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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. Risk management frameworks (e.g., COSO, ISO 31000) 3. Internal audit role in risk management - Governance frameworks and processes 1. Roles of board, management, and internal audit 2. Governance models and best practices - Internal control 1. Control frameworks and components 2. Types of controls and control activities 3. Evaluating control effectiveness
Foundations of Internal Auditing	35%	- 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. Assurance vs. advisory services 2. Definition, mission, and core principles 3. Internal audit charter requirements - Quality assurance and improvement program 1. Internal and external assessments 2. Conformance with Standards 3. Requirements and scope of QAIP
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. Due professional care in engagements 2. Competence and continuing professional development
Fraud Risks	15%	- Fraud concepts and types 1. Asset misappropriation, corruption, financial statement fraud 2. Fraud triangle and fraud risk factors - Internal audit responsibilities regarding fraud 1. Investigation procedures and reporting 2. Detecting fraud indicators - Fraud risk assessment and prevention 1. Identifying and prioritizing fraud risks 2. Preventive and detective controls

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IIA Internal Audit Fundamentals Sample Questions (Q883-Q888):

NEW QUESTION # 883
A series of incidents over the past year reveals several members of senior management possess a limited understanding of the concept and impact of fraud. Which of the following would be the most effective way to approach this issue?

A. A comprehensive fraud risk assessment and management program should be carried out.
B. The organization should conduct training sessions on fraud, which should be attended by senior management and staff.
C. The board should ask the internal audit activity to perform additional assurance engagements.
D. Anti-fraud and whistleblowing policies should be implemented and their importance should be clearly stated.

Answer: B

NEW QUESTION # 884
Which of the following statements is most accurate with respect to the required elements of the quality assurance and improvement program?

A. Internal assessments provide sufficient objectivity to provide evidence to the board that the internal audit activity understands the organization's control processes.
B. In order to comply with the Standards, the internal audit activity must obtain an objective assessment of its processes and function at least once a year.
C. Quality assessments focus on the internal audit activity's structure, relationships with stakeholders, compliance with the Standards, and internal audit staff proficiency.
D. Internal auditors completing internal assessments must demonstrate certification to perform quality assessments.

Answer: A

NEW QUESTION # 885
An internal audit activity has made a preliminary determination that a division of the organization has employed improper accounting practices.
Upon being informed, the head of the organization instructs the chief audit executive (CAE) to cease the investigation and to withhold the information from external auditors.
Which course of action should the CAE follow?

A. Report the instruction to the chairperson of the audit committee.
B. Inform the external auditors of the findings and the mandate to stop investigating.
C. Inform the head of the organization that the investigation will continue as planned.
D. Report the communication to the organization's general counsel.

Answer: A

Explanation:
Section: Volume D

NEW QUESTION # 886
An internal auditor is reviewing the accounts receivable when she discovers account balances more than three years old. The auditor was previously supervising the area during this time, and she subsequently advises the chief audit executive (CAE) of a potential conflict.
Which of the following is the most appropriate course of action for the CAE to take?

A. Withdraw the audit team and outsource the financial audit of the division.
B. Continue with the present auditor, as more than one year has passed.
C. Work with the division's management to resolve the situation.
D. Replace the auditor with another audit staff member.

Answer: D

NEW QUESTION # 887
Which of the following would be Included in ongoing monitoring of the performance of the internal audit activity?

A. Having senior auditors conducting an annual self-assessment
B. Benchmarking against best practices in internal auditing.
C. Acquiring feedback from audit clients and other stakeholders.
D. Performing an external assessment once every five years.

Answer: C

Explanation:
Ongoing monitoring is a continuous process of evaluating the performance and quality of the internal audit activity2. It includes regular management and supervisory activities, such as reviewing audit reports, tracking audit recommendations, and measuring key performance indicators3. One of the ways to monitor the performance of the internal audit activity is to acquire feedback from audit clients and other stakeholders, such as the board, senior management, regulators, and external auditors4. Feedback can help to assess the value, effectiveness, and satisfaction of the internal audit services5.
References:
1: Checklist for Addressing Ongoing Monitoring and Auditing 2: Internal Controls | Controller's Office 3:
Performance Standards - The Institute of Internal Auditors or The IIA 4: Chapter 7 Audit Flashcards | Quizlet 5: Applying the International Professional Practices Framework, 4th edition, by Urton Anderson and Andrew J. Dahle (2018), p. 113

NEW QUESTION # 888
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