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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q153-Q158):

NEW QUESTION # 153
Which of the following is an example of an entity-level control pertaining to the finance area of an organization'?

A. The establishment of a finance and audit committee
B. Key account reconciliation such as bank reconciliation
C. A signing authority matrix for spending approvals
D. Segregation of duties between posting and reviewing journal entnes

Answer: A

Explanation:
An example of an entity-level control pertaining to the finance area of an organization is "The establishment of a finance and audit committee." This is a governance control that provides oversight of financial reporting, internal controls, and audit functions, and is designed to ensure integrity and accuracy in financial statements and compliance with laws and regulations.
References: COSO Framework on Internal Control

NEW QUESTION # 154
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant.
Which of the following tasks is appropriate for the CAE to undertake?

A. Establish the degree of risk appetite for management to accept.
B. Set risk indicators and mitigation plans for management to implement
C. Coordinate and facilitate risk workshops for management to attend.
D. Determine the number of significant risks for management to report to the board.

Answer: C

NEW QUESTION # 155
Which of the following is the best way for an internal auditor to demonstrate due professional care?

A. Conduct an audit to the same extent that another prudent auditor would under similar circumstances
B. Execute internal audit work in such a manner as to provide absolute assurance of compliance
C. Request and receive client feedback surveys during the engagement
D. Seek feedback from the engagement supervisor during the engagement

Answer: A

Explanation:
The best way for an internal auditor to demonstrate due professional care is to conduct an audit to the same extent that another prudent auditor would under similar circumstances. This involves applying the knowledge, skills, and judgment expected of an auditor in comparable roles or situations, ensuring thoroughness and appropriateness in the conduct of the audit work, and adhering to professional standards and ethical guidelines.
References: The IIA's International Standards for the Professional Practice of Internal Auditing on due professional care.

NEW QUESTION # 156
Which of the following are some of the requirements of the quality assurance and improvement program (QAIP)?

A. The OAIP should be performed with scoping limitations established by the board.
B. he QAIP should include both internal assessments performed by staff and external assessments performed by independent, objective individuals
C. The OAIP should be conducted at least once every three years, and must be performed by an external assessor.
D. The OAIP should be conducted on an ongoing basis, and can be completed as a self-assessment,

Answer: B

Explanation:
The quality assurance and improvement program (QAIP) should include both internal assessments performed by staff and external assessments performed by independent, objective individuals. This ensures that the internal audit activity maintains high standards of quality and adheres to professional guidelines.
* Option A: The QAIP must include ongoing internal assessments and external assessments every five years, not necessarily every three years.
* Option B: While ongoing self-assessments are part of QAIP, external assessments by independent assessors are also required.
* Option D: The board may set scoping limitations, but the comprehensive nature of QAIP includes both internal and external evaluations without board-imposed restrictions.
References:
* IIA Standard 1300: Quality Assurance and Improvement Program.
* IIA Standard 1312: External Assessments.

NEW QUESTION # 157
Upon completion of an external quality assessment, which of the following would the chief audit executive be required to report to the board?

A. The competency and independence of the external assessment team
B. The timetable and schedule of the next external assessment
C. The detailed evaluation results of the external assessment
D. The total time spent to accomplish the external assessment

Answer: C

Explanation:
Upon completion of an external quality assessment, the chief audit executive is required to report the detailed evaluation results of the external assessment to the board. This disclosure is crucial as it provides the board with insights into the effectiveness and efficiency of the internal audit function, highlighting areas of strength and opportunities for improvement. It facilitates informed decision-making regarding the internal audit activity's practices and processes.
IIA Standard 1320 - Reporting on the Quality Assurance and Improvement Program

NEW QUESTION # 158
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