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IIA-CIA-Part1 (Essentials of Internal Auditing) Certification Exam is a globally recognized certification offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part1 exam is designed to test the candidate's knowledge of internal auditing principles and practices. It covers the essential topics that every internal auditor should know, including governance, risk management, internal control, and audit tools and techniques.

IIA-CIA-Part1 exam consists of 125 multiple-choice questions that are designed to test candidates' knowledge of internal auditing principles and practices. IIA-CIA-Part1 Exam is timed and candidates have four hours to complete it. IIA-CIA-Part1 exam is computer-based and is available at Pearson VUE testing centers worldwide.

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IIA-CIA-Part1, 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 designed to test the fundamental knowledge and skills required by internal auditors, including the principles of internal auditing, the code of ethics, risk management, and internal control. Passing IIA-CIA-Part1 Exam is a crucial step for those seeking a career in internal auditing, as it verifies their competency and expertise in the field.

IIA Internal Audit Fundamentals Sample Questions (Q158-Q163):

NEW QUESTION # 158
Which of the following best demonstrates the application of due professional care?

A. An engagement supervisor requests that the employment of a process owner be terminated due to a significant control failure.
B. An audit manager provides a guarantee to senior management that internal controls relating to an audited process operate effectively.
C. An audit lead establishes internal audit manuals to guide the internal audit activity on now to undertake audit engagements.
D. An organization's internal audit activity operates under a direct reporting structure to tie audit committee of the board

Answer: C

Explanation:
Demonstrating due professional care involves ensuring that the internal audit activity follows established guidelines and standards for conducting audit engagements. By establishing internal audit manuals, an audit lead provides a structured approach and standardized procedures for the internal audit activity, which helps in maintaining consistency, quality, and adherence to professional standards. This practice exemplifies the application of due professional care by promoting thorough and well-documented audit processes.
References:
* The IIA Standards: Standard 1220 - Due Professional Care: "Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor. Due professional care does not imply infallibility."
* IIA Practice Guide: "Quality Assurance and Improvement Program": Highlights the importance of internal audit manuals and procedures in maintaining due professional care.

NEW QUESTION # 159
Which of the following would be considered an impairment to an internal auditor's objectivity when performing a review of the organization's procurement function'?

A. The internal auditor worked as a sourcing specialist before joining the internal audit activity last year
B. The internal auditor worked on the implementation of the accounting system within the organization before joining the internal audit activity last year
C. The internal auditor participates in a cross-departmental team for information and data security within the organization
D. The internal auditor is part of a multidisciplinary team tasked to assist with a new project implementation checklist within the organization

Answer: A

Explanation:
An impairment to an internal auditor's objectivity when performing a review of the organization's procurement function would occur if the internal auditor worked as a sourcing specialist before joining the internal audit activity. Having previously worked in a role closely related to the function being audited, the auditor may have preconceived notions or biases that could affect their ability to perform an objective audit.
The IIA's International Standards for the Professional Practice of Internal Auditing on objectivity.

NEW QUESTION # 160
Which of the following is a detective control strategy against fraud?

A. Performing a surprise audit
B. Requiring employees to attend ethics training.
C. Implementing a control self-assessment.
D. Performing background checks on employees.

Answer: A

Explanation:
Performing a surprise audit is a detective control strategy against fraud. Surprise audits can uncover irregularities and fraudulent activities that might not be detected through routine audit procedures. By their unexpected nature, they can serve as a deterrent against fraud and help identify breaches in internal controls.References: IIA guidance on control activities and fraud prevention

NEW QUESTION # 161
The results of an internal audit activity's (IAA) quality assurance and improvement program are favorable and an external assessment was completed within the last five years. Which of the following statements may the IAA use to describe its work?

A. "Completed with the advance certification of the External Assessors Association for Auditing Review."
B. "Conforms with the International Standards for the Professional Practice of Internal Auditing."
C. "Certified 100% accuracy, per the International Standards of External Assessment."
D. "Compliant with all domestic and international legal statutes, and certified quality assured for ten years."

Answer: B

Explanation:
Section: Volume E

NEW QUESTION # 162
An internal auditor of a real estate organization wants to stay informed of current regulations on real estate investments.
Which of the following is likely the best option?

A. Read a doctoral thesis published two years ago on the topic of real estate investments, governance, and business risks.
B. Review a professional organization's report of the prior year titled "Real Estate and Latest Business Requirements."
C. Participate in an annual conference titled "Housing and Commercial Investments: Updated Government Amendments."
D. Review policies and procedures contained in last year's audit.

Answer: C

Explanation:
Attending a current professional conference specifically addressing updated government amendments provides the strongest opportunity to obtain timely information about changing real estate regulations.
Continuing professional development requires internal auditors to maintain and enhance the knowledge and competencies relevant to their responsibilities. Prior-year reports, older academic research, and policies retained from last year's engagement can provide useful background, but they may not reflect the most recent regulatory changes. Professional conferences frequently incorporate current legislative developments, regulator interpretations, industry practices, and emerging compliance issues, making them especially useful in a changing regulatory environment. The Internal Audit Fundamentals material emphasizes continuing education and professional development as mechanisms for maintaining competence. Therefore, the current conference focused specifically on updated government amendments is the most relevant option for remaining informed.

NEW QUESTION # 163
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