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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: 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
Topic 2: Governance, Risk Management, and Control	30%	- Internal control 1. Types of controls and control activities 2. Evaluating control effectiveness 3. Control frameworks and components - Governance frameworks and processes 1. Governance models and best practices 2. Roles of board, management, and internal audit - Risk management 1. Internal audit role in risk management 2. Risk appetite, assessment, and response 3. Risk management frameworks (e.g., COSO, ISO 31000)
Topic 3: Fraud Risks	15%	- Fraud risk assessment and prevention 1. Preventive and detective controls 2. Identifying and prioritizing fraud risks - Fraud concepts and types 1. Fraud triangle and fraud risk factors 2. Asset misappropriation, corruption, financial statement fraud - Internal audit responsibilities regarding fraud 1. Detecting fraud indicators 2. Investigation procedures and reporting
Topic 4: Foundations of Internal Auditing	35%	- Independence and objectivity 1. Individual objectivity and safeguards 2. Impairments to independence/objectivity 3. Organizational independence and reporting lines - Quality assurance and improvement program 1. Conformance with Standards 2. Internal and external assessments 3. Requirements and scope of QAIP - Purpose, authority, and responsibility of internal auditing 1. Assurance vs. advisory services 2. Internal audit charter requirements 3. Definition, mission, and core principles

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IIA Internal Audit Fundamentals Sample Questions (Q431-Q436):

NEW QUESTION # 431
Which of the following options best describes the type of risk response chosen when a multinational organization decides not to invest in a new market?

A. Risk acceptance.
B. Risk avoidance.
C. Risk reduction.
D. Risk sharing.

Answer: B

Explanation:
Deciding not to enter a new market is risk avoidance because the organization eliminates the exposure by choosing not to undertake the activity that would create the risk. Risk avoidance is appropriate when management determines that the potential adverse consequences of an activity exceed the expected benefits or fall outside the organization's risk appetite. Risk sharing would involve transferring or allocating part of the exposure to another party, such as through insurance, contracts, or partnerships. Risk acceptance means knowingly retaining the exposure without further treatment, while risk reduction involves implementing controls or other measures to lower likelihood or impact. Because the multinational organization removes the exposure entirely by declining to make the investment, rather than continuing the activity with controls or transferring the exposure, its response is clearly risk avoidance.

NEW QUESTION # 432
A chief audit executive (CAE) recruited a few new internal auditors to reduce the resource gaps identified in this year's internal audit plan. One of the new recruits has several years of experience with the organization. Ten months ago. she served as a senior supervisor in the finance department. However, for the past 10 months, she has been helping the organization with implementing a new IT system. What approach should the CAE take for the upcoming financial statement controls audit?

A. Assign the new auditor to assist with conducting the fieldwork. but ensure that her work is reviewed by the CAE.
B. Ensure that the new auditor is responsible only for the supervisory review, but not the execution of the audit field work.
C. Assign the new auditor to assist with developing the audit program, but ensure that the audit program is executed by other audit staff.
D. Ensure that the new auditor's previous manager, and other close former coworkers, are excused during the audit.

Answer: D

NEW QUESTION # 433
Under which of the following circumstances should the final audit report include a disclosure of nonconformance with the Standards?

A. An external quality assessment of the internal audit activity is performed only once every five years.
B. The internal auditor provided negative assurance, because he found no evidence of misconduct.
C. A new internal auditor moved into the internal audit activity from the payroll department and was immediately assigned to the payroll audit.
D. The annual internal audit plan includes some consulting engagements that are based on opportunities rather than risks to the organization.

Answer: C

NEW QUESTION # 434
An internal auditor has suspicions that some fictitious vendors have been created in the organization's computer system. Which of the following would be the best technique to detect this fraud?

A. Review for unexplained increases in inventory
B. Run checks to find matches between vendor and employee addresses
C. Review for duplicate invoice numbers, duplicate dates, and duplicate amounts
D. Check for recurring requests for refunds where invoices are paid twice

Answer: B

Explanation:
The best technique to detect fictitious vendors in the organization's computer system is to run checks to find matches between vendor and employee addresses. This method is effective because fictitious vendors often have addresses that match those of employees creating them. This kind of analysis targets the direct linkage between fraudulent activities and internal entities, which is a common red flag in vendor fraud scenarios.
References: Association of Certified Fraud Examiners (ACFE) - Techniques for Fraud Detection

NEW QUESTION # 435
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?

A. Determine the number of significant risks for management to report to the board.
B. Establish the degree of risk appetite for management to accept.
C. Set risk indicators and mitigation plans for management to implement
D. Coordinate and facilitate risk workshops for management to attend.

Answer: D

NEW QUESTION # 436
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