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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Objectives
Topic 1: Quality Assurance and Improvement Program (QAIP)	- External quality assessments - Continuous improvement of internal audit function - Internal quality assessments
Topic 2: Proficiency and Due Professional Care	- Due professional care in engagements - Competence and skills requirements
Topic 3: Foundations of Internal Auditing	- IIA Standards and Code of Ethics overview - Internal audit definition, purpose, and value - Internal audit role in governance, risk, and control
Topic 4: Independence and Objectivity	- Individual objectivity and impairment - Organizational independence

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IIA Internal Audit Fundamentals Sample Questions (Q154-Q159):

NEW QUESTION # 154
Which of the following techniques would best assist an internal auditor in evaluating the efficiency of a wholesale grocery distributor`s process to fill and package orders for shipping?

A. A Bedford analysis of orders filled to average delivery times.
B. Queuing theory to assess potential bottlenecks in the process.
C. A program evaluation and review technique chart.
D. Decision trees rating actual performance against requirements.

Answer: B

Explanation:
Section: Volume E

NEW QUESTION # 155
According to IIA guidance which of the following correctly describes the standard risk treatments outlined in the process element approach of the framework for risk management?

A. Risk identification risk assessment application of controls risk acceptance
B. Risk avoidance risk sharing application of controls, risk application.
C. Risk avoidance risk identification application of controls risk acceptance.
D. Risk identification risk assessment risk avoidance risk monitoring

Answer: A

Explanation:
According to IIA guidance, the standard risk treatments outlined in the process element approach of the framework for risk management include the following steps:
* Risk Identification: Identifying potential risks that could affect the achievement of objectives.
* Risk Assessment: Evaluating the identified risks in terms of their likelihood and impact.
* Application of Controls: Implementing measures to mitigate or manage the identified risks.
* Risk Acceptance: Deciding to accept the risk when it falls within the organization's risk appetite or tolerance levels.
These steps are part of a structured approach to managing risks, ensuring that risks are systematically identified, assessed, and managed through appropriate controls and that acceptance of residual risks is aligned with the organization's strategic objectives and risk appetite.
IIA Practice Guide: Assessing the Adequacy of Risk Management Using ISO 31000 COSO Enterprise Risk Management Framework

NEW QUESTION # 156
During engagement planning, an internal auditor determines that the cost of a certain test outweighs the benefit that can be expected from the results. He determines that this test can be removed from the audit work program. Which of the following did the internal auditor best demonstrate?

A. Due professional care
B. Internal assessment
C. Proficiency
D. Individual objectivity

Answer: A

NEW QUESTION # 157
Which of the following statements is true regarding organizational culture and an audit of the control environment?

A. Because the chief audit executive (CAE) is part of the organizational culture, external auditors should be engaged to evaluate the control environment
B. If there are unresolved scope restrictions, the CAE should consider whether to pursue the audit and note the scope restrictions in the audit report
C. For multinational organizations it is important to ensure that the organizational culture is consistent at all locations
D. Because it will create a conflict of interest relating to the control environment, senior management should not be consulted during the audit

Answer: B

NEW QUESTION # 158
Which of the following circumstances would most likely be considered a potential red flag for fraud by the internal audit activity?

A. The database of approved suppliers has not been reviewed in the last year.
B. The monthly payroll reports are not vetted to ensure terminated employees have been removed from the payroll system.
C. The recent employee survey indicates that some employees remain unaware of the organization's whistleblower hotline.
D. The volume of nonroutine journal entries has steadily increased over time.

Answer: D

Explanation:
An increase in nonroutine journal entries is a classic red flag for potential fraud, as such entries may be used to adjust financials inappropriately. IIA guidance identifies unusual patterns in financial transactions as significant indicators of potential fraud risks.

NEW QUESTION # 159
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