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IIA-CIA-Part1 exam is a three-hour exam consisting of 125 multiple-choice questions. IIA-CIA-Part1 exam is computer-based and is offered at Pearson VUE testing centers worldwide. The passing score for the exam is 600 out of 800, and candidates are allowed to retake the exam if they do not pass on the first try. Internal Audit Fundamentals certification is valid for three years, after which candidates must recertify by either retaking the exam or completing continuing education credits. Overall, the IIA-CIA-Part1 Certification is a valuable credential for those who wish to demonstrate their knowledge and expertise in internal auditing.

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IIA-CIA-Part1: Essentials of Internal Auditing Exam is a rigorous exam that requires candidates to have a strong understanding of internal auditing principles and practices. Candidates are advised to prepare for the exam by studying the exam syllabus, which contains a detailed outline of the exam content. They can also take advantage of various study materials and resources provided by the IIA, including training courses, practice exams, and study guides.

IIA Internal Audit Fundamentals Sample Questions (Q701-Q706):

NEW QUESTION # 701
An investment advisory firm purchased professional liability insurance to offer protection from lawsuits brought by customers claiming they received poor or erroneous advice. Which of the following best describes this risk management technique?

A. Acceptance
B. Mitigation.
C. Avoidance
D. Transfer.

Answer: D

Explanation:
Purchasing professional liability insurance as a way to protect against lawsuits from customers claiming poor or erroneous advice represents a risk transfer strategy. By obtaining insurance, the investment advisory firm transfers the financial risk associated with potential legal actions to the insurance provider. This approach does not eliminate the risk but shifts the burden of financial loss.
Risk management techniques in the financial advisory sector
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NEW QUESTION # 702
Internal auditors exercise judgment about the type and amount of information to be collected. The primary purpose of this judgment is to:

A. Comply with the Standards.
B. Provide a sound basis for audit observations and recommendations.
C. Eliminate the risk of drawing incorrect conclusions.
D. Minimize the cost of the audit engagement.

Answer: B

NEW QUESTION # 703
Which of the following controls is not appropriate for sales in a manufacturing organization?

A. Goods shipped are matched with valid customer orders.
B. Customers' orders are recorded promptly.
C. Sales department approval is required for credit sales transactions.
D. Goods returned are inspected for damage by the receiving department for proper disposition.

Answer: C

NEW QUESTION # 704
Which of the following is a strategic risk that internal auditors should consider when performing a third-party risk management engagement?

A. Physical security
B. Loss of intellectual property
C. Conflict of interest
D. Cost overruns

Answer: C

NEW QUESTION # 705
What is the primary reason a chief audit executive should dedicate time and resources to support continuing professional development of internal audit staff?

A. To ensure that top risks are mitigated to an acceptance level.
B. To ensure that internal audit staff acquired continuing professional education credits timely.
C. To ensure that internal audit staff have the competency to address high-priority risks.
D. To ensure that internal audit staff maintains high overall job satisfaction.

Answer: C

Explanation:
The primary reason a chief audit executive should dedicate time and resources to the continuing professional development of internal audit staff is to ensure they have the competency to address high-priority risks.
Continuous professional development ensures that audit staff are equipped with up-to-date knowledge and skills necessary to effectively audit complex and evolving risk environments, thereby contributing directly to the effectiveness and reliability of the internal audit function.
IIA standards on continuing professional development and staff competencies.

NEW QUESTION # 706
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