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IIA-CIA-Part1 exam consists of 125 multiple-choice questions and has a duration of 2.5 hours. IIA-CIA-Part1 Exam covers a wide range of topics including internal control and risk, governance, fraud risks, ethics, and audit engagements. Candidates are expected to have a strong understanding of these topics to pass the exam.

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IIA-CIA-Part1 certification exam is an excellent opportunity for internal auditors to demonstrate their knowledge and skills in the field. With its rigorous testing requirements and global recognition, the certification is a valuable asset for professionals seeking to enhance their careers in internal auditing.

IIA Internal Audit Fundamentals Sample Questions (Q735-Q740):

NEW QUESTION # 735
According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?

A. To evaluate the potential for fraud.
B. To apply forensic auditing techniques to detect fraud.
C. To recommend controls to prevent fraud.
D. To recognize red flags that indicate fraud.

Answer: D

NEW QUESTION # 736
Feedback on engagements from audit clients, annual benchmarking of the internal audit activity's (IAA's) performance against best practice, and analyses of project budgets and audit plan completion are all tools that can best be used by the IAA for which purpose?

A. Identifying conflicts of interest.
B. Completing internal assessments.
C. Determining the level of residual risk.
D. Developing control processes.

Answer: B

NEW QUESTION # 737
Which of the following statements is true regarding a small internal audit activity with limited resources demonstrating due professional care?

A. The internal audit activity may conduct internal quality assessments multiple times per year due to the size.
B. The internal audit team may guide and supervise nonaudit employees with relevant knowledge to assist in performing engagements.
C. The internal audit activity may use a risk-based audit approach to ensure adequate focus.
D. Conformance with the standard for due professional care is not relevant for small audit internal activities.

Answer: C

Explanation:
Due professional care is the care and skill expected of a reasonably prudent and competent internal auditor2. It requires internal auditors to follow the International Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors (IIA), which includes the Code of Ethics and the Standards3. One of the aspects of due professional care is to perform risk-based audits, which means identifying and assessing the risks that may affect the organization's objectives, and designing and executing audit procedures that provide reasonable assurance on the effectiveness of risk management and internal control4. Therefore, option C is an appropriate statement to demonstrate how a small internal audit activity with limited resources can demonstrate due professional care by ensuring adequate focus on the most significant risks and areas.
References:
1: CIA Exam Practice Questions - Certified Internal Auditor 2019
2: Due professional care definition
3: What is due professional care in internal audit?
4: Standard 1220 - Due Professional Care - The Institute of Internal Auditors or The IIA

NEW QUESTION # 738
An internal auditor for a large bank is reviewing thecollectabilityof a loan that is secured by real property. The best evidence of the loan'scollectabilitywould be:

A. The borrower's confirmation of the loan balance.
B. A recent independent appraisal of the value of the real property.
C. A document showing the loan committee's approval of the loan.
D. A properly completed and signed loan application form.

Answer: B

NEW QUESTION # 739
An internal auditor discovered fraud while performing an audit of an organization's procurement process.
Which of the following describes the greatest benefit of using forensic auditing techniques in this scenario?

A. Greater assurance that procurement frauds will be detected in a timely manner
B. Enhanced capability to prevent frauds from occurring.
C. Improved capability of evaluating fraud risks within the organization.
D. Greater understanding of fraud through better evidence collection

Answer: D

Explanation:
The greatest benefit of using forensic auditing techniques when fraud is discovered in an organization's procurement process is achieving a greater understanding of fraud through better evidence collection.
Forensic auditing techniques are specialized procedures designed to collect, analyze, and evaluate evidence in a way that meets the standards of a legal process, which is crucial for understanding the mechanisms of fraud and potentially pursuing legal actions.References: Forensic auditing practices and literature on fraud investigation techniques.

NEW QUESTION # 740
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