam Syllabus Topics:

SectionWeightObjectives
Foundations of Internal Auditing35%- Purpose, authority, and responsibility of internal auditing
  • 1. Definition, mission, and core principles
  • 2. Internal audit charter requirements
  • 3. Assurance vs. advisory services
- Quality assurance and improvement program
  • 1. Requirements and scope of QAIP
  • 2. Conformance with Standards
  • 3. Internal and external assessments
- Independence and objectivity
  • 1. Impairments to independence/objectivity
  • 2. Individual objectivity and safeguards
  • 3. Organizational independence and reporting lines
Fraud Risks15%- Fraud concepts and types
  • 1. Fraud triangle and fraud risk factors
  • 2. Asset misappropriation, corruption, financial statement fraud
- Fraud risk assessment and prevention
  • 1. Identifying and prioritizing fraud risks
  • 2. Preventive and detective controls
- Internal audit responsibilities regarding fraud
  • 1. Investigation procedures and reporting
  • 2. Detecting fraud indicators
Ethics and Professionalism20%- IIA Code of Ethics
  • 1. Rules of conduct and application
  • 2. Principles: integrity, objectivity, confidentiality, competency
- Professional conduct and due care
  • 1. Competence and continuing professional development
  • 2. Due professional care in engagements
Governance, Risk Management, and Control30%- Internal control
  • 1. Types of controls and control activities
  • 2. Evaluating control effectiveness
  • 3. Control frameworks and components
- Risk management
  • 1. Risk management frameworks (e.g., COSO, ISO 31000)
  • 2. Risk appetite, assessment, and response
  • 3. Internal audit role in risk management
- Governance frameworks and processes
  • 1. Governance models and best practices
  • 2. Roles of board, management, and internal audit

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IIA Internal Audit Fundamentals Sample Questions (Q709-Q714):

NEW QUESTION # 709
Which of the following statements describes the activities performed by the internal audit activity to fulfill the Mission of Internal Audit?

Answer: C

Explanation:
The Mission of Internal Audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight2. One of the activities that the internal audit activity performs to fulfill this mission is to conduct reviews of internal risk and controls, which means evaluating and improving the effectiveness of risk management, control, and governance processes in the organization3. This helps the organization to achieve its objectives and mitigate its risks.
References:
1: CIA Exam Practice Questions - Certified Internal Auditor 2019 2: Mission of Internal Audit 3: About Internal Audit : What is Risk Management in Internal Audit - ESG | The Report


NEW QUESTION # 710
After completing a net present value (NPV) calculation on a proposed project, an analyst explores the change in NPV with changes in the interest rate. This additional analysis is referred to as:

Answer: D


NEW QUESTION # 711
Which of the following would be considered a primary control to reduce the risk associated with setting up duplicate vendors?

Answer: D

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.
Institute of Internal Auditors (IIA) - Risk Control Matrices and Internal Control Frameworks


NEW QUESTION # 712
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?

Answer: B

Explanation:
The chief audit executive (CAE) taking on a consultative role can appropriately coordinate and facilitate risk workshops for management. This task aligns with the advisory function of internal audit, where they support and facilitate the risk management process without directly setting the risk appetite or determining risk mitigation strategies, thereby maintaining their advisory and facilitative role without assuming management responsibilities.References: International Standards for the Professional Practice of Internal Auditing; guidance on internal audit's role in consulting.


NEW QUESTION # 713
An organization established 20 years ago has had its internal audit activity in place for the last three years.
Which of the following would allow the internal audit activity to accurately state that it is in conformance with the Standards'?

Answer: B

Explanation:
To state that it is in conformance with the Standards, the internal audit activity must conduct periodic internal assessments and document the results. These assessments ensure that the internal audit activity continuously aligns with the IIA Standards, and any nonconformance issues are identified and addressed. References:
* IIA's International Standards for the Professional Practice of Internal Auditing (Standards).
* IIA Practice Guide on Quality Assurance and Improvement Program.


NEW QUESTION # 714
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