IIA-CIA-Part1 Valid Guide Files | Question IIA-CIA-Part1 Explanations

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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Governance, Risk Management, and Control	30%	- Governance frameworks and processes 1. Governance models and best practices 2. Roles of board, management, and internal audit - Risk management 1. Internal audit role in risk management 2. Risk appetite, assessment, and response 3. Risk management frameworks (e.g., COSO, ISO 31000) - Internal control 1. Control frameworks and components 2. Evaluating control effectiveness 3. Types of controls and control activities
Topic 2: Foundations of Internal Auditing	35%	- Quality assurance and improvement program 1. Requirements and scope of QAIP 2. Conformance with Standards 3. Internal and external assessments - Purpose, authority, and responsibility of internal auditing 1. Internal audit charter requirements 2. Definition, mission, and core principles 3. Assurance vs. advisory services - Independence and objectivity 1. Impairments to independence/objectivity 2. Individual objectivity and safeguards 3. Organizational independence and reporting lines
Topic 3: Ethics and Professionalism	20%	- IIA Code of Ethics 1. Principles: integrity, objectivity, confidentiality, competency 2. Rules of conduct and application - Professional conduct and due care 1. Competence and continuing professional development 2. Due professional care in engagements
Topic 4: Fraud Risks	15%	- Internal audit responsibilities regarding fraud 1. Investigation procedures and reporting 2. Detecting fraud indicators - 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

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IIA Internal Audit Fundamentals Sample Questions (Q24-Q29):

NEW QUESTION # 24
Inadequate risk assessment would have the strongest negative impact in which of the following phases of an audit engagement?

A. Evaluating findings.
B. Reviewing internal controls.
C. Determining the scope.
D. Testing.

Answer: C

NEW QUESTION # 25
To achieve conformance with the Standards, the chief audit executive must include which of the following activities in the quality assurance and improvement program (QAIP)?

A. Require board oversight of the QAIP.
B. Conduct a self assessment at least once every five years.
C. Report the results of the QAIP to senior management
D. Assess Standards conformance for each individual engagement.

Answer: C

Explanation:
To achieve conformance with the Standards, the chief audit executive must include the activity of reporting the results of the quality assurance and improvement program (QAIP) to senior management and the board.
This is essential for maintaining transparency and accountability in the internal audit activity's efforts to uphold and enhance the quality of its operations.
IIA Standard 1300: Quality Assurance and Improvement Program.

NEW QUESTION # 26
During an audit engagement of a large retail store, internal auditors noted significant discrepancies between available inventory and sales and suspect an abuse of cash register refunds and voids. Which of the following would be the most effective preventative control to reduce these losses?

A. Require that a manager use a reserved register code to approve voids or refunds.
B. Call a sample of customers who returned merchandise to test the legitimacy of the returns and check refund amounts.
C. Analyze voids and refunds by employee, credit card number, and amount for unusual numbers, amounts, or patterns.
D. Ensure that returned merchandise is restocked to shelves or sent to the manufacturer by an independent employee.

Answer: A

NEW QUESTION # 27
The chief audit executive (CAE) planned an in-person group training to help internal auditors perform onsite inspections of an automobile manufacturing facility. The training would have allowed the auditors to better understand the production of the organization's automobiles. However, a global health crisis has impacted the training by prohibiting in-person contact at the facility. Which of the following could the CAE use to provide auditors with a better understanding of the organization s production process?

A. Self-study courses on the industry's production practices
B. Industry publications that discuss production methods
C. A general web-based training on auditing manufacturing processes.
D. A virtual meeting with management that explains the production of automobiles

Answer: A

Explanation:
The proficiency of an internal auditor as per the IIA standards is demonstrated by their ability to understand and evaluate risks relevant to their audit assignments. This includes having a sufficient understanding of IT risks and controls, as well as the ability to evaluate the risk of fraud within the organization. This knowledge is critical for performing effective and comprehensive audits that align with the organization's needs and audit standards.References: Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing, particularly standards related to auditor proficiency and competency.
Top of Form

NEW QUESTION # 28
A manufacturer uses improved linkage between order entry, production, and shipping to reduce raw materials and work-in-process inventory. Which type of fraud will these changes likely reduce?

A. Payment of fraudulent invoices.
B. Theft of resources from inventory.
C. False reporting of hours worked.
D. Purchases from a related party.

Answer: B

Explanation:
Section: Volume D

NEW QUESTION # 29
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