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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Ethics and Professionalism	20%	- Professional conduct and due care 1. Competence and continuing professional development 2. Due professional care in engagements - IIA Code of Ethics 1. Rules of conduct and application 2. Principles: integrity, objectivity, confidentiality, competency
Topic 2: Fraud Risks	15%	- Fraud concepts and types 1. Asset misappropriation, corruption, financial statement fraud 2. Fraud triangle and fraud risk factors - Fraud risk assessment and prevention 1. Identifying and prioritizing fraud risks 2. Preventive and detective controls - Internal audit responsibilities regarding fraud 1. Investigation procedures and reporting 2. Detecting fraud indicators
Topic 3: Foundations of Internal Auditing	35%	- 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. Conformance with Standards 2. Requirements and scope of QAIP 3. Internal and external assessments - Independence and objectivity 1. Individual objectivity and safeguards 2. Organizational independence and reporting lines 3. Impairments to independence/objectivity
Topic 4: Governance, Risk Management, and Control	30%	- Internal control 1. Control frameworks and components 2. Types of controls and control activities 3. Evaluating control effectiveness - 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

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IIA Internal Audit Fundamentals Sample Questions (Q88-Q93):

NEW QUESTION # 88
Which of the following activities aligns with The IIA's Core Principles for the Professional Practice of Internal Auditing?

A. Final reports from consulting engagements show the summary of findings, and the internal auditor's advice is clearly distinct and separate from management's decisions
B. Internal auditors rotate through operations and management positions then perform audit engagements on these areas to ensure timely application of their knowledge
C. The chief audit executive reports to senior management for compensation decisions and communications of audit results to the board
D. Due to limited resources, internal auditors prioritize assurance on internal controls and risk management and exclude evaluating governance processes, which are deemed outside of their core responsibilities

Answer: D

NEW QUESTION # 89
During a review of employee benefits, a staff internal auditor observed an ambiguity in the incentive compensation policy. If reported, it could negatively impact the internal auditor's compensation. Which of the following would encourage the internal auditor to be objective in his work?

A. Internal audit charter approved by the board.
B. Periodic reinforcement of the internal audit activity's code of ethics disclosure practices.
C. External assessments of the internal audit activity every five years.
D. Audit committee review of every engagement report at the conclusion of the audit.

Answer: B

NEW QUESTION # 90
Which of the following is true regarding risk analysis?

A. Impact and likelihood should be given equal consideration by the internal auditor.
B. Impact and likelihood should be used to determine risk response.
C. Impact and likelihood should be measured using quantitative methods.
D. Impact and likelihood should be assessed together.

Answer: D

NEW QUESTION # 91
Senior management at a financial institution has received allegations of fraud at its derivatives trading desk and has asked the internal audit activity to investigate and issue a report concerning the allegations. The internal audit activity has not yet developed sufficient proficiency regarding derivatives trading to conduct a thorough fraud investigation in this area.
Which of the following courses of action should the chief audit executive (CAE) take to comply with the Standards?

A. Engage the former head of the institution's derivatives trading desk to perform the investigation and submit a report with supporting documentation to the CAE.
B. Request that senior management exclude the internal audit activity from the investigation completely and instead contract with an external certified fraud examiner with derivatives experience to perform all aspects of the investigation and subsequent reporting.
C. Request that senior management allow a delay of the fraud investigation until the internal audit activity's on-staff certified fraud examiner is able to obtain the appropriate training regarding the analysis of derivatives trading.
D. Contract with an external certified fraud examiner with derivatives experience to perform the investigation and subsequent reporting, with the chief audit executive approving the scope of the investigation and evaluating the adequacy of the work performed.

Answer: D

NEW QUESTION # 92
Which of the following is accomplished by the internal audit charter?

A. It establishes the audit committee's position within the organization.
B. It authorizes access to records, personnel and physical properties relevant to the performance of engagements.
C. It defines the scope of internal and external audit activities.
D. It states the nature of the chief audit executive's administrative reporting relationship
with the board.

Answer: B

NEW QUESTION # 93
......

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