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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Foundations of Internal Auditing	35%	- Purpose, authority, and responsibility of internal auditing 1. Assurance vs. advisory services 2. Internal audit charter requirements 3. Definition, mission, and core principles - Quality assurance and improvement program 1. Conformance with Standards 2. Internal and external assessments 3. Requirements and scope of QAIP - Independence and objectivity 1. Organizational independence and reporting lines 2. Impairments to independence/objectivity 3. Individual objectivity and safeguards
Topic 2: Fraud Risks	15%	- Fraud risk assessment and prevention 1. Identifying and prioritizing fraud risks 2. Preventive and detective controls - Internal audit responsibilities regarding fraud 1. Detecting fraud indicators 2. Investigation procedures and reporting - Fraud concepts and types 1. Asset misappropriation, corruption, financial statement fraud 2. Fraud triangle and fraud risk factors
Topic 3: Governance, Risk Management, and Control	30%	- Risk management 1. Risk appetite, assessment, and response 2. Risk management frameworks (e.g., COSO, ISO 31000) 3. Internal audit role in risk management - Governance frameworks and processes 1. Governance models and best practices 2. Roles of board, management, and internal audit - 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. Competence and continuing professional development 2. Due professional care in engagements

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IIA Internal Audit Fundamentals Sample Questions (Q172-Q177):

NEW QUESTION # 172
An internal auditor failed to identify transactions between the parent organization and a subsidiary.
What is the most likely reason for the failure?

A. The auditor lacked professional skepticism.
B. The auditor misunderstood the audit objectives.
C. The auditor lacked an understanding of the organization.
D. The auditor's fieldwork was not properly supervised.

Answer: C

Explanation:
One of the possible reasons for the failure to identify transactions between the parent organization and a subsidiary is that the auditor did not have sufficient knowledge of the group structure, the consolidation process, and the related party disclosure requirements2. The auditor should obtain an understanding of the entity and its environment, including its internal control, as part of the risk assessment procedures3. This would help the auditor to identify and assess the risks of material misstatement due to related party transactions, and design and perform appropriate audit procedures to address those risks4.
References:
1: IAS 24 - Related Party Disclosures5, p. 1 2: Group audit issues | P7 Advanced Audit and Assurance | ACCA ...2, p. 1 3: INTERNATIONAL STANDARD ON AUDITING 315 (REVISED) IDENTIFYING AND ... - IFAC1, p. 1 4: ISA 550 Related Parties - IAASB, p. 1

NEW QUESTION # 173
Which of the following is the responsibility of an internal auditor?
1.Assist operating management in implementing audit recommendations.
2.Provide management with value-added analysis to improve operations.
3.Become an advocate for changes to the internal audit activity charter.
4.Disclose non-financial risks that may be identified during the course of an engagement.

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

Answer: D

NEW QUESTION # 174
Which of the following best describes the assessment of risks?

A. Assess alternative strategies to reduce or eliminate major risks.
B. Assess the actions necessary to reduce the likelihood and/or impact of risk to tolerable levels.
C. Assess the likelihood and/or impact of risk on the achievement of organizational objectives.
D. Assess the amount of risk an organization can accept while pursuing its objectives.

Answer: C

NEW QUESTION # 175
According to IIA guidance, which of the following actions by the chief audit executive (CAE) best demonstrates the organizational independence of the internal audit activity?

A. The CAE obtains senior management's approval to hire staff
B. The CAE seeks senior management approval of the internal audit charter
C. The CAE reports significant issues to the organization's CEO
D. The CAE provides the board with an annual budget for approval

Answer: D

Explanation:
The chief audit executive (CAE) best demonstrates the organizational independence of the internal audit activity by providing the board with an annual budget for approval. This action emphasizes the independence from management by ensuring the internal audit budget and resource allocations are directly overseen by the board, thus maintaining an independent status within the organization.
IIA Standard 1110 - Organizational Independence

NEW QUESTION # 176
While conducting an audit, an internal auditor notices an unusual increase in sales among a small number of units within the organization. The units also experienced persistent negative cash flows despite reported earnings and earnings growth. Which type of fraud do the auditor's findings most likely indicate?

A. Improper asset valuation.
B. Fictitious revenues.
C. Inventory theft.
D. Employee collusion with customer organizations.

Answer: B

NEW QUESTION # 177
......

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