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IIA-CIA-Part1 exam covers topics such as governance, risk management, internal control, and audit tools and techniques. It is a multiple-choice exam that consists of 125 questions and has a time limit of two and a half hours. The passing score for the exam is 600 out of 800.

The Institute of Internal Auditors (IIA) is a global professional association that caters to the needs of internal auditors across the world. The IIA offers several certification programs to help internal auditors enhance their knowledge, skills, and credibility. One such program is the Certified Internal Auditor (CIA) certification. The CIA certification is a globally recognized professional certification for internal auditors. It is awarded to individuals who demonstrate their knowledge, skills, and competencies in the field of internal auditing. The CIA certification program comprises three parts, and the first part is the Essentials of Internal Auditing (IIA-CIA-Part1) exam.

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IIA-CIA-Part1 exam, also known as the Essentials of Internal Auditing, is the first of three exams required to become a Certified Internal Auditor (CIA). IIA-CIA-Part1 exam focuses on the fundamental principles of internal auditing and covers topics such as governance, risk management, and internal control. IIA-CIA-Part1 Exam is designed to validate the candidate's knowledge of the internal auditing profession and their ability to apply that knowledge in real-world scenarios.

IIA Internal Audit Fundamentals Sample Questions (Q543-Q548):

NEW QUESTION # 543
When developing the annual audit plan and reviewing risk assessment priorities, a chief audit executive should always identify the:

Answer: C


NEW QUESTION # 544
The head of human resources notified the internal audit activity that a key account manager was fired because he did not register a large number of contracts with clients As a result the organization was unaware of its duties and would suffer some financial loss Which of the following should be expected from a competent internal auditor who is analyzing this situation?

Answer: D

Explanation:
In analyzing the situation where a key account manager failed to register a large number of contracts, a competent internal auditor should evaluate whether attributes such as intent and personal gain were present.
This involves assessing whether the individual's actions were deliberate and motivated by personal benefits.
Understanding these attributes is crucial for determining the root cause of the issue and identifying potential fraud or misconduct. It also helps in making recommendations to prevent future occurrences.
References:
* IIA Practice Guide: Fraud and Internal Audit
* IIA Standard 1210.A2: Proficiency - Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization


NEW QUESTION # 545
The chief audit executive (CAE) routinely provides activity reports to the board during quarterly board meetings. Senior management has asked to review the CAE's board presentation before each board meeting so that any issues or questions can be discussed beforehand. The CAE should:

Answer: D


NEW QUESTION # 546
In selecting a team to perform an internal audit of a purchasing operation, which of the following characteristics would not preclude an auditor from being selected?
1. The auditor's spouse is employed by the clerical section of the purchasing records unit.
2. The auditor had been a purchasing agent five years earlier.
3. The auditor's family owns a business that regularly sells goods to the organization.
4. The auditor has received a desk calendar as a promotional gift from a vendor.

Answer: A

Explanation:
Section: Volume D
Explanation


NEW QUESTION # 547
Management assessed the organization's risk of expanding operations into a new, but volatile, region and began looking for a compatible local partner to manage sales and distribution. Which of the following best describes this risk management technique?

Answer: A

Explanation:
The risk management technique described by finding a local partner to manage sales and distribution in a new, volatile region is best characterized as "Sharing." This approach involves sharing the risk with another party that can better manage or absorb part of the risk, thus reducing the organization's direct exposure to potential adverse outcomes.
Risk management literature and practices, including frameworks such as ISO 31000.


NEW QUESTION # 548
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