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IIA IIA-CIA-Part1 Exam Syllabus Topics:

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

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IIA Internal Audit Fundamentals Sample Questions (Q71-Q76):

NEW QUESTION # 71
Which of the following is an example of a risk reduction strategy?

A. Absorbing the cost of losses.
B. Outsourcing the payroll function.
C. Insuring fixed assets.
D. Installing cameras around the plant

Answer: C

Explanation:
Insuring fixed assets is an example of a risk reduction strategy known as risk transfer. By taking out insurance, an organization transfers the financial risk associated with damage or loss of assets to an insurance company. This strategy effectively reduces the organization's exposure to potential losses from such risks.
References: Risk management frameworks and strategies

NEW QUESTION # 72
Which of the following types of information would an internal auditor expect to find in the supporting documentation for a high-level accounts payable process flowchart?

A. The payment terms and credit limit of the vendor to be paid.
B. A copy of the new customer request form.
C. An overview of the steps for validating invoices.
D. The number of payments paid before the due date of the invoice.

Answer: C

NEW QUESTION # 73
Which of the following can be used to minimize employees' resentment of controls?

A. Making sure employees are exempt from participating in control creation
B. Developing general constricting controls rather than detailed ones
C. Not using controls to achieve goals
D. Implementing controls without lengthy explanations of their purpose

Answer: B

Explanation:
Best practices for minimizing resentment towards controls include involving employees in the design process of controls, transparently communicating their purpose, and how these controls benefit the organization and potentially the employees themselves. Such practices help in building a culture of compliance and acceptance, rather than resistance. Active participation and clear communication are key factors in achieving employee buy-in and minimizing resentment.
References: General best practices in change management and internal control implementation as advised by various management and audit frameworks, including those suggested by the IIA and related governance bodies.
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NEW QUESTION # 74
For a bank handling large amounts of cash, which of the following types of control would be the most effective to use?

A. Preventive controls.
B. Detective controls.
C. Directive controls.
D. Corrective controls.

Answer: A

NEW QUESTION # 75
Which of the following is the best reason why the engagement supervisor should take care in explaining to local management the criteria that will be used to measure the effectiveness of the control environment?

A. The assessment will focus on the policy for a particular process.
B. The assessment will lack a defined scope
C. The assessment will probably uncover fraud risks.
D. The assessment will cover soft controls and company values.

Answer: D

Explanation:
The best reason why the engagement supervisor should take care in explaining to local management the criteria that will be used to measure the effectiveness of the control environment is that the assessment will cover soft controls and company values. Soft controls, such as ethical conduct and organizational culture, are less tangible and can be subject to different interpretations. Clearly defining and communicating the criteria for assessing these controls is crucial to ensure transparency and mutual understanding of the audit's focus and objectives.References: IIA guidelines and best practices in evaluating the control environment, emphasizing the importance of clear communication about the scope and criteria of an audit, especially when it involves qualitative aspects like soft controls and organizational values.

NEW QUESTION # 76
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