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IIA-CIA-Part1 (Essentials of Internal Auditing) Certification Exam is an essential step for individuals who want to pursue a career in internal auditing. IIA-CIA-Part1 Exam covers fundamental principles and concepts of internal auditing, and passing it demonstrates a commitment to professional development and a deep understanding of internal auditing principles and practices. Internal Audit Fundamentals certification is recognized globally and is highly valued by employers in the internal auditing industry, making it a valuable asset for those seeking to enhance their career opportunities and earning potential.

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IIA-CIA-Part1 exam is the first step towards obtaining the Certified Internal Auditor (CIA) certification. It is a computer-based exam consisting of 125 multiple-choice questions that must be completed within 2 hours and 30 minutes. IIA-CIA-Part1 Exam is available in multiple languages and can be taken at any Pearson VUE test center around the world.

IIA Internal Audit Fundamentals Sample Questions (Q156-Q161):

NEW QUESTION # 156
An internal auditor obtains spreadsheets created by the finance department of an organization. The internal auditor contacts a third party about the source data that was utilized to create the spreadsheets before going on to perform a ratio analysis and a comparison of budget versus actual data. What is the most likely reason that the internal auditor involved a third party before performing further analysis?

A. To obtain a reliable verification about the accuracy of the source data.
B. To determine if a later re-performance for testing mechanical accuracy would be possible.
C. To determine what future usage limitations the spreadsheets might have.
D. To confirm that the spreadsheets could be used as a source of analytic data.

Answer: A

NEW QUESTION # 157
An internal auditor makes a series of observations when performing an analytical review of division operations. The auditor notes the following things: the current ratio is increasing and the quick ratio is decreasing, sales and current liabilities have remained constant, and the number of day sales in inventory is increasing. Which conclusion should the auditor draw from this data?

A. The gross margin has increased.
B. The gross margin has decreased.
C. The division produced fewer items this year than in prior years.
D. Cash or accounts receivable has decreased.

Answer: D

NEW QUESTION # 158
During a monthly internal audit staff meeting, the chief audit executive (CAE) decided to reinforce the importance of internal audit staff being objective in their work. Which of the following examples would be most appropriate for the CAE to include as part of the meeting presentation?

A. Statistical sampling techniques should always be used to pull unbiased sampling for testing.
B. During the audit review period, there should be no nonaudit dialogues with the audit client.
C. Fieldwork completed by internal auditors should be appropriately reviewed.
D. Internal auditors should avoid using the lunch room simultaneously with audit clients.

Answer: A

NEW QUESTION # 159
Which of the following are components of the COSO enterprise risk management framework?
Objective setting.
External environment.
Data collection.
Control activities.

A. 1 and 3 only.
B. 1 and 4 only.
C. 2 and 3 only.
----
D. 2 and 4 only.

Answer: B

NEW QUESTION # 160
Instead of leaving its capital in a bank account with a low guaranteed interest rate, an organization's board approved a proposal to invest in a stock that could have a high expected return rate without taking any risk mitigation activities. Which risk concept does this decision illustrate?

A. Risk appetite.
B. Risk capacity.
C. Risk retention.
D. Risk tolerance.

Answer: A

Explanation:
Risk appetite is the amount and type of risk that an organization is willing to accept in pursuit of its objectives. It reflects the organization's risk culture and strategy, and guides the risk assessment, response, and reporting processes. In this case, the decision to invest in a stock that could have a high expected return rate without taking any risk mitigation activities illustrates a high risk appetite, as the organization is willing to accept a high level of uncertainty and volatility for a potential reward.
References:
- Risk Resources in Internal Audit | The IIA
- Risk-based internal audit - Wikipedia
- What is Risk Management in Internal Audit - ESG | The Report
- Internal Audit 1 January 13, 2012 - vsu.edu

NEW QUESTION # 161
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