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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q608-Q613):

NEW QUESTION # 608
An organization decides to take no action on one of its financial risks because the cost of implementing the control outweighs the value of the asset being protected. Which of the following best describes this risk strategy?

A. Risk avoidance.
B. Risk-benefit analysis.
C. Risk sharing.
D. Risk acceptance.

Answer: D

NEW QUESTION # 609
Which of the following best describes the underlying premise of the COSO enterprise risk management framework?

A. Management should set objectives before assessing risk.
B. Enterprise risk management can minimize the impact and likelihood of unanticipated events.
C. Policies are established to ensure that risk responses are performed effectively.
D. Every entity exists to provide value for its stakeholders.

Answer: D

Explanation:
Section: Volume A

NEW QUESTION # 610
Which of the following statements correctly describes how workpaper standards can improve the efficiency of internal audit operations?

A. They mandate the workpaper retention period.
B. They grant external parties approved by management access to workpapers.
C. They require supervisors to provide written confirmation of the workpapers they review.
D. They allow the design and content to vary depending on the nature of the engagement.

Answer: D

NEW QUESTION # 611
Who is responsible for setting the risk appetite?

A. Chief risk officer.
B. External auditors.
C. Operations management.
D. Board of directors.

Answer: D

Explanation:
The board of directors is responsible for setting the risk appetite of the organization. They define the level and type of risk the organization is willing to accept in pursuit of its goals and objectives. This strategic role ensures that the organization's risk management framework aligns with its long-term vision and governance structure.References: IIA guidance on governance and risk management

NEW QUESTION # 612
An electrician visits a client to assess the scope of work. After the visit, the sales office compiles and sends the client a proposal based on the electrician's estimation and approved price list. The internal auditor notices that in the last six months, the number of cancelled proposals has increased substantially. Which of the following is a fraud risk scenario that the auditor should consider in this situation?

A. Sales representatives may be manipulating the proposals to include additional costs.
B. There is a new competitor in the area who offers better prices.
C. Some electricians may be offering clients opportunities for reduced fees if they pay with cash.
D. An unauthorized person may be modifying client data and cancelling the proposals.

Answer: C

Explanation:
The scenario describes a substantial increase in cancelled proposals, which could indicate fraudulent activity.
One potential fraud risk scenario is that some electricians might be offering clients reduced fees if they pay with cash, leading to off-the-record transactions. This can result in the cancellation of official proposals and lost revenue for the company, as these transactions might not be recorded in the company's financial systems.
This type of fraud involves bypassing the formal processes and price lists, which impacts the integrity of the procurement and sales processes.
IIA Practice Guide: Fraud and Internal Audit
COSO Fraud Risk Management Guide

NEW QUESTION # 613
......

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