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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q76-Q81):

NEW QUESTION # 76
According to the Standards,which of the following statements best describes the required content of the chief audit executive's (CAE) report to senior management and the board on the internal audit activity (IAA)?

A. The CAE must report on auditors' continuing education activities,staffing changes,and any outsourcing to external parties.
B. The CAE must report on significant risk exposures,control issues,and governance issues.
C. The CAE must report on quality assurance techniques,statistical analysis methods,and other analytical processes used.
D. The CAE must report on policies,procedures,and best practices of the IAA.

Answer: B

NEW QUESTION # 77
An internal auditor failed to identify transactions between the parent organization and a subsidiary. What is the most likely reason for the failure?

A. The auditor lacked an understanding of the organization.
B. The auditor misunderstood the audit objectives.
C. The auditor lacked professional skepticism.
D. The auditor's fieldwork was not properly supervised.

Answer: A

Explanation:
One of the possible reasons for the failure to identify transactions between the parent organization and a subsidiary is that the auditor did not have sufficient knowledge of the group structure, the consolidation process, and the related party disclosure requirements. The auditor should obtain an understanding of the entity and its environment, including its internal control, as part of the risk assessment procedures. This would help the auditor to identify and assess the risks of material misstatement due to related party transactions, and design and perform appropriate audit procedures to address those risks.
References:
- IAS 24 - Related Party Disclosures
- Group audit issues | P7 Advanced Audit and Assurance | ACCA
- INTERNATIONAL STANDARD ON AUDITING 315 (REVISED) IDENTIFYING AND ... - IFAC
- ISA 550 Related Parties - IAASB

NEW QUESTION # 78
An internal auditor for a large computer company suspects that returned computer systems are being repackaged as new products and shipped to other customers before the defects have been repaired.
Which of the following would be the most persuasive piece of evidence in support of the auditor's suspicions?

A. Evidence of returned goods in the shipping and receiving area.
B. An unusual number of customer complaints.
C. Credit memos issued after year end for goods shipped before year end.
D. The results of a complete physical inventory taken at year end.

Answer: B

NEW QUESTION # 79
An internal audit manager of a furniture manufacturing organization is planning an audit of the procurement process for kiln-dried wood. The procurement department maintains six procurement officers to manage 24 different suppliers used by the organization.
Which of the following controls would best mitigate the risk of employees receiving kickbacks from suppliers?

A. A pre-award financial capacity analysis of suppliers.
B. The periodic rotation of procurement officers' assignments to supplier accounts.
C. Periodic inventories of kiln-dried wood at the organization's warehouse.
D. An automated computer report,organized by supplier,of any invoices for the same amount.

Answer: B

NEW QUESTION # 80
What is audit risk?

A. The amount of risk that is reduced through risk management operations.
B. The risk that remains after management has executed risk management activities.
C. Internal and external risk factors that exist when there are no controls implemented.
D. An incorrect conclusion based on evidence uncovered during an audit.

Answer: D

Explanation:
Section: Volume D

NEW QUESTION # 81
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