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IIA-CIA-Part1 exam is a computer-based exam and consists of 125 multiple-choice questions. Candidates have 2 hours and 45 minutes to complete the exam. IIA-CIA-Part1 Exam is available in multiple languages, including English, Spanish, Chinese, and Arabic, among others. The passing score for the exam is 600 out of 800.

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IIA-CIA-Part1 exam is an entry-level exam that tests an individual's knowledge of internal auditing basics. IIA-CIA-Part1 exam covers various topics, including governance and risk management, internal control and audit tools, and techniques. IIA-CIA-Part1 exam comprises 125 multiple-choice questions, and candidates have two and a half hours to complete it. The IIA-CIA-Part1 exam is a computer-based exam, and candidates can take it at any Pearson VUE testing center. Upon passing the IIA-CIA-Part1 exam, candidates are one step closer to obtaining their CIA certification, which can help them advance their careers in the field of internal auditing.

Candidates who pass the IIA-CIA-Part1 Exam are well on their way to becoming Certified Internal Auditors. Internal Audit Fundamentals certification is highly respected in the industry and demonstrates a candidate's commitment to the profession of internal auditing. It is also a requirement for many internal auditing positions in both the public and private sectors.

IIA Internal Audit Fundamentals Sample Questions (Q66-Q71):

NEW QUESTION # 66
Which of the following would be a preventive control for helping to manage fraud in an organization?

A. Bank reconciliations performed on a monthly basis by the accounting department.
B. A code of conduct and whistleblower policy that must be signed by all employees annually.
C. A monthly review of new vendors performed by management for reasonableness.
D. Reviews of reports to determine which issued payments lack evidence of supervisory review.

Answer: C

NEW QUESTION # 67
A manufacturing organization's chief audit executive (CAE) was approached by the head of security from one of the manufacturer's third party suppliers The head of security requested internal audit records from a recent audit engagement involving the third-party supplier The head of security believed those records contained information that would enable to identify employees of the third-party supplier who may be involved m fraudulent activities What is the most appropriate course of action for the CAE?

A. Release the records but first remove all data regarding the manufacturing organization s internal actions and procedures
B. Consult with the manufacturer's senior management to determine whether releasing tie records would be appropriate
C. Deny access to the records as the third party supplier s security learn should be able to investigate then own employees.
D. Obtain approval from the manufacturer's audit committee regarding the release of audit records

Answer: B

Explanation:
When dealing with requests for internal audit records, especially those involving third parties, it is crucial to balance the need for confidentiality with the potential benefits of sharing information. According to IIA guidance, the chief audit executive (CAE) should consult with senior management to ensure that any decision to release audit records is aligned with the organization's policies, legal considerations, and ethical standards.
Consulting with senior management allows for a thorough evaluation of the implications of releasing the records, including potential risks, legal constraints, and the impact on relationships with third-party suppliers.
This collaborative approach ensures that the decision is well-informed and appropriately authorized.
IIA Standard 2440: Disseminating Results
IIA Code of Ethics: Confidentiality Principle

NEW QUESTION # 68
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?

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

Answer: C

NEW QUESTION # 69
Which of the following statements is true regarding risk management frameworks?

A. The organization should ensure that its risk management framework is designed specifically to meet the needs of its operations.
B. The organization should ensure that the board is responsible for implementing the risk management framework.
C. The organization should ensure that it uses a universally-accepted risk management framework.
D. The organization should ensure that the risk management framework has been validated by the internal audit activity for implementation.

Answer: A

Explanation:
A risk management framework is a system for identifying, evaluating and prioritising risks and minimising their impact. The primary goal of a risk management framework is to preserve a company's capital and earnings while allowing it to develop2. There is no one-size-fits-all approach to risk management, as different organizations face different types and levels of risks depending on their industry, size, culture, objectives, and strategies3. Therefore, the organization should ensure that its risk management framework is tailored to its specific needs and circumstances, and reflects its risk appetite and tolerance.
References:
1: Risk Management Framework (RMF) Definition - Investopedia 2: A Guide to the Risk Management Framework (With Examples) 3: What Is A Risk Management Framework (RMF)? 2023 Guide - SelectHub :
Risk Resources in Internal Audit | The IIA

NEW QUESTION # 70
An internal auditor is finalizing an audit report on the effectiveness of the organization's overall system of internal control. Several audit tests were performed, and the only issue identified was that the CEO frequently asks employees to make exceptions or bypass the organization's standard written policies and procedures. Which of the following conclusions is most appropriate for the auditor to report?

A. The auditor should indicate that the system of internal control is not effective.
B. The auditor should indicate that the system of internal control is generally effective, except for the minor issue identified.
C. The auditor cannot express a conclusive opinion in the audit report.
D. The auditor should indicate that the system of internal control is effective.

Answer: A

NEW QUESTION # 71
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