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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q803-Q808):

NEW QUESTION # 803
An internal auditor has completed an assurance engagement Which of the following is most likely true regarding the engagement?

A. The client requested the review of a new payroll system in order to improve the security of the system
B. The results of the engagement were included in a written report that was issued to the client who requested the engagement
C. During audit planning, the auditor provided the client with the scope of the engagement for their agreement
D. During audit planning, the auditor determined that the engagement scope would include a review of the security and privacy of payroll records

Answer: B

Explanation:
In assurance engagements, it is standard practice for internal auditors to prepare and issue a written report upon completion. This report includes the results of the engagement and is issued to the client or the party that requested the engagement. This practice ensures transparency, accountability, and provides the client with necessary information to make informed decisions.
The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing

NEW QUESTION # 804
Which of the following would be considered an indicator that an organization's ethics program is not yet well developed?

A. The board of directors reviews ethics oversight metrics for violations and compliance.
B. Communication of ethics compliance expectations is the responsibility of employees' direct managers.
C. The organization's code of ethics and related compliance policy are reviewed annually for potential updates.
D. Disciplinary actions for ethics compliance violations are reviewed by the internal audit activity for consistency.

Answer: B

Explanation:
This indicator suggests that the organization's ethics program might not be well-developed if the responsibility for communicating ethics compliance is decentralized to the level of employees' direct managers without broader oversight or structured programs. Effective ethics programs typically involve centralized communication strategies that ensure consistency and comprehensiveness across the organization.
References: Institute of Internal Auditors (IIA) - Guidance on Developing an Ethics Program

NEW QUESTION # 805
A chief audit executive (CAE) submits internal audit activity (IAA) plans and information about significant interim changes to senior management and the board for review. Which other piece of information should the CAE provide to senior management and the board?

A. Resource requirements and resource limitations.
B. The most recent engagement of each member of the audit staff and its duration.
C. The CAE's preferred statistical analysis methods and relevant software to be utilized.
D. Identification of proposed consultants and support staff for the IA

Answer: A

NEW QUESTION # 806
Senior management and the board have expressed concerns about the length of engagements and whether their outcome aligns with the organization's strategies and objectives. Which of the following actions, if taken by the chief audit executive, could address these concerns?

A. Encouraging internal audit staff to participate in workshops to further develop their understanding of the organization's strategies.
B. Implementing the use of agile auditing during engagements to meet expectations.
C. Communicating to internal audit staff instructions for completing engagements within shorter time periods.
D. Requesting additional funding from the board to train internal audit staff on time and resource management.

Answer: B

Explanation:
Implementing the use of agile auditing during engagements can address concerns about the length of engagements and alignment with organizational strategies and objectives. Agile auditing focuses on iterative planning and execution, allowing for more flexible and responsive audit processes. It enhances collaboration, efficiency, and the ability to adapt to changes in the organization's priorities. This approach can help internal audit activities deliver timely and relevant audit results that align with the organization's strategic goals.
References:
* The IIA's Practice Guide on Agile Auditing.
* Articles from the Internal Auditor magazine on Agile Auditing.

NEW QUESTION # 807
The internal audit activity conducted an organizationwide risk assessment. One of the most significant risks identified is associated with the oil price market. The chief audit executive (CAE) is considering including in the annual audit plan an assessment of the effectiveness of oil price risk management. The manager responsible commented that the assessment was not needed, as market risks were regularly addressed by the financial risk committee. If the CAE decides to include this activity in the annual audit plan anyway, how should it be recorded?

A. A risk assessment.
B. An assurance engagement.
C. A consulting engagement independent of the financial risk committee's review.
D. A joint consulting engagement with input from the financial risk committee.

Answer: A

NEW QUESTION # 808
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