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IIA IIA-CIA-Part1 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Ethics and Professionalism20%- IIA Code of Ethics
  • 1. Rules of conduct and application
  • 2. Principles: integrity, objectivity, confidentiality, competency
- Professional conduct and due care
  • 1. Due professional care in engagements
  • 2. Competence and continuing professional development
Topic 2: Foundations of Internal Auditing35%- 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. Conformance with Standards
  • 2. Requirements and scope of QAIP
  • 3. Internal and external assessments
Topic 3: Governance, Risk Management, and Control30%- Risk management
  • 1. Risk management frameworks (e.g., COSO, ISO 31000)
  • 2. Internal audit role in risk management
  • 3. Risk appetite, assessment, and response
- Internal control
  • 1. Evaluating control effectiveness
  • 2. Types of controls and control activities
  • 3. Control frameworks and components
- Governance frameworks and processes
  • 1. Governance models and best practices
  • 2. Roles of board, management, and internal audit
Topic 4: Fraud Risks15%- 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. Preventive and detective controls
  • 2. Identifying and prioritizing fraud risks

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IIA Internal Audit Fundamentals Sample Questions (Q106-Q111):

NEW QUESTION # 106
The management at a national consumer goods organization implements a fair work and pay practice as well as a policy to treat employees equitably and consistently.
Which common characteristics of fraud will the practice and policy most likely reduce?

Answer: B

Explanation:
Implementing fair work and pay practices and a policy to treat employees equitably and consistently will most likely reduce the pressure or incentive as a common characteristic of fraud. These measures can help diminish feelings of unfair treatment or dissatisfaction among employees, which are often drivers behind the rationalization for committing fraud.
Fraud Triangle and organizational behavior literature.


NEW QUESTION # 107
A chief audit executive (CAE) is currently employed at a commercial bank where she was previously the chief compliance officer over three years ago. The current chief compliance officer abruptly resigned prior to the start of a mandatory anti-money laundering compliance audit. The board is contemplating a number of alternatives regarding the vacant post, bearing in mind that the bank has been struggling financially and is looking to contain costs. Which of the following alternatives, if taken by the board, would be most appropriate to satisfy the bank's objectives as well as preserve the internal audit activity's independence?

Answer: A

Explanation:
The internal audit activity must be independent, and internal auditors must be objective in performing their work. This means that they should not have any conflicts of interest or undue influence that could impair their judgment or credibility. Therefore, the CAE should not assume any management responsibilities or roles that could compromise their independence or objectivity, such as the chief compliance officer. Option B is the most appropriate alternative, as it preserves the separation of duties and accountability between the internal audit and compliance functions, while allowing the CAE to provide some guidance and oversight to the new chief compliance officer.
The other options are not appropriate, as they would create potential impairments to the internal audit activity's independence or objectivity:
- Option A would create a self-review threat, as the CAE would have to audit their own work in the compliance function.
- Option C would create a familiarity threat, as the CAE would have a close relationship with the external auditor who would audit their work in the compliance function.
- Option D would create a role conflict, as the CAE would have to balance the conflicting objectives and expectations of the internal audit and compliance functions.
References:
- Standard 1110 - Organizational Independence - The Institute of Internal Auditors or The IIA
- Independence and Objectivity - The Institute of Internal Auditors or The IIA
- Position paper: Independence and objectivity | Delivering internal audit | Resources | IIA


NEW QUESTION # 108
An internal auditor prepared a workpaper that consisted of a list of employee names and identification numbers as well as the following statement:
"A statistical sample of 40 employee personnel files was selected to verify that they contain all documents required by company policy 501 (copy attached). No exceptions were noted."
The auditor did not place any audit verification symbols on this workpaper. Which of the following changes would most improve the auditor's workpaper?

Answer: A


NEW QUESTION # 109
With regard to organizational governance assurance, which of the following is an appropriate role for the internal audit activity'?

Answer: C

Explanation:
The internal audit activity's appropriate role with regard to organizational governance assurance includes assessing compliance with the organization's code of conduct. This involves evaluating whether the organization's actions align with its stated ethical standards and conduct guidelines. This role is fundamental to assurance services, ensuring that governance processes reflect and enforce the organization's values and ethical standards as outlined in its code of conduct.
IIA Standard 2110 - Governance


NEW QUESTION # 110
Internal auditors are preparing for an engagement to evaluate an organization's plan to accept cryptocurrency as a form of payment. Which of the following would demonstrate the internal auditors' business acumen in this scenario?

Answer: A


NEW QUESTION # 111
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