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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: I. Foundations of Internal Auditing (15%)	15%	- Explain the requirements of an internal audit charter - Demonstrate conformance with the IIA Code of Ethics - Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles - Interpret the difference between assurance and consulting services
Topic 2: IV. Quality Assurance and Improvement Program (7%)	7%	- Explain the requirements of the internal and external assessments - Describe the mandatory elements of the QAIP
Topic 3: V. Governance, Risk Management, and Control (35%)	35%	- Describe the components of the internal control system - Describe globally accepted risk management frameworks (COSO ERM, ISO 31000) - Describe the concept of organizational governance - Recognize the impact of organizational culture on the control environment - Recognize and interpret ethics and compliance-related issues - Examine the effectiveness of risk management - Interpret fundamental concepts of risk and the risk management process - Examine the effectiveness of the internal control system - Describe corporate social responsibility
Topic 4: VI. Fraud Risks (10%)	10%	- Explain the auditor's role in fraud prevention and detection - Describe fraud risk and fraud prevention - Explain the types of fraud
Topic 5: II. Independence and Objectivity (15%)	15%	- Demonstrate individual objectivity - Determine the type of impairment to independence and objectivity - Interpret organizational independence - Assess and maintain individual objectivity
Topic 6: III. Proficiency and Due Professional Care (18%)	18%	- Explain the level of knowledge, skills, and competencies required - Demonstrate proficiency and due professional care - Explain the importance of due professional care - Explain the requirement for continuing professional development

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IIA Internal Audit Fundamentals Sample Questions (Q651-Q656):

NEW QUESTION # 651
After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?

A. In the first week at the new organization, the auditor discovers a high fraud risk surrounding the organization's database and suggests that the information
B. To determine audit priorities in the new job, the auditor uses the audit risk approach that the auditor's previous employer used, without receiving permission to do so.
C. In preparing for an audit at the previous organization, the auditor had conducted a great deal of research on the Internet at home to identify best practices for the management of a treasury function. The auditor has retained much of the research and uses it to conduct an audit of the new employer's treasury function.
D. At the new organization, the auditor is asked to develop forms to implement probability- proportional-to-size sampling. Although unsure of how to perform this type of sampling, the auditor proceeds without asking for assistance.

Answer: D

NEW QUESTION # 652
In the annual audit of the financial statements of a company with high inherent risk and a very strong control system, the external auditor may be able to allow detection risk to rise because.

A. Whenever inherent risk is high, control risk is disregarded.
B. Control risk has been assessed at a lower level.
C. The company's operations are very susceptible to misstatements.
D. Audit risk has been reduced.

Answer: B

NEW QUESTION # 653
During a procurement process audit the internal audit activity undertakes a fraud risk assessment and considers a range of possible fraud scenarios within the process. Which of the following scenarios constitutes a pressure to commit fraud?

A. One of the employees was found to have an obsession with expensive jewelry
B. An employee believes his poor compensation package justifies engaging in unethical behavior.
C. Some employees strongly believe monetary gifts from vendors is a means of saving for life after employment.
D. The head of the department is the only signatory to purchase orders issued to third party contractors.

Answer: B

Explanation:
In the context of fraud risk assessment, the "fraud triangle" framework is commonly used to understand the factors that contribute to fraudulent behavior. The fraud triangle consists of three components: pressure, opportunity, and rationalization.
Pressure to commit fraud can arise from various personal or financial situations that create stress or a perceived need to engage in fraudulent activities. An employee believing that a poor compensation package justifies engaging in unethical behavior represents a form of financial pressure, which is one of the key elements in the fraud triangle. This scenario indicates that the employee feels driven to commit fraud due to dissatisfaction with their remuneration, which constitutes a pressure to commit fraud.
References:
* IIA Practice Guide: Fraud and Internal Audit
* COSO Fraud Risk Management Guide

NEW QUESTION # 654
Which of the following statements is true regarding management's use of judgement to design, implement, and conduct internal control?

A. It is inappropriate for management to exercise judgement in assessing whether components are present, functioning, and operating together
B. It is inappropriate for management to exercise judgement in areas such as specifying and using suitable accounting principles.
C. Introducing judgment generally diminishes management's ability to make good decisions about internal control.
D. The use of judgment enhances management's ability to make better decisions about internal control, but cannot guarantee perfect outcomes.

Answer: D

NEW QUESTION # 655
Which of the following frauds is most likely to occur in the accounts payable function?

A. Factitious vendors are entered into the system, possibly resulting in improper disbursements.
B. Certain costs are capitalized, rather than expensed.
C. A related party receives benefits not appropriate in an arm's-length transaction.
D. Bad debt expense is intentionally omitted from the financial statements.

Answer: A

Explanation:
In the accounts payable function, the most likely fraud scenario involves the creation of fictitious vendors.
This fraud can lead to improper disbursements where payments are made to non-existent entities, effectively siphoning money out of the organization. This type of fraud is easier to execute in accounts payable compared to other functions because it can involve relatively straightforward manipulations of vendor master files and payment processes. Such schemes can result in significant financial losses and are a common concern for internal auditors reviewing accounts payable controls.
IIA Practice Guide on Accounts Payable Risks and Controls.
Association of Certified Fraud Examiners (ACFE) publications on common fraud schemes.

NEW QUESTION # 656
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