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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q129-Q134):

NEW QUESTION # 129
A whistleblower reveals to the chief audit executive (CAE) detailed allegations of potential fraud at the senior management level. Although the CAE has some experience in the area, she chooses to retain an external fraud expert to conduct the investigation. When asked by the director of finance to defend the expenditure, which of the following statements represents the CAE's best response?

A. The CAE refers to the Standards and explains that to protect her independence, she needs to remain isolated from the investigation.
B. The CAE refers to the Standards and explains that the internal audit activity must obtain competent assistance if needed.
C. The CAE describes the specifics of the allegation to underscore the importance of the situation and the need for expert investigation
D. The CAE refers to the Standards and explains that to protect her objectivity, she needs to remain isolated from the investigation.

Answer: B

Explanation:
According to the IIA Standards, the chief audit executive (CAE) must ensure that internal audit activities are performed with competence and due professional care. If the internal audit team lacks the necessary knowledge or skills to perform all or part of the work, the CAE must obtain competent advice and assistance.
Thus, the CAE's best response to defend the expenditure for an external fraud expert is to refer to the Standards, explaining that the internal audit activity must obtain competent assistance if needed to ensure the investigation is conducted effectively and professionally.
IIA Standard 1210: Proficiency

NEW QUESTION # 130
According to the International Professional Practices Framework, risk is:
I. Defined as the negative effect of events that are expected to occur.
II. Measured in terms of consequences.
III. Measured in terms of likelihood.

A. I, II, and III.
B. I only
C. I and II only
D. II and III only

Answer: D

Explanation:
Section: Volume B

NEW QUESTION # 131
Which of the following scenarios provides the most concerning red flag or indicator of possible fraud?

A. Three competitors are highly profitable but a fourth equal in size is approaching bankruptcy limits
B. An employee receives a bonus for perfect attendance
C. The organization does not perform any due diligence research on third party service providers
D. During the past 18 months three chief financial officers have left the organization after having been promoted to the position

Answer: D

Explanation:
The scenario where three chief financial officers have left the organization after being promoted to the position over the past 18 months presents the most concerning red flag for possible fraud or other serious issues. Such turnover at a high level, especially in a critical financial role, could indicate underlying problems such as financial mismanagement, conflict, or fraud. References: Institute of Internal Auditors (IIA) - Practice Guide: Assessing Fraud Risks

NEW QUESTION # 132
Which of the following statements is true regarding the role of the internal audit activity in the organization's risk management process?

A. The internal audit activity is typically responsible for alerting operational management to emerging risks and changes in regulatory scenarios
B. The internal audit activity should not be responsible for developing the organization's risk management framework, even with appropriate safeguards.
C. The internal audit activity should avoid giving assurance regarding the accuracy of risk evaluations if safeguards have not been implemented.
D. The internal audit activity may coach management on risk response scenarios if safeguards have been implemented.

Answer: D

Explanation:
The correct statement regarding the role of the internal audit activity in the organization's risk management process is that the internal audit activity may coach management on risk response scenarios if appropriate safeguards have been implemented. This coaching role helps management understand and address risks effectively while maintaining the audit function's objectivity and independence.
The IIA's guidance on the role of internal auditing in risk management and the standards regarding objectivity and consulting.

NEW QUESTION # 133
Which of the following responsibilities would fall under the role of the chief audit executive, rather than internal audit staff or the audit manager?

A. Maintain industry-specific knowledge appropriate to the audit engagements
B. Apply problem-solving techniques for routine situations.
C. Set clear performance standards for internal auditors and the internal audit activity.
D. Manage and support a quality assurance and improvement program.

Answer: C

NEW QUESTION # 134
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