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IIA-CIA-Part1 is a certification exam designed for professionals who aspire to become internal auditors. IIA-CIA-Part1 exam is conducted by the Institute of Internal Auditors (IIA) and is a part of the Certified Internal Auditor (CIA) program. The IIA-CIA-Part1 certification exam is also known as the Essentials of Internal Auditing exam. It is the first step towards becoming a certified internal auditor.

IIA-CIA-Part1 exam is a computer-based test consisting of 125 multiple-choice questions. Candidates have two hours and thirty minutes to complete the exam, which is administered at Pearson VUE testing centers worldwide. IIA-CIA-Part1 Exam is available in several languages, including English, Spanish, French, German, Portuguese, and Chinese.

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IIA-CIA-Part1 exam covers the fundamental principles of internal auditing, including governance and risk management, internal control, and the audit process. It is designed to test the knowledge and skills necessary for entry-level internal auditors to effectively carry out their roles and responsibilities. IIA-CIA-Part1 Exam consists of 125 multiple-choice questions and must be completed within two and a half hours.

IIA Internal Audit Fundamentals Sample Questions (Q465-Q470):

NEW QUESTION # 465
An organization's project managers regularly travel to various destinations. Although plane tickets and accommodations are booked and paid for by the organization, project managers can still submit for reimbursement any travel-related receipts for transportation, dining, and other miscellaneous costs. Which of the following fraud schemes should the auditor test for?

A. Improper period recognition of expenses.
B. Multiple and overstated expenses.
C. Unauthorized expenditures.
D. Concealed liabilities and expenses.

Answer: B

NEW QUESTION # 466
Which of the following is a consulting service the internal audit activity can perform with respect to the organization's risk management?

A. Facilitating risk assessment workshops
B. Delivering assurance on the risk management system
C. Deciding on the appropriate risk response
D. Evaluating principal risk reporting

Answer: A

Explanation:
The IIA recognizes that internal auditors can provide valuable consulting services that support the organization's risk management without compromising their independence. Facilitating risk assessment workshops (option B) is a consulting service that internal auditors can perform, which helps the organization identify and evaluate risks in a structured way. This activity does not involve making management decisions or assuming management responsibilities, preserving the internal audit's advisory role.
IIA Standard 1000: "Consulting Services"

NEW QUESTION # 467
Which of the following is a responsibility of the internal audit activity as it relates to risk and risk management?

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

Answer: D

NEW QUESTION # 468
An investment advisory firm purchased professional liability insurance to offer protection from lawsuits brought by customers claiming they received poor or erroneous advice. Which of the following best describes this risk management technique?

A. Transfer.
B. Acceptance
C. Mitigation.
D. Avoidance

Answer: A

Explanation:
Purchasing professional liability insurance as a way to protect against lawsuits from customers claiming poor or erroneous advice represents a risk transfer strategy. By obtaining insurance, the investment advisory firm transfers the financial risk associated with potential legal actions to the insurance provider. This approach does not eliminate the risk but shifts the burden of financial loss.
Risk management techniques in the financial advisory sector
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NEW QUESTION # 469
Which of the following statements is true regarding the use of non-statistical sampling in auditing control tests?

A. It considers tolerable deviation rate more effectively than does statistical sampling.
B. Lesser evidence is required to support a conclusion than for statistical sampling.
C. Non-statistical sample results must be projected to the population.
D. Sampling risk will be accurately quantified through non-statistical sampling.

Answer: C

NEW QUESTION # 470
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