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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q647-Q652):

NEW QUESTION # 647
Which of the following is a valid statement about the use of visual observations during an audit engagement?
- Visual observations can be used to detect ineffective controls, idle resources, and safety hazards. - Visual observations can be used during both preliminary survey and fieldwork stages of the audit engagement. - Visual observations can provide unsubstantiated facts to management if the internal auditor believes the information is useful.
- Visual observations can assist an auditor in determining if a material observation should be communicated through informal means to the organization's senior management.

A. 2 and 3 only.
B. 1 and 4 only.
C. 3 and 4 only.
D. 1 and 2 only.

Answer: D

NEW QUESTION # 648
When an organization purchases a derivative contract in the stock market to limit the potential loss in the value of a security, the organization is applying which of the following risk management techniques?

A. Accepting the risk.
B. Avoiding the risk altogether.
C. Introducing a control feature.
D. Transferring the risk.

Answer: D

NEW QUESTION # 649
When performing benchmarking during the planning phase of a performance audit, an internal auditor should:

A. Project future performance levels.
B. Determine the current performance gap.
C. Identify comparative organizations.
D. Develop functional action plans.

Answer: C

Explanation:
Section: Volume B

NEW QUESTION # 650
According to HA guidance, if an internal auditor suspects fraud during an assurance engagement, what should the auditor do first?

A. Launch an investigation to obtain details of the fraud and parties involved.
B. Request that the responsible process owner remediate the issue immediately.
C. Recommend parties involved to be sanctioned in accordance with the organization's policy.
D. Determine whether any additional audit work needs to be performed.

Answer: D

Explanation:
When an internal auditor suspects fraud during an assurance engagement, the first step should be to determine whether any additional audit work needs to be performed. This involves assessing the potential scope and impact of the suspected fraud and deciding on the appropriate audit procedures to confirm or refute the suspicion. This step is crucial to gather sufficient information before taking further actions.
* Option A: Recommending sanctions is premature without confirming the fraud.
* Option C: Launching an investigation is a subsequent step that may require coordination with fraud experts.
* Option D: Requesting immediate remediation is also premature without confirming the fraud.
References:
* IIA Standard 1220: Due Professional Care.
* IIA Practice Guide: Internal Auditing and Fraud.

NEW QUESTION # 651
Which of the following statements is true regarding organizational independence of the internal audit activity (IAA)?

A. The benefit of the IAA's organizational independence is realized primarily via reduced costs for the external auditor.
B. Reporting to a higher level within the organization reduces the potential scope of engagements that can be undertaken by the IAA.
C. Inadequate organizational independence can result in the chief audit executive being able to fire staff without consulting the audit committee.
D. Independence is impaired when the scope of the IAA is subject to changes required by senior management.

Answer: D

Explanation:
IIA standards highlight that organizational independence is compromised when senior management can alter the internal audit scope. Independence ensures that internal auditors operate without influence or pressure from those they audit, critical for impartiality.

NEW QUESTION # 652
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