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| Section | Objectives |
|---|---|
| Proficiency and Due Professional Care | - Competence and skills requirements - Due professional care in engagements |
| Quality Assurance and Improvement Program (QAIP) | - External quality assessments - Continuous improvement of internal audit function - Internal quality assessments |
| Independence and Objectivity | - Organizational independence - Individual objectivity and impairment |
| Foundations of Internal Auditing | - IIA Standards and Code of Ethics overview - Internal audit role in governance, risk, and control - Internal audit definition, purpose, and value |
>> IIA-CIA-Part1 Certification Sample Questions <<
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NEW QUESTION # 202
A manufacturer uses improved linkage between order entry, production, and shipping to reduce raw materials and work-in-process inventory. Which type of fraud will these changes likely reduce?
Answer: A
NEW QUESTION # 203
Considering the concepts of organization wide risk management and the system of internal controls, the internal audit activity as a whole can be considered which of the following types of control?
Answer: D
Explanation:
The internal audit activity can be considered a type of governance control. Governance controls are those that are designed to ensure that the overall direction, administration, and control of an organization are maintained.
The internal audit provides assurance on the effectiveness of governance, risk management, and internal controls.
The IIA's guidance on the role of internal auditing in enterprise-wide risk management.
NEW QUESTION # 204
A senior Internal auditor was hired Into a large Internal audit activity It was agreed upon hiring that the auditor would pursue professional development that would support her ability to take on the role of the head of Internal audit, Which of the following skills best supports this development goal?
Answer: A
Explanation:
One of the essential skills for a head of internal audit is the ability to apply the International Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors (IIA). The IPPF consists of mandatory and supplemental guidance that provides the principles, standards, and best practices for internal audit activities2. A head of internal audit should be familiar with the IPPF and ensure that the internal audit function conforms to its requirements and expectations3. The IPPF also helps the head of internal audit to demonstrate the value and quality of internal audit to the stakeholders, such as the board, senior management, regulators, and external auditors4.
Some additional information:
* Data analysis and mining, technical and IT skills, and risk management and planning are also important skills for a head of internal audit, but they are not specific to the role. These skills are relevant for any internal auditor or manager who needs to perform effective and efficient audits, use appropriate tools and techniques, and assess and mitigate risks5.
* The mandatory guidance of the IPPF includes the Core Principles for the Professional Practice of Internal Auditing, the Code of Ethics, the International Standards for the Professional Practice of Internal Auditing (Standards), and the Definition of Internal Auditing2.
* The supplemental guidance of the IPPF includes Implementation Guidance, Supplemental Guidance, and Practice Advisories that provide detailed guidance on how to apply the Standards in various situations and contexts2.
NEW QUESTION # 205
In which of the following situations would the organizational independence of an internal audit activity be impaired?
Answer: D
NEW QUESTION # 206
When auditing the award of a major contract, which of the following should an internal auditor suspect as a red flag for a bidding fraud scheme?
1. Subsequent change orders increase requirements for low-bid items.
2. Material contract requirements are different on the actual contract than on the request for bids.
3. A high percentage of employees are charged to indirect accounts.
4. Losing bidders are hired as subcontractors.
Answer: C
NEW QUESTION # 207
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