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To be eligible for the IIA-CIA-Part1 (Essentials of Internal Auditing) Exam, candidates are required to have a bachelor’s degree from an accredited institution or an equivalent combination of education and experience. Candidates must also have a minimum of two years of internal auditing experience or its equivalent. IIA-CIA-Part1 Exam consists of 125 multiple-choice questions and has a duration of two and a half hours.

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IIA-CIA-Part1 (Essentials of Internal Auditing) Exam is a certification exam offered by the Institute of Internal Auditors (IIA) for individuals seeking to become certified internal auditors. It is the first of the three-part certification program, which also includes the IIA-CIA-Part2 and IIA-CIA-Part3 exams. Passing the IIA-CIA-Part1 Exam is a prerequisite for taking the other two exams.

IIA Internal Audit Fundamentals Sample Questions (Q51-Q56):

NEW QUESTION # 51
An internal audit of warehouse inventory revealed no material deficiencies. However, management later discovered fraud, which occurred during the period that was audited, and determined that a major control deficiency allowed the fraud to occur. Given management's discovery, which of the following statements is valid?

A. The internal auditors are not responsible for considering fraud risk, which is a management responsibility.
B. The internal auditors violated the standard for due professional care because they did not detect the fraud, even though it occurred during the period that was reviewed.
C. The internal auditors could not have detected the fraud due to collusion among employees in the inventory unit.
D. The internal auditors should have had sufficient knowledge of fraud to identify red flags indicating possible fraud.

Answer: B

NEW QUESTION # 52
Regarding an organization's decision to retain an external audit firm, the chief audit executive (CAE) should:

A. Assist the audit committee by facilitating the development of an appropriate evaluation process.
B. Not be involved in this decision process as it would compromise the CAE's objectivity.
C. Evaluate the external auditor's performance and retain the external auditor if quality and cost criteria are met.
D. Work with the organization's chief financial officer to evaluate the external auditor's performance and together make the decision.

Answer: A

Explanation:
Section: Volume A

NEW QUESTION # 53
Which of the following is most likely to be an element of an effective compliance program?

A. The organization uses monitoring systems designed to detect improper activity.
B. The program is communicated to employees in a video format on a one-time basis.
C. The internal audit activity is assigned responsibility for overseeing the program.
D. The organization obtains as much information as possible when performing background checks on employees.

Answer: A

NEW QUESTION # 54
During a review of data center physical security and environmental controls,an auditor should ensure that:
I. Visitors are accompanied by authorized personnel at all times. II.Only developers and operators have access to the data center. III.Fire suppression equipment is tested periodically.
IV.Fire and water detectors have been installed.

A. II,III,and IVonly
B. I and IIIonly
C. II and IVonly
D. I,III,and IVonly

Answer: D

NEW QUESTION # 55
Which of the following actions by an organization's board would potentially impair the internal audit activity's independence?

A. Approving the internal audit activity's resources and audit plans annually.
B. Asking senior management and the CAE about the scope of the annual internal audit plan.
C. Requiring that reports from the CAE are reviewed and approved first by senior management.
D. Approving the appointment and compensation package of the chief audit executive (CAE).

Answer: C

Explanation:
This action by the organization's board would potentially impair the internal audit activity's independence, because it would create a reporting threat that could undermine the CAE's ability to communicate the results of internal audit engagements objectively and directly to the board or the audit committee2. The CAE should have unrestricted access to the board or the audit committee, and should not be subject to any undue influence or interference from senior management in reporting the internal audit findings, opinions, and recommendations3.
References:
1: Standard 1110 - Organizational Independence - The Institute of Internal Auditors or The IIA 2:
Independence and Objectivity - The Institute of Internal Auditors or The IIA 3: Position paper: Independence and objectivity | Delivering internal audit | Resources | IIA An internal auditor is assigned to an assurance engagement.

NEW QUESTION # 56
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