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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q474-Q479):

NEW QUESTION # 474
Upon completion of an external assessment as part of the quality assurance and improvement program (QAIP), the chief audit executive (CAE) reported the results to senior management and the board The CAE included the following elements in the report
- Qualifications and independence of me external assessment team
- Conclusions of assessors
- Corrective action plans
How should the CAE improve the aforementioned approach to reporting the resets of QAIP?

A. The report should indicate that the external assessment must be performed at least once every five years
B. Senior management should be excluded from the reporting as the QAiP results must be communicated to re board only
C. The report can be streamlined by removing unnecessary information such as the qualifications and me independence of external assessors
D. The results must be snared with the external a auditors as well, so they can determine the extent to which they can rely on me work of the internal audit activity

Answer: A

NEW QUESTION # 475
What is the main difference between a consulting engagement versus an assurance engagement?

A. The nature of services provided are defined in the internal audit charter.
B. The objectives and scope of the engagement typically are directed by management.
C. Internal auditors must maintain objectivity while performing their work.
D. Internal auditors may assume management responsibilities.

Answer: B

NEW QUESTION # 476
An internal audit activity is taking steps to promote professional development among the staff, and is in the process of implementing a mentorship program. According to HA guidance, which of the following is important for a successful mentorship program?

A. It is best if the mentor is the chief audit executive.
B. It should target both new hires and highly experienced staff.
C. Meetings with mentors should be formal and scheduled.
D. Mentor meeting documentation should be retained in personnel files.

Answer: B

Explanation:
According to IIA guidance on professional development, a successful mentorship program should be inclusive and beneficial for all levels of staff, from new hires to highly experienced auditors. This approach ensures continuous learning and knowledge sharing across all experience levels, thereby enhancing the overall effectiveness and cohesion of the internal audit team.References: Institute of Internal Auditors (IIA) - Guidance on Continuing Professional Development and Mentorship Programs

NEW QUESTION # 477
An organization holds 40% of its long-term assets in stocks and wants to hedge for the possibility of potential losses in the foreseeable future.
Which of the following statements is true regarding this risk management approach?

A. By hedging, the organization must reduce its portfolio to limit the financial impact of the risk event.
B. By hedging, the organization must exit its long-term investment position before the risk event occurs.
C. By hedging, the organization would be able to offset the impact from the risk event.
D. By hedging, the organization should liquidate part of its assets to protect investments.

Answer: C

Explanation:
Hedging is a risk management technique designed to offset potential adverse changes in the value of an existing exposure by establishing another position whose value is expected to move in an opposite or compensating direction. The organization does not necessarily need to sell or reduce its stock holdings to hedge the exposure. Instead, it may use financial instruments or other arrangements designed to reduce the financial effect of unfavorable market movements while retaining the underlying investment. Exiting the investment altogether would be more consistent with risk avoidance, while reducing or liquidating the portfolio changes the underlying exposure rather than specifically describing hedging. A hedge does not necessarily eliminate all risk, but it can substantially offset the financial impact of the identified market risk.
Therefore, option D correctly describes the purpose of hedging.

NEW QUESTION # 478
Which of the following factors affects the control risk of a company?

A. Complex accounts that require expert valuations.
B. Potential problems like technological obsolescence.
C. Unusual pressures on management.
D. Segregation of duties.

Answer: D

NEW QUESTION # 479
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