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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q708-Q713):

NEW QUESTION # 708
Which of the following is a detective control strategy against fraud?

A. Performing background checks on employees.
B. Requiring employees to attend ethics training.
C. Implementing a control self-assessment.
D. Performing a surprise audit.

Answer: D

NEW QUESTION # 709
When testing a sample of payroll records during an engagement, an internal auditor suspects mat fraud has been committed. What should be the next step?

A. The suspicions should be communicated to the chief audit executive.
B. The auditor should increase the sample size to determine the extent ol the fraud.
C. A fraud investigator should examine the evidence and report back to the auditor.
D. The testing should be completed with the results reported in the final audit report.

Answer: A

Explanation:
If fraud is suspected, it is crucial to follow the organization's protocol for reporting such suspicions. The chief audit executive should be informed so that appropriate steps can be taken, including involving fraud investigators if necessary. References:
* IIA Standard 1210.A2: Internal auditors must have sufficient knowledge to identify indicators of fraud.
* IIA Practice Guide: Internal Auditing and Fraud.

NEW QUESTION # 710
A former line supervisor from the Financial Services Department has completed six months of a two-year development opportunity with the internal audit activity (IAA). She is assigned to a team that will audit the organization's payroll function, which is managed by the Human Resources Department. Which of the following statements is most relevant regarding her independence and objectivity with respect to the payroll audit?

A. She may participate, but she must be supervised by the auditor in charge.
B. She may participate, because she did not previously work in the Human Resources Department.
C. She may participate for training purposes, to build her knowledge of the IAA.
D. She may participate, but only after she has completed one year with the IAA.

Answer: B

NEW QUESTION # 711
An internal audit of an organization ' s disbursement department revealed that multiple payments were made to legitimate vendors bearing fraudulent banking information belonging lo employees in the department.
These vendors were initially set up with accurate banking information but were subsequently modified by disbursement officers with access to the vendor management system. Which of the following controls would have likely prevented the fraudulent modification of vendors ' banking information?

A. Management periodically reviews and verifies the information in the vendor master Tile.
B. Management ' s approval is required before payments can be processed.
C. Management randomly audits a sample of payments to verify the accuracy of vendors ' banking information.
D. Management ' s approval is required for update to vendors ' banking information.

Answer: D

Explanation:
The control that would have likely prevented the fraudulent modification of vendors ' banking information is management ' s approval being required for updates to vendors ' banking information. This control would provide a layer of verification and oversight, significantly reducing the risk of unauthorized and fraudulent changes.
Best practices in vendor management and internal controls over payment processes, as advocated by The IIA.

NEW QUESTION # 712
This chief audit executive (CAE) engaged an internal auditor to consult on an organization's complex information technology system. Shortly after beginning the engagement, the auditor unexpectedly resigned.
Unfortunately, this auditor was the only available auditor with the necessary expertise. The CAE will not be able to hire someone with similar expertise in time to meet a regulatory deadline.
Which of the following would be the best course of action for the CAE to take?

A. Continue with the engagement in order to meet the regulatory deadline, but highlight areas in the final report that might need to be revised in the future.
B. Ask that a senior member of the organization's IT department with the required systems expertise join the audit team to assist in completing the engagement.
C. Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement.
D. Remove the planned engagement from the audit plan and explain to senior management the problems with moving forward without an auditor with the necessary expertise.

Answer: C

Explanation:
Section: Volume E

NEW QUESTION # 713
......

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