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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Fraud Risks	15%	- Fraud concepts and types 1. Fraud triangle and fraud risk factors 2. Asset misappropriation, corruption, financial statement fraud - Internal audit responsibilities regarding fraud 1. Investigation procedures and reporting 2. Detecting fraud indicators - Fraud risk assessment and prevention 1. Identifying and prioritizing fraud risks 2. Preventive and detective controls
Foundations of Internal Auditing	35%	- Quality assurance and improvement program 1. Internal and external assessments 2. Conformance with Standards 3. Requirements and scope of QAIP - Purpose, authority, and responsibility of internal auditing 1. Assurance vs. advisory services 2. Definition, mission, and core principles 3. Internal audit charter requirements - Independence and objectivity 1. Individual objectivity and safeguards 2. Impairments to independence/objectivity 3. Organizational independence and reporting lines
Ethics and Professionalism	20%	- IIA Code of Ethics 1. Rules of conduct and application 2. Principles: integrity, objectivity, confidentiality, competency - Professional conduct and due care 1. Due professional care in engagements 2. Competence and continuing professional development
Governance, Risk Management, and Control	30%	- Risk management 1. Risk appetite, assessment, and response 2. Internal audit role in risk management 3. Risk management frameworks (e.g., COSO, ISO 31000) - Internal control 1. Control frameworks and components 2. Evaluating control effectiveness 3. Types of controls and control activities - Governance frameworks and processes 1. Governance models and best practices 2. Roles of board, management, and internal audit

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IIA Internal Audit Fundamentals Sample Questions (Q16-Q21):

NEW QUESTION # 16
According to HA guidance, if an internal auditor suspects fraud during an assurance engagement, what should the auditor do first?

A. Recommend parties involved to be sanctioned in accordance with the organization's policy.
B. Launch an investigation to obtain details of the fraud and parties involved.
C. Request that the responsible process owner remediate the issue immediately.
D. Determine whether any additional audit work needs to be performed.

Answer: D

Explanation:
When an internal auditor suspects fraud during an assurance engagement, the first step should be to determine whether any additional audit work needs to be performed. This involves assessing the potential scope and impact of the suspected fraud and deciding on the appropriate audit procedures to confirm or refute the suspicion. This step is crucial to gather sufficient information before taking further actions.
* Option A: Recommending sanctions is premature without confirming the fraud.
* Option C: Launching an investigation is a subsequent step that may require coordination with fraud experts.
* Option D: Requesting immediate remediation is also premature without confirming the fraud.
References:
* IIA Standard 1220: Due Professional Care.
* IIA Practice Guide: Internal Auditing and Fraud.

NEW QUESTION # 17
What should the internal auditor's role be in assessing the organization's ethical climate?

A. Perform background checks of potential new employees before they are hired by the organization.
B. Perform ongoing surveys of the employees, customers, and partners of the organization to assess the organization's ethical climate.
C. Evaluate the effectiveness of the organization's strategies and B . processes for achieving the desired level of legal and ethical compliance.
D. Maintain a whistleblower hotline to identify inappropriate or illegal activity within the organization.

Answer: C

NEW QUESTION # 18
Which of the following statements is most likely to be true regarding a consulting engagement involving an organization's new payroll system?

A. The internal auditor acknowledged the engagement client's satisfactory performance in the final engagement results that were communicated to senior management and the board.
B. The payroll system engagement was scheduled as a result of internal audit's risk-based annual planning process.
C. The internal auditor concluded that the engagement objectives would include assessing the effectiveness of the payroll process controls.
D. The internal auditor and engagement client established an understanding that the scope would include the new payroll system project.

Answer: D

Explanation:
In a consulting engagement, especially when dealing with specific systems like a new payroll system, the scope of the engagement would typically be agreed upon between the internal auditor and the engagement client. This includes defining what aspects of the new payroll system will be evaluated. Such agreements are fundamental in consulting engagements to ensure that the auditor's activities align with the client's expectations and needs.References: IIA Standards for Professional Practice of Internal Auditing

NEW QUESTION # 19
Which of the following statements is true regarding intangible assets?

A. The amortization period of an intangible asset cannot exceed 20 years.
B. The cost intangible assets with indefinite lives should be amortized.
C. Intangible assets are categorized as having either a limited life or an indefinite life.
D. Companies should record intangible assets at fair market value

Answer: C

NEW QUESTION # 20
Senior management has decided to adopt the key principles approach of the ISO 31000 risk management framework. According to IIA guidance, which of the following principles is most appropriate when implementing the risk management process in a dynamic agency?

A. The risk management process, while evaluating risk, should develop a mechanism to rank the relative importance of each risk.
B. The risk management process should be regularly reviewed and respond to changes in the environment, to remain relevant.
C. The risk management process should use a formal technique to consider the consequence and likelihood of each risk.
D. Everyone in the agency has a primary responsibility for identifying and managing risks as part of the risk management process.

Answer: B

NEW QUESTION # 21
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