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IIA-CIA-Part1 exam is the first part of the Certified Internal Auditor (CIA) certification, which is globally recognized as a symbol of excellence in the internal auditing profession. Passing the IIA-CIA-Part1 Exam is a prerequisite for taking the remaining parts of the CIA exam.

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IIA-CIA-Part1 Certification Exam, also known as the Essentials of Internal Auditing, is a globally recognized certification exam offered by the Institute of Internal Auditors (IIA). Internal Audit Fundamentals certification is designed to test the knowledge, skills, and abilities of individuals who want to pursue a career in internal auditing. IIA-CIA-Part1 Exam covers a wide range of topics, including internal audit basics, risk management, governance, and ethics.

IIA Internal Audit Fundamentals Sample Questions (Q157-Q162):

NEW QUESTION # 157
Which of the following should catch the internal auditor's attention as a potential red flag for fraud?

A. The same external audit firm has been with the company for three years without rotation
B. The arithmetic median tenure of employees working at production facilities is 15 years
C. One of the subsidiaries has more bank accounts than any other comparable subsidiary
D. The accounting unit keeps detailed records and preserves supporting documentation in excess of company requirements

Answer: C

Explanation:
Having more bank accounts than necessary can be a red flag for fraud, especially in a subsidiary compared to its peers. This scenario (option B) might indicate complexity that is unnecessary and could be used to conceal improper transactions or facilitate unauthorized movements of funds. Excessive bank accounts can complicate tracking and reconciling of funds, which can be exploited for fraudulent purposes. This potential red flag should prompt further investigation by the internal auditor.References:
* IIA guidance on fraud risk indicators

NEW QUESTION # 158
Internal auditors who are concerned with potential risks due to the mishandling of records or transactions should take into consideration:

A. The type and nature of the activities to be examined.
B. The history of losses suffered by the company.
C. Whether employees in key positions of trust are bonded.
D. The results of prior risk assessments.

Answer: A

NEW QUESTION # 159
In selecting an instructional strategy for developing internal audit staff, a chief audit executive should first review the:

A. Organization's objectives.
B. Department's budget constraints.
C. Content of potential training courses.
D. Internal auditors' personal development needs.

Answer: A

NEW QUESTION # 160
Due to the increased operational responsibility of the CEO the chief audit executive (CAE) of an organization currently reports to the chief financial officer (CFO) What is the likely impact of such a situation?

A. The CFO could provide expert advice when auditing areas under his purview
B. There may be limitation in the scope of engagements that can be undertaken
C. The expertise of finance staff can be called upon during an audit of finance-related areas
D. The internal audit activity is adequately positioned when the CAE reports to a member of executive management

Answer: B

Explanation:
When the Chief Audit Executive (CAE) reports to the Chief Financial Officer (CFO), there is a potential risk of impairing the independence and objectivity of the internal audit function. This reporting relationship might limit the scope of audit engagements, especially in areas that could affect the CFO, such as financial reporting or other areas directly under the CFO's control. The CAE should ideally report functionally to the board or audit committee to maintain independence, as suggested by The IIA standards.
IIA Standard 1110: "Organizational Independence"

NEW QUESTION # 161
In order to effectively handle conflict between audit team members, an audit team leader should:

A. Avoid addressing the conflict until the leader is sure that there is a problem.
B. Transfer one of the team members to another assignment.
C. Ask one of the team members to resolve the issue by being more conciliatory.
D. Be assertive and keep the team members focused on a resolution.

Answer: D

NEW QUESTION # 162
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