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IIA IIA-CIA-Part1 Exam Overview:

Certification Vendor:	IIA
Exam Name:	Essentials of Internal Auditing
Exam Number:	IIA-CIA-Part1
Passing Score:	600 (Scaled score out of 750)
Certificate Validity Period:	Lifetime
Related Certifications:	Certified Internal Auditor (CIA)
Available Languages:	Korean, French, Spanish, Russian, German, Arabic, Portuguese, Simplified Chinese, Japanese, Turkish, English, Polish
Exam Duration:	150 minutes
Exam Format:	Multiple Choice
Real Exam Qty:	125
Exam Price:	USD 310 - USD 445
Sample Questions:	IIA IIA-CIA-Part1 Sample Questions
Exam Way:	Computer-based testing at Pearson VUE centers
Pre Condition:	Candidates must hold a Bachelor's degree or higher from an accredited institution.
Official Syllabus URL:	https://www.theiia.org/en/certifications/cia/exam-prep-resources/exam-syllabus/exam-syllabus-part-1/

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IIA-CIA-Part1 exam covers the fundamental principles and concepts of internal auditing, including governance and risk management, as well as the tools and techniques of the internal auditor. IIA-CIA-Part1 exam is divided into six domains, including mandatory guidance, internal control and risk, conducting internal audit engagements, fraud risks and controls, governance, risk management and control, and business acumen.

Candidates who pass the IIA-CIA-Part1 exam demonstrate their understanding of the fundamental principles of internal auditing and their ability to apply them in practical situations. Internal Audit Fundamentals certification is highly regarded in the industry and is often required for internal auditing positions. It also provides a solid foundation for further study and advancement in the field of internal auditing.

Passing the IIA-CIA-Part1 Exam is an important step for those seeking a career in internal auditing. The CIA certification is recognized worldwide as a mark of excellence in the internal auditing profession, and it demonstrates a commitment to the highest standards of professionalism and ethics. The IIA-CIA-Part1 exam provides candidates with a solid foundation in the principles and practices of internal auditing, and it prepares them to tackle more complex challenges in the remaining parts of the certification program.

IIA Internal Audit Fundamentals Sample Questions (Q436-Q441):

NEW QUESTION # 436
While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditor's relative. Which course of action should the auditor take?

A. Immediately withdraw from the audit engagement.
B. Proceed with the audit engagement, but do not include the relative's information.
C. Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.
D. Disclose in the engagement final communication that the relative is a customer.

Answer: C

Explanation:
When faced with a potential conflict of interest, as in the case where an internal auditor learns of a large loan made to another auditor's relative, the appropriate action is to refer the matter to higher authorities within the organization. Option B, having the chief audit executive and management determine whether the auditor should continue with the audit engagement, ensures that any potential conflict is managed properly and maintains the integrity of the audit process.References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.

NEW QUESTION # 437
An internal auditor needs to recommend a policy element to be included in an organization's code of ethics. Which of the following recommendations would be most effective?

A. Senior management should be granted specific exemptions to the code of ethics.
B. Ethics should vary with local customs in the organization's foreign operations.
C. Whistleblowing should be discouraged because it can cause distrust among employees.
D. Ethical behavior should be incorporated into performance evaluations.

Answer: D

NEW QUESTION # 438
In which of the following scenarios would it be appropriate for the chief audit executive (CAE) to report that the internal audit activity conforms with the Standards?

A. The results of the last external assessment of the internal audit activity, performed a little over five years ago, indicated that the internal audit activity conforms with the Standards. The most recent internal assessment performed within the past year also indicates conformance.
B. To reduce costs, the CAE excluded the use of external assessors from the internal audit activity's quality assurance and improvement program for the past seven years.However, the CAE concluded that the internal audit activity conforms with the Standards because all internal assessments over the period have supported this conclusion.
C. An internal self-assessment completed yesterday found that the internal audit activity did not conform with the Standards when carrying out its work. However, the preceding independent external assessment supports the conclusion that the internal audit activity conforms with the Standards.
D. It A new internal audit activity was formed four years ago. An external assessment was never performed, but successive internal assessments were performed and support the conclusion that the internal audit activity conforms with the Standards

Answer: A

Explanation:
According to the IIA's standards, a chief audit executive (CAE) can report that the internal audit activity conforms with the Standards if external assessments are performed at least once every five years and supported by ongoing internal assessments. In this scenario, the most recent external and internal assessments confirm conformance, which allows the CAE to report conformance with the Standards.
The IIA's International Standards for the Professional Practice of Internal Auditing, particularly the standards related to quality assurance and improvement programs.

NEW QUESTION # 439
Which of the following statements relating to risk management is true?

A. A lack of controls is acceptable if the risk is reduced to an acceptable level in some other way
B. External auditors must be engaged to evaluate the potential for fraud and how the organization manages fraud risk
C. Internal auditors are responsible for managing the risks of the organization
D. The high-level risk assessment performed during engagement planning is a detailed step-by-step analytical process

Answer: A

NEW QUESTION # 440
The work papers for an audit of hazardous-materials handling and disposal at an engineering research facility provide evidence that the following procedures were performed.
Drums of hazardous waste not yet shipped off-site were inventoried. The physical count agreed with

the company's inventory records.
A sample of hazardous-waste shipments received at the disposal site was compared to bills of lading

and company records. No errors were detected.
The audit staff observed engineering personnel during the handling of hazardous materials. No

company policy violations were noted.
The reconciliation of waste drums to the inventory records provides evidence that:

A. Records of drums shipped to the waste disposal site were being maintained.
B. The amount of hazardous materials being used was accurately recorded.
C. All hazardous-waste drums in inventory were accounted for.
D. Hazardous-waste materials were being disposed of as prescribed by company policy.

Answer: C

NEW QUESTION # 441
......

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