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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Fraud Risks	15%	- Fraud concepts and types 1. Fraud triangle and fraud risk factors 2. Asset misappropriation, corruption, financial statement fraud - Internal audit responsibilities regarding fraud 1. Investigation procedures and reporting 2. Detecting fraud indicators - Fraud risk assessment and prevention 1. Preventive and detective controls 2. Identifying and prioritizing fraud risks
Topic 2: 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
Topic 3: Governance, Risk Management, and Control	30%	- Governance frameworks and processes 1. Governance models and best practices 2. Roles of board, management, and internal audit - Risk management 1. Internal audit role in risk management 2. Risk appetite, assessment, and response 3. Risk management frameworks (e.g., COSO, ISO 31000) - Internal control 1. Control frameworks and components 2. Types of controls and control activities 3. Evaluating control effectiveness
Topic 4: Foundations of Internal Auditing	35%	- Independence and objectivity 1. Organizational independence and reporting lines 2. Impairments to independence/objectivity 3. Individual objectivity and safeguards - Quality assurance and improvement program 1. Conformance with Standards 2. Requirements and scope of QAIP 3. Internal and external assessments - Purpose, authority, and responsibility of internal auditing 1. Internal audit charter requirements 2. Definition, mission, and core principles 3. Assurance vs. advisory services

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IIA Internal Audit Fundamentals Sample Questions (Q224-Q229):

NEW QUESTION # 224
A senior manager asks the chief audit executive (CAE) to explain why statistical sampling is the best method to use in conducting an internal audit. Which advantages should the CAE point to in order to justify the internal audit activity's (IAA) use of statistical sampling?

A. Statistical sampling allows for the selection of a minimum sample size, provides a quantitative expression of the IAA's sampling results, and supports extrapolation.
B. Statistical sampling sets limits on resources used for the IAA, allows for a subjective interpretation of the IAA's sampling results, and supports The Institute of Internal Auditors' requirements for using questionnaires as a sampling tool.
C. Statistical sampling allows for evaluation of all organizational data at once, increases the likelihood that risks are immediately identified, and does not require a level of tolerable misstatement or margin of error.
D. Statistical sampling itself identifies root causes of issues, utilizes a qualitative method for analyzing results, and supports engagement objectives through the

Answer: A

NEW QUESTION # 225
What is expected of internal auditors in regards to due professional care?

A. Auditors perform assurance services effectively to identify all risks
B. Auditors perform assurance services needed to achieve the engagement's objectives
C. Auditors perform assurance services to guarantee all significant risks will be addressed
D. Auditors perform assurance services without regard to cost

Answer: B

Explanation:
According to the IIA's definition of due professional care, internal auditors are expected to perform assurance services that are needed to achieve the engagement's objectives. This includes considering the cost of assurance in relation to the benefits. The standard does not require auditors to identify all risks or guarantee that all significant risks will be addressed, as absolute assurance in any auditing context is unattainable.
IIA Standard on Due Professional Care.

NEW QUESTION # 226
The board asked the chief audit executive (CAE) to assume responsibility for a newly formed risk management function while retaining responsibility for the internal audit activity. The new function is comprised of both risk and compliance activities. How should next year's internal audit of the risk management function be performed?

A. It should be conducted by a team of internal auditors under the supervision of risk and compliance managers.
B. It should be performed by a team of the most experienced internal auditors, without oversight or direct involvement from the CAE.
C. It should be performed by a qualified audit team in the internal audit activity and overseen by the most senior auditor other than the CAE.
D. It should be performed by a competent assurance provider external to the internal audit activity.

Answer: C

NEW QUESTION # 227
The internal audit activity completed its analysis of sample transactions to determine occurrences of double billings According to If A guidance, which of the following best demonstrates that internal auditors exercised due professional care during the review?

A. Internal auditors documented the scope and methodology of the data testing.
B. Internal auditors found no instances of double billing and concluded there were no significant risks in this area.
C. Internal auditors received formal performance feedback from the engagement supervisor.
D. Internal auditors discussed with management how data is safeguarded.

Answer: A

NEW QUESTION # 228
Which of the following statements regarding organizational governance is not correct?

A. Those performing governance activities are accountable to the customer.
B. Accountability is one of the key elements of organizational governance.
C. An effective internal audit function is one of the four cornerstones of good governance.
D. Governance principles and the need for an internal audit function are applicable to governmental and not-for-profit activities.

Answer: A

NEW QUESTION # 229
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