Valid IIA IIA-CIA-Part1 Exam Notes - IIA-CIA-Part1 Examcollection Dumps

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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Objectives
Topic 1: Proficiency and Due Professional Care	- Competence and skills requirements - Due professional care in engagements
Topic 2: Independence and Objectivity	- Organizational independence - Individual objectivity and impairment
Topic 3: Foundations of Internal Auditing	- Internal audit role in governance, risk, and control - Internal audit definition, purpose, and value - IIA Standards and Code of Ethics overview
Topic 4: Quality Assurance and Improvement Program (QAIP)	- External quality assessments - Internal quality assessments - Continuous improvement of internal audit function

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IIA Valid IIA-CIA-Part1 Exam Notes - Internal Audit Fundamentals Realistic Examcollection Dumps Pass Guaranteed Quiz

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IIA Internal Audit Fundamentals Sample Questions (Q255-Q260):

NEW QUESTION # 255
The internal auditor obtained large volumes of transaction history data for accounts on which he suspected that some fraudulent transactions occurred. Which of the following actions best demonstrates due professional care by the internal auditor?

A. The internal auditor employed the use of data analytics tools to sort, analyze, and detect anomalies in the data
B. The internal auditor requested that the branch supervisor assist in identifying fraudulent transactions, as he was most familiar with the accounts being audited.
C. The internal auditor started the data analysis process by selecting a random sample of transactions on which to perform further tests.
D. The internal auditor carefully scrutinized the data by manually reviewing each transaction to ensure that all irregularities were identified.

Answer: A

NEW QUESTION # 256
According to IIA guidance, which of the following activities would typically be examined when using the maturity model approach for assessing an organization's risk management program?

A. Performance measurement.
B. Communication.
C. Monitor and review.
D. Setting the context.

Answer: C

Explanation:
When using the maturity model approach for assessing an organization's risk management program, the activity of "monitor and review" is typically examined. The maturity model approach evaluates the development and effectiveness of risk management practices over time, identifying areas for improvement and measuring progress against established benchmarks.
Monitoring and reviewing involve regularly assessing the risk management processes and outcomes to ensure they remain effective and are continuously improved. This includes evaluating the implementation of risk management strategies and making necessary adjustments based on performance and changing conditions.
References:
* IIA Practice Guide: Assessing the Adequacy of Risk Management Using ISO 31000
* COSO Enterprise Risk Management Framework

NEW QUESTION # 257
Which of the following organizations is adopting an acceptance technique in terms of its risk response?

A. An organization that deploys policies and procedures to guide business activities and practices
B. An organization that takes no action in managing the possible exposure to an earthquake.
C. An organization that takes out insurance policies to protect its property and equipment.
D. An organization that opts out of investing in a new region due to volatility in foreign exchange rates.

Answer: B

NEW QUESTION # 258
A chief audit executive (CAE) of an international charity reports functionally to the audit committee of the board of directors and administratively to the charity's chief financial officer (CFO). Which of the following would impair the internal audit function's independence?

A. The CFO administers the annual evaluation process for the internal auditors.
B. The CFO provides feedback on the CAE's audit reports.
C. The CFO determines the scope of internal audit work in the accounting department.
D. The CFO manages the accounting of the budget for the internal audit function.

Answer: C

NEW QUESTION # 259
Which of the following best demonstrates conformance with the Standards relating to continuing professional development of internal auditors?

A. Self-assessments against a competency framework.
B. Approval and signoff from the board of directors.
C. Regulatory approval from an accrediting agency.
D. A review by external auditors on an annual basis

Answer: A

Explanation:
Conformance with the Standards relating to continuing professional development of internal auditors is best demonstrated by self-assessments against a competency framework. Such self-assessments allow internal auditors to evaluate their skills and knowledge against defined criteria to identify areas for improvement and ensure ongoing professional development. This approach is directly aligned with the IIA's Standards, which emphasize the importance of continuous improvement and competency in internal audit practices.
The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing

NEW QUESTION # 260
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