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IIA IIA-CIA-Part1 Exam Syllabus Topics:

Section	Objectives
Topic 1: Foundations of Internal Auditing	- Internal audit role in governance, risk, and control - Internal audit definition, purpose, and value - IIA Standards and Code of Ethics overview
Topic 2: Independence and Objectivity	- Organizational independence - Individual objectivity and impairment
Topic 3: Quality Assurance and Improvement Program (QAIP)	- Continuous improvement of internal audit function - Internal quality assessments - External quality assessments
Topic 4: Proficiency and Due Professional Care	- Due professional care in engagements - Competence and skills requirements

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IIA Internal Audit Fundamentals Sample Questions (Q215-Q220):

NEW QUESTION # 215
The external auditor has recommended that the organization implement a risk management program. The organization's employees have no experience or formal risk management training.
Which of the following statements best justifies the decision to use the COSO enterprise risk management framework rather than the ISO 31000 approach?

A. COSO will allow a closer liaison with the external auditor.
B. COSO presents specific guidance on a variety of tools and techniques.
C. COSO's principles-based approach provides superior guidance for organizations new to risk management.
D. COSO is succinct in length, making it easier to implement.

Answer: C

NEW QUESTION # 216
In which of the following situations would the organizational independence of an internal audit activity be impaired?

A. Scope limitations are imposed on internal audits.
B. The chief audit executive reports administratively to the CEO.
C. The compensation committee of the board approves the remuneration of the chief audit executive.
D. The internal audit activity provides assurance services for an activity for which the engagement supervisor had responsibility within the previous year.

Answer: D

NEW QUESTION # 217
According to IIA guidance, which of the following best demonstrates that the chief audit executive is properly reporting the results of the quality assurance and improvement program to senior management and the board?

A. Keeping files of reports of ongoing external assessment monitoring.
B. Giving copies of both external and internal assessments to the board.
C. Retaining copies of board meeting minutes showing that discussions of assessments took place.
D. Providing a written conformance statement to both senior management and the board.

Answer: D

Explanation:
The IIA guidance specifies that the chief audit executive (CAE) should communicate the results of the quality assurance and improvement program (QAIP) to senior management and the board. This includes providing a written conformance statement that indicates whether the internal audit activity conforms to the IIA's International Standards for the Professional Practice of Internal Auditing. This practice ensures transparency and accountability in the internal audit function and helps stakeholders understand the level of adherence to professional standards.
References:
* IIA Standard 1320: Reporting on the Quality Assurance and Improvement Program
* IIA Practice Guide: Quality Assurance and Improvement Program

NEW QUESTION # 218
A global organization established a new internal audit activity and the recently hired chief audit executive needs to develop an internal audit manual for internal auditors Among the following policies in the manual, which would facilitate internal auditors in upholding their objectivity?

A. Internal auditors take prior audit results into account when conducting current audit engagements
B. Internal auditors' performance is synchronized with satisfaction ratings given by audit clients
C. Internal auditors observe the audit client's expectations when scoping audit engagements
D. Internal auditors shall attend professional workshops to refresh internal audit norms and concepts

Answer: D

NEW QUESTION # 219
An accounts payable clerk has recently transferred into the internal audit activity and has been assigned to an engagement related to accounts payable processes for which he was previously responsible. Which of the following is the best action for the new internal auditor to take?

A. If it is a consulting engagement, decline the assignment and ask to be reassigned, because in a consulting engagement the auditor must not assess operations for areas in which they were previously responsible.
B. If it is a consulting engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value.
C. If it is an assurance engagement, accept the assignment because the chief audit executive had knowledge of the internal auditor's previous role when this engagement was assigned.
D. If it is an assurance engagement, accept the assignment because direct knowledge of the existing accounts payable processes wifi provide depth and add more value.,

Answer: B

NEW QUESTION # 220
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New IIA-CIA-Part1 Test Cost & IIA-CIA-Part1 Valid Test Materials

IIA IIA-CIA-Part1 Exam Syllabus Topics:

TOP FEATURES OF IIA IIA-CIA-Part1 PDF QUESTIONS FILE AND PRACTICE TEST SOFTWARE

IIA Internal Audit Fundamentals Sample Questions (Q215-Q220):