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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
III. Proficiency and Due Professional Care (18%)	18%	- Explain the importance of due professional care - Explain the requirement for continuing professional development - Explain the level of knowledge, skills, and competencies required - Demonstrate proficiency and due professional care
I. Foundations of Internal Auditing (15%)	15%	- Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles - Explain the requirements of an internal audit charter - Demonstrate conformance with the IIA Code of Ethics - Interpret the difference between assurance and consulting services
V. Governance, Risk Management, and Control (35%)	35%	- Describe globally accepted risk management frameworks (COSO ERM, ISO 31000) - Describe corporate social responsibility - Examine the effectiveness of risk management - Examine the effectiveness of the internal control system - Recognize the impact of organizational culture on the control environment - Interpret fundamental concepts of risk and the risk management process - Describe the components of the internal control system - Describe the concept of organizational governance - Recognize and interpret ethics and compliance-related issues
II. Independence and Objectivity (15%)	15%	- Assess and maintain individual objectivity - Determine the type of impairment to independence and objectivity - Interpret organizational independence - Demonstrate individual objectivity
VI. Fraud Risks (10%)	10%	- Explain the types of fraud - Describe fraud risk and fraud prevention - Explain the auditor's role in fraud prevention and detection
IV. Quality Assurance and Improvement Program (7%)	7%	- Explain the requirements of the internal and external assessments - Describe the mandatory elements of the QAIP

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IIA Internal Audit Fundamentals Sample Questions (Q555-Q560):

NEW QUESTION # 555
Which of the following describes the most appropriate match between a potential temporary guest auditor candidate and an upcoming audit assignment?

A. An accounting manager who discovered and reported fraud committed by a payables clerk to conduct a performance audit or accounts payable.
B. A purchasing manager with two years of prior audit experience in public practice to lead a contracts management audit.
C. A communications officer who worked in the marketing department during the last six months to conduct a customer loyalty program audit.
D. A manager of social responsibility who has a nursing background to participate in a health and safety audit for the corporate office and plant facilities.

Answer: D

NEW QUESTION # 556
Which of the following is a responsibility of the internal audit activity as it relates to risk and risk management?

A. Determining whether the risk attitude is aligned with shareholder interests.
B. Evaluating and suggesting improvements to the risk management process.
C. Ensuring an adequate risk management system is in place.
D. Establishing the organization's risk appetite.

Answer: B

Explanation:
A responsibility of the internal audit activity as it relates to risk and risk management is evaluating and suggesting improvements to the risk management process. This role includes assessing the adequacy and effectiveness of the process in identifying, analyzing, and managing risks, as well as recommending improvements based on audit findings.
IIA Standards for the Professional Practice of Internal Auditing related to risk management.

NEW QUESTION # 557
An organization's chief audit executive (CAE) has been asked to conduct an assurance engagement for an information technology system that was subject to a consulting engagement in the prior year. How should the CAE respond?

A. Delay the assurance engagement to ensure that there is a two-year period between the engagements.
B. Facilitate a control self-assessment workshop instead of performing an assurance engagement.
C. Decline the engagement because independence and objectivity would be impaired.
D. Accept the engagement and assign different auditors to conduct the assurance services.

Answer: D

NEW QUESTION # 558
Which of the following is a limitation of detective internal controls in fraud management?

A. They are not designed to improve efficiency of operations.
B. Implementation costs tend to be higher than the expected benefits.
C. They tend to be easy for fraudsters to circumvent.
D. They are not effective in preventing fraud.

Answer: D

Explanation:
Detective internal controls are a limitation in fraud management because they are not designed to prevent fraud but to identify fraud after it has occurred. Their primary purpose is to detect and provide feedback on incidents of fraud, thereby allowing corrective action to be taken. However, they do not stop the initial occurrence of fraudulent activities.
IIA guidance on types of controls and their effectiveness in fraud prevention.

NEW QUESTION # 559
Which of the following controls would most likely prevent fraud related to the overpayment of vendors?

A. Require all invoices to be paid within 30 days by check only.
B. Require all checks to be signed by more than one person.
C. Require supervisory review of all invoices and cash disbursements exceeding a stated threshold.
D. Require the matching of a purchase order, receiving report, and invoice before payment.

Answer: D

Explanation:
Requiring the matching of a purchase order (PO), receiving report, and invoice before payment is a robust control designed to prevent overpayment and other types of fraudulent activities related to vendor payments.
This control ensures that:
* The goods or services invoiced were actually ordered (verified by the purchase order).
* The goods or services were received (verified by the receiving report).
* The invoice amount matches the agreed-upon terms and quantities (verified by the invoice).
This three-way match process helps prevent discrepancies such as overpayments, duplicate payments, or payments for goods/services not received. By ensuring all three documents align, it mitigates the risk of fraud and errors in vendor payments.
References:
* The Institute of Internal Auditors (IIA) Standards and Practice Advisories.
* COSO Internal Control - Integrated Framework, specifically on control activities.
* "Internal Auditing: Assurance & Advisory Services" by IIA, Chapter on Procurement and Accounts Payable Controls.

NEW QUESTION # 560
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