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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Governance, Risk Management, and Control	30%	- Internal control 1. Types of controls and control activities 2. Evaluating control effectiveness 3. Control frameworks and components - Governance frameworks and processes 1. Governance models and best practices 2. Roles of board, management, and internal audit - Risk management 1. Risk management frameworks (e.g., COSO, ISO 31000) 2. Internal audit role in risk management 3. Risk appetite, assessment, and response
Topic 2: Fraud Risks	15%	- Fraud risk assessment and prevention 1. Identifying and prioritizing fraud risks 2. Preventive and detective controls - Fraud concepts and types 1. Fraud triangle and fraud risk factors 2. Asset misappropriation, corruption, financial statement fraud - Internal audit responsibilities regarding fraud 1. Investigation procedures and reporting 2. Detecting fraud indicators
Topic 3: Ethics and Professionalism	20%	- Professional conduct and due care 1. Due professional care in engagements 2. Competence and continuing professional development - IIA Code of Ethics 1. Rules of conduct and application 2. Principles: integrity, objectivity, confidentiality, competency
Topic 4: Foundations of Internal Auditing	35%	- Independence and objectivity 1. Impairments to independence/objectivity 2. Organizational independence and reporting lines 3. Individual objectivity and safeguards - Quality assurance and improvement program 1. Requirements and scope of QAIP 2. Internal and external assessments 3. Conformance with Standards - Purpose, authority, and responsibility of internal auditing 1. Definition, mission, and core principles 2. Internal audit charter requirements 3. Assurance vs. advisory services

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IIA Internal Audit Fundamentals Sample Questions (Q222-Q227):

NEW QUESTION # 222
Which of the following are components of the COSO enterprise risk management framework?
1. Objective setting.
2. External environment.
3. Data collection.
4. Control activities.

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

Answer: A

Explanation:
Section: Volume E

NEW QUESTION # 223
Which of the following would be the most suitable internal control framework for an organization to adopt?

A. A framework that specifies common best practices for an organization to evaluate and benchmark.
B. A framework that offers step-by-step guidance for remedial action for all organization types.
C. A framework with precise specifications for how controls and processes should be employed.
D. A framework that specifies correct and incorrect business methodologies.

Answer: A

NEW QUESTION # 224
Senior management has decided to adopt the key principles approach of the ISO 31000 risk management framework. According to IIA guidance, which of the following principles is most appropriate when implementing the risk management process in a dynamic agency?

A. The risk management process should use a formal technique to consider the consequence and likelihood of each risk.
B. The risk management process, while evaluating risk, should develop a mechanism to rank the relative importance of each risk.
C. The risk management process should be regularly reviewed and respond to changes in the environment, to remain relevant.
D. Everyone in the agency has a primary responsibility for identifying and managing risks as part of the risk management process.

Answer: C

Explanation:
According to IIA guidance, when implementing the risk management process in a dynamic agency, it is most appropriate that the risk management process should be regularly reviewed and respond to changes in the environment to remain relevant. This principle ensures that the risk management practices are flexible and adaptive, reflecting the dynamic nature of risk within a changing organizational and external environment.
This approach is consistent with both the IIA's guidance on risk management and the principles outlined in ISO 31000.References: The Institute of Internal Auditors (IIA) - Guidance on Risk Management, ISO 31000 Risk Management Guidelines.

NEW QUESTION # 225
Which of the following is the most appropriate way to ensure that a newly formed internal audit activity remains free from undue influence by management?

A. Adopt written policies and procedures for the internal audit activity, approved by the board.
B. Ensure the chief audit executive reports administratively to the audit committee.
C. Appoint the chief audit executive as a member of the board.
D. Establish the internal audit activity's position within the organization in an audit charter.

Answer: D

Explanation:
The most effective way to ensure that a newly formed internal audit activity remains free from undue management influence is to establish the internal audit activity's position within the organization through an audit charter. According to the Institute of Internal Auditors (IIA) standards, the audit charter should define the purpose, authority, and responsibility of the internal audit activity, clearly outlining the scope of internal auditing within the organization. This foundational document formalizes the internal audit function's role and provides a framework that supports its operational independence.References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.

NEW QUESTION # 226
An internal auditor for a large retail chain suspects that a store manager has been stealing money from cash sales by listing the sales as accounts receivable and then writing off the accounts as bad debts. Which of the following irregularities is the most likely cause of the auditor's suspicion?

A. A much higher percentage of past-due accounts receivable than that of other stores.
B. A much higher percentage of past-due accounts receivable than that of previous years.
C. A much higher bad debt expense as a percentage of sales than that of other stores.
D. A much higher bad debt expense as a percentage of sales than that of previous years.

Answer: C

NEW QUESTION # 227
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