Free IIA-CIA-Part1 Questions That Will Get You Through the Exam

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IIA-CIA-Part1 certification exam covers the fundamental principles of internal auditing. It includes topics such as risk management, governance, internal control, and fraud risk. IIA-CIA-Part1 Exam also focuses on the International Professional Practices Framework (IPPF), which is a comprehensive guide for internal auditors. The IPPF covers the mandatory guidance, recommended guidance, and supplements to the guidance.

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IIA-CIA-Part1 (Essentials of Internal Auditing) exam is an important step for internal auditors seeking to enhance their knowledge and skills. It covers a wide range of topics that are essential for internal auditors to understand and is a requirement for obtaining the highly regarded CIA certification. Passing IIA-CIA-Part1 exam demonstrates a commitment to professionalism and ongoing professional development, and opens up new opportunities for career advancement in the field of internal auditing.

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.

IIA Internal Audit Fundamentals Sample Questions (Q162-Q167):

NEW QUESTION # 162
The same internal auditor has audited the regional purchasing department annually for the last three years.
The audits have shown several significant control deficiencies that have not been corrected by management.
New management is in charge of this regional purchasing department, and it is time to audit the department again. What concerns should be considered prior to assigning the audit to the same auditor?

A. The auditor may have formed a cultural bias, as the department under review is in the auditor's geographic area.
B. A negative cognitive bias may be in place that affects the employee's objectivity due to the recent audits with uncorrected control deficiencies.
C. The auditor has reviewed the department annually for the last three years, leading to familiarity, which can impact the internal audit activity's independence.
D. Intimidation threats may compromise the auditor's objectivity due to multiple negative audit reports completed by the auditor.

Answer: C

Explanation:
When an internal auditor has audited the same department repeatedly, familiarity threat is a significant concern. The IIA Standards emphasize maintaining objectivity and avoiding circumstances that could impair the auditor's unbiased attitude. Auditing the same department annually for several years can lead to familiarity, which can compromise the internal audit activity's independence and objectivity (Option B).
According to Standard 1130: Impairment to Independence or Objectivity, auditors must avoid auditing areas where repeated engagements might lead to a lack of objectivity due to familiarity.
IIA Standards, Standard 1130: Impairment to Independence or Objectivity IIA Practice Guide: Independence and Objectivity

NEW QUESTION # 163
Which of the following engagements would be considered an appropriate consulting service?

A. The internal audit activity facilitates biannual training of the risk management team in risk identification methodologies.
B. The internal audit activity of a commercial bank routinely performs branch audits for compliance with regulations.
C. The internal audit activity participates in a cosourcing arrangement with an IT audit firm to test information systems security.
D. The internal audit activity partners with external auditors annually to complete fieldwork required as a part of the external audit exercise.

Answer: D

NEW QUESTION # 164
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.

A. 1 and 3.
B. 2only
C. 1only
D. 2 and 4.

Answer: D

NEW QUESTION # 165
The results of an assessment of the adequacy of controls would be considered incomplete or misleading unless the internal auditor considers which of the following?

A. IT security controls
B. Use of computer-assisted auditing techniques.
C. Number of mitigating controls.
D. Effectiveness of the control environment

Answer: D

NEW QUESTION # 166
Which of the following is most likely to be an element of an effective compliance program?

A. The internal audit activity is assigned responsibility for overseeing the program.
B. The organization obtains as much information as possible when performing background checks on employees.
C. The program is communicated to employees in a video format on a one-time basis.
D. The organization uses monitoring systems designed to detect improper activity.

Answer: D

Explanation:
Section: Volume B

NEW QUESTION # 167
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