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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q199-Q204):

NEW QUESTION # 199
When dealing with various stakeholders which of the following is true regarding an internal auditor's responsibility to remain objective and independent?

A. The internal auditor may initially disagree with management s acceptance of a risk, but reevaluate and agree with management's judgment after further discussion
B. When deciding between conflicting reports of a control's performance from a control operator and the operator's manager the internal auditor should generally believe the manager
C. Some audit issues may remain unremediated and unreported if management will accept recommendations that the internal auditor deems more important
D. When working on business unit audits it is sometimes sufficient for the internal auditor to report deficiencies only to the unit manager when remediation is not complex

Answer: A

Explanation:
The statement that the internal auditor may initially disagree with management's acceptance of a risk, but reevaluate and agree with management's judgment after further discussion, is true. This scenario reflects the dynamic nature of risk assessment and management discussions where the auditor, after a comprehensive evaluation and consideration of new information or perspectives, might align with management's decision regarding risk acceptance.References: IIA's International Standards for the Professional Practice of Internal Auditing regarding objectivity and professional judgment.

NEW QUESTION # 200
According to IIA guidance, which of the following statements is true regarding the internal audit activity's quality assurance and improvement program (QAIP)?

A. The chief audit executive is responsible for assessing the suitability and competence of an external assessor.
B. Internal assessments rely solely on the review of completed audit engagements for demonstrated performance.
C. QAIP results must first be discussed with the board and approval obtained for distribution to senior management.
D. At the board's discretion, the frequency of external assessments can exceed the five-year guideline.

Answer: A

Explanation:
According to IIA guidance, the internal audit activity's quality assurance and improvement program (QAIP) encompasses both internal and external assessments. Internal assessments involve ongoing monitoring and periodic self-assessments or reviews, while external assessments are conducted by a qualified, independent assessor at least once every five years.
The chief audit executive (CAE) has the responsibility to ensure that the external assessor possesses the appropriate qualifications and independence to perform the assessment. This includes evaluating the assessor's competence, experience, and objectivity. This responsibility is crucial for maintaining the integrity and reliability of the QAIP.
References:
* IIA Standard 1312: External Assessments
* IIA Practice Guide: Quality Assurance and Improvement Program

NEW QUESTION # 201
An auditor is using audit software to check inventory accuracy. Which of the following would be an indicator of poor input edit controls?

A. Negative quantities on hand.
B. Alpha characters in the field for order lead time.
C. Reorder levels set too high.
D. Total dollar values of zero for some parts.

Answer: B

NEW QUESTION # 202
Which of the following statements is correct with regard to risk management?

A. The chief audit executive is accountable to the board for designing, implementing and monitoring the risk management process.
B. The total process of risk management, which includes a related system of internal control, is the responsibility of the board.
C. The finance director is responsible for the overall implementation of the risk management process.
D. The board's responsibility for risk management cannot be assigned to a board committee, such as a board risk committee.

Answer: B

Explanation:
Section: Volume C

NEW QUESTION # 203
The best reason for separating the cash-receiving function from the related record-keeping function is to:

A. Provide accountability for cash received.
B. Segregate cash payments from cash receipts.
C. Improve physical security over the cash-receiving function.
D. Minimize misappropriations in cash receipts.

Answer: D

Explanation:
Section: Volume B

NEW QUESTION # 204
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