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IIA-CIA-Part1: Essentials of Internal Auditing Exam is a globally recognized certification exam designed for professionals seeking to pursue a career in internal auditing. IIA-CIA-Part1 exam is conducted by the Institute of Internal Auditors (IIA), which is a professional organization that provides guidance, education and certification to internal auditors across the world. IIA-CIA-Part1 Exam is the first part of the three-part Certified Internal Auditor (CIA) program.

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The IIA provides two main global certifications: Certified Internal Auditor (CIA) and Certification in Risk Management Assurance (CRMA). The CIA is the first accreditation and classification for internal auditors that the IIA suggests that all internal auditors pursue and have. The CIA not only shows your credibility as an internal audit expert, but it also gives you a competitive advantage over your peers. The CIA is a three-part exam that covers the understanding, skills, and abilities required by today's internal listeners.

As a professional accountant or auditor seeking to energize your profession, you may have considered earning an audit certification. But you have several options for qualifying in accounting, so which one should you choose? if you intend to go down the path of an internal auditor, after that, Certified Internal Auditor (CIA) is the certification for you.

IIA Internal Audit Fundamentals Sample Questions (Q485-Q490):

NEW QUESTION # 485
When taken by a chief audit executive, which of the following actions would be most likely to prevent division exaggerating sales reports?
1) Announcing a series of internal audit engagements focusing on compliance with corporate sales-reporting
2) Asking the president and the board to issue a statement of corporate policy stressing the importance of account reporting and the negative consequences of intentional misreporting.
3) Setting up a hotline for employees to report fraudulent behavior anonymously.
4) Assisting the controller in developing and monitoring a series of business process indicators , which are history with, but independent of sales.

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

Answer: A

NEW QUESTION # 486
Which of the following threatens internal audit objectivity'?

A. Internal auditors are prevented from accessing information necessary to undertake their audit engagements
B. The chief audit executive reports directly to the chief financial officer who previously led the internal audit activity
C. Internal auditors are expected by senior management to identify a minimum of five major control weaknesses in each area audited
D. The CEO requests the internal audit activity develop a charter that clearly delineates its purpose and responsibilities within the organization

Answer: B

Explanation:
A significant threat to internal audit objectivity arises when the chief audit executive reports directly to the chief financial officer, especially if the CFO previously led the internal audit activity. This reporting relationship can undermine the independence necessary for objective audits, as the CFO might influence the scope or outcome of audit engagements to suit certain financial reporting outcomes or to cover previous decisions made while in charge of internal audit.References: The IIA's International Standards for the Professional Practice of Internal Auditing on independence and objectivity.

NEW QUESTION # 487
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?

A. Set risk indicators and mitigation plans for management to implement.
B. Determine the number of significant risks for management to report to the board.
C. Coordinate and facilitate risk workshops for management to attend.
D. Establish the degree of risk appetite for management to accept.

Answer: B

NEW QUESTION # 488
An internal audit manager of a furniture manufacturing organization is planning an audit of the procurement process for kiln-dried wood. The procurement department maintains six procurement officers to manage 24 different suppliers used by the organization.
Which of the following controls would best mitigate the risk of employees receiving kickbacks from suppliers?

A. An automated computer report, organized by supplier, of any invoices for the same amount.
B. The periodic rotation of procurement officers' assignments to supplier accounts.
C. A pre-award financial capacity analysis of suppliers.
D. Periodic inventories of kiln-dried wood at the organization's warehouse.

Answer: B

Explanation:
Section: Volume E

NEW QUESTION # 489
Which of the following statements is true regarding consulting engagements?

A. The nature of consulting services to be performed by internal auditors must be defined in the internal audit charter
B. If internal auditors have potential impairments to objectivity related to the proposed consulting engagement, the engagement must be declined.
C. Internal auditors cannot provide consulting services related to operations for which they had previous responsibilities.
D. If internal auditors lack the knowledge, skills, or other competencies needed to perform the consulting engagement, the engagement can proceed with proper disclosures.

Answer: A

Explanation:
According to IIA standards, the nature of consulting services to be performed by internal auditors must be defined in the internal audit charter. This helps ensure clarity and alignment between the internal audit activity's objectives and the organization's expectations, while also providing a framework that guides the consulting services provided by internal auditors.
IIA Standard 1000 - Purpose, Authority, and Responsibility, which includes guidelines on the content of the internal audit charter, including the scope of consulting services.

NEW QUESTION # 490
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