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IIA-CIA-Part1 exam, also known as the Essentials of Internal Auditing, is a certification exam offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part1 exam is the first part of a three-part series designed to test the knowledge and skills of individuals seeking to become certified internal auditors. The Essentials of Internal Auditing exam covers topics such as internal audit function, risk management, governance, and business processes. Passing IIA-CIA-Part1 Exam is a requirement for obtaining the Certified Internal Auditor (CIA) designation, which is globally recognized as a symbol of excellence in the internal audit profession.

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IIA-CIA-Part1 (Essentials of Internal Auditing) Exam is a certification exam offered by the Institute of Internal Auditors (IIA) for individuals seeking to become certified internal auditors. It is the first of the three-part certification program, which also includes the IIA-CIA-Part2 and IIA-CIA-Part3 exams. Passing the IIA-CIA-Part1 Exam is a prerequisite for taking the other two exams.

IIA Internal Audit Fundamentals Sample Questions (Q43-Q48):

NEW QUESTION # 43
Risk assessments are valuable to the internal audit activity's planning process because they assist in:

A. Eliminating all areas with low risk from the audit plan.
B. Identifying the audit universe or auditable activities that need to be reviewed.
C. Educating management on the importance of keeping the internal audit activity informed of organizational changes.
D. Identifying risks that management and the internal auditors have overlooked.

Answer: B

NEW QUESTION # 44
Which of the following audit activities is within the scope of assurance activities as stated in the International Professional Practices Framework?

A. Perform an evaluation of management's planning process.
B. Assess financing alternatives for a new generator.
C. Participate in negotiations for a corporate acquisition.
D. Review a make-or-buy decision and report a recommendation to management for approval.

Answer: A

Explanation:
Section: Volume A

NEW QUESTION # 45
An internal auditor was completely honest with operational management when delivering unfavorable audit results Which of the following best describes the IIA Code of Ethics principle that the auditor demonstrated?

A. Objectivity
B. Integrity
C. Transparency
D. Competency

Answer: B

NEW QUESTION # 46
An auditor for a large wholesaler is evaluating the controls over the approval and oversight of credit sales.
Which of the following procedures would be a control weakness?

A. The finance committee of the board of directors periodically reviews credit standards.
B. The sales department is responsible for determining the credit ratings of customers.
C. Customers who fail to meet credit requirements must pay cash for shipments upon delivery.
D. The credit department is responsible for approving shipments to all customers.

Answer: B

NEW QUESTION # 47
Which of the following statements demonstrates that internal auditors are in conformance with the standard of due professional care?

A. Internal auditors have demonstrated the skills needed to carry out the audit engagement.
B. Internal auditors have demonstrated an unbiased mental attitude.
C. Internal auditors have shown they have the freedom to carry out their responsibilities.
D. Internal auditors have strictly followed a formal audit process in conducting their work.

Answer: A

Explanation:
According to the International Standards for the Professional Practice of Internal Auditing (Standards), internal auditors must exhibit due professional care in their work. Due professional care implies that internal auditors must apply the care and skill expected of a reasonably prudent and competent auditor. Standard 1220 of the IIA's International Standards states that internal auditors must consider the use of technology-based audit and other data analysis techniques. Furthermore, they should be alert to the significant risks that might affect objectives, operations, or resources. Demonstrating the necessary skills and proficiency (Option B) directly aligns with the requirement of due professional care, as it ensures that auditors have the capability to identify and manage risks effectively.References:
* IIA Standards, Standard 1220: Due Professional Care
* IIA's International Professional Practices Framework (IPPF)

NEW QUESTION # 48
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