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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Fraud Risks	15%	- Fraud risk assessment and prevention 1. Preventive and detective controls 2. Identifying and prioritizing fraud risks - 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
Topic 2: Governance, Risk Management, and Control	30%	- Internal control 1. Evaluating control effectiveness 2. Control frameworks and components 3. Types of controls and control activities - Risk management 1. Risk appetite, assessment, and response 2. Internal audit role in risk management 3. Risk management frameworks (e.g., COSO, ISO 31000) - Governance frameworks and processes 1. Governance models and best practices 2. Roles of board, management, and internal audit
Topic 3: 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
Topic 4: Foundations of Internal Auditing	35%	- 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. Definition, mission, and core principles 2. Internal audit charter requirements 3. Assurance vs. advisory services - Independence and objectivity 1. Organizational independence and reporting lines 2. Impairments to independence/objectivity 3. Individual objectivity and safeguards

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IIA Internal Audit Fundamentals Sample Questions (Q312-Q317):

NEW QUESTION # 312
An internal auditor was offered expensive tickets to a sporting event by the manager of an area that she was currently auditing. The auditor politely declined. Which of the following fundamental principles of the MA Code of Ethics did she display?

A. Objectivity
B. Confidentiality.
C. Independence.
D. Competency.

Answer: A

Explanation:
By declining the offer of expensive tickets from the manager of an area currently being audited, the internal auditor demonstrated objectivity. Objectivity is a fundamental principle of the IIA Code of Ethics, which requires auditors to make unbiased and impartial judgments during their audits. Accepting gifts could compromise the auditor's ability to remain impartial, thereby affecting their objectivity.References: IIA Code of Ethics.

NEW QUESTION # 313
The organization's chief audit executive (CAE) is planning an immediate assurance engagement following several product recalls. However, the internal audit staff does not have the required Knowledge and experience to adequately assess all the relevant processes and procedures. According to 11A guidance, which of the following actions should the CAE take under these circumstances?

A. Encourage management to accept the assessed risk until the internal audit activity is able to adequately review the area.
B. Obtain assistance for the audit team from other internal assurance providers who possess the requisite expertise in the area.
C. Implement an accelerated training plan to provide the audit staff with the necessary skills and knowledge to conduct the engagement.
D. Use the current available resources to conduct the review and exclude those procedures that can't currently be performed.

Answer: B

Explanation:
According to the IIA's International Standards for the Professional Practice of Internal Auditing (Standards), when internal audit staff lacks the required knowledge or expertise to perform an engagement, the chief audit executive (CAE) should consider obtaining additional resources with the necessary expertise. This approach ensures that the assurance engagement can be conducted with the requisite level of competence and fulfills the standards' mandate for proficiency and due professional care (Standard 1210: Proficiency).
IIA Standard 1210: Proficiency.

NEW QUESTION # 314
An organization sells products through distributors. The organization's chief audit executive insists that the organization's code of conduct be applicable to their distributors as well. Which of the following risks would this mitigate?

A. Market manipulation
B. Business continuity
C. Reputational damage
D. intellectual property leakage

Answer: C

Explanation:
Insisting that the organization's code of conduct be applicable to their distributors as well would mitigate the risk of reputational damage. This ensures that all parties representing the organization adhere to the same ethical standards, thereby reducing the likelihood of practices that could harm the organization's reputation among customers and other stakeholders.References: IIA and corporate governance best practices regarding ethical standards and code of conduct, highlighting how extending these policies to distributors and partners can protect the organization's reputation.

NEW QUESTION # 315
Which of the following is the most effective way any organization can ensure proper governance over its internal controls?

A. By adopting the best practices of similar organizations in the industry.
B. By adjusting their internal control framework as business practices evolve.
C. By introducing the universally accepted COSO internal control framework.
D. By encouraging the internal audit activity to provide training on internal controls.

Answer: C

NEW QUESTION # 316
Which of the following would best serve to deter unethical behavior and encourage internal auditors to be objective in their work?

A. Periodic communications reminding internal auditors of Standards requirements
B. A review of the final audit report by the audit committee
C. A requirement that internal auditors undergo objectivity training periodically
D. Ongoing monitoring and periodic internal quality assessments

Answer: D

Explanation:
Ongoing monitoring and periodic internal quality assessments best serve to deter unethical behavior and encourage objectivity among internal auditors. These quality assessments ensure that audit activities conform to professional standards and that auditors uphold principles such as objectivity. This approach provides a structured and systematic review of audit processes and practices, which reinforces the importance of adherence to ethical standards and professional conduct.
IIA guidance on ethics and objectivity, and Standard 1300: Quality Assurance and Improvement Program.

NEW QUESTION # 317
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