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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Fraud Risks	15%	- Fraud concepts and types 1. Fraud triangle and fraud risk factors 2. Asset misappropriation, corruption, financial statement fraud - Fraud risk assessment and prevention 1. Preventive and detective controls 2. Identifying and prioritizing fraud risks - Internal audit responsibilities regarding fraud 1. Investigation procedures and reporting 2. Detecting fraud indicators
Governance, Risk Management, and Control	30%	- Risk management 1. Risk appetite, assessment, and response 2. Internal audit role in risk management 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 - Governance frameworks and processes 1. Roles of board, management, and internal audit 2. Governance models and best practices
Ethics and Professionalism	20%	- IIA Code of Ethics 1. Principles: integrity, objectivity, confidentiality, competency 2. Rules of conduct and application - Professional conduct and due care 1. Competence and continuing professional development 2. Due professional care in engagements
Foundations of Internal Auditing	35%	- Purpose, authority, and responsibility of internal auditing 1. Internal audit charter requirements 2. Definition, mission, and core principles 3. Assurance vs. advisory services - Independence and objectivity 1. Individual objectivity and safeguards 2. Organizational independence and reporting lines 3. Impairments to independence/objectivity - Quality assurance and improvement program 1. Requirements and scope of QAIP 2. Conformance with Standards 3. Internal and external assessments

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New New IIA-CIA-Part1 Test Simulator 100% Pass | Professional IIA-CIA-Part1 Test Collection: Internal Audit Fundamentals

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IIA Internal Audit Fundamentals Sample Questions (Q830-Q835):

NEW QUESTION # 830
Which of the following would have the least impact (either positive or negative) on an assessment of a department's control environment?

A. Audit tests designed to verify compliance with control procedures detected a general failure to follow standard procedures for transaction authorization.
B. Many department functions were duplicated or verified by other department employees as part of the department's normal procedures.
C. The department managed long-term investments, including investment in derivatives and other financial instruments, to maximize return.
D. The department manager sets a tone of honesty and integrity in all business dealings and this tone is emulated by department personnel.

Answer: C

NEW QUESTION # 831
Which of the following is an indicator of ineffective third-party risk management?

A. Due diligence of third parties is conducted only after contract signing.
B. Sourcing of third parties does not follow public procurement law.
C. The right-to-audit clause is limited by personal data protection regulations.
D. Violations of service conditions trigger either fines or termination.

Answer: A

Explanation:
Effective third-party risk management involves conducting thorough due diligence before entering into a contract to ensure that the third party meets the organization's standards and requirements. Conducting due diligence only after contract signing is a significant red flag, as it indicates that the organization might be engaging with third parties without fully understanding the associated risks. This can lead to inadequate risk management and potential issues with compliance, performance, and security. References: The IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard
2210 - Engagement Objectives, and COSO's Enterprise Risk Management - Integrating with Strategy and Performance.

NEW QUESTION # 832
A government agency's policy states that board members' travel and hospitality expenses must be audited annually. Which of following people or groups is most appropriate to perform this audit?

A. The government's independent auditor.
B. The agency's chief compliance officer.
C. The internal audit activity.
D. The external auditors from an accounting firm.

Answer: A

NEW QUESTION # 833
Regarding assurance and consulting services provided by the internal audit activity which of the following statements is correct?

A. The assurance engagement process ends with reporting
B. The nature and scope of an assurance engagement are subject to agreement with management of the area under review
C. Both assurance services and consulting services can be focused on controls or performance or both
D. The nature and scope of a consulting engagement are determined by the internal audit activity based on its risk assessment

Answer: C

Explanation:
The correct statement regarding assurance and consulting services provided by the internal audit activity is that both assurance services and consulting services can be focused on controls or performance or both. This reflects the flexibility and adaptability of internal audit functions to address varying organizational needs, whether in assessing the adequacy and effectiveness of controls, improving operational performance, or both.References: The IIA's International Standards for the Professional Practice of Internal Auditing on the nature of assurance and consulting services.

NEW QUESTION # 834
Which of the following is the best example of an ongoing independent monitoring activity'?

A. Internal audit fraud prevention and detection activities
B. Management quality assurance activities
C. Management and supervisory activities
D. External audit quality assurance activities

Answer: D

NEW QUESTION # 835
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