It is more faster and easier to pass the IIA IIA-CIA-Part1 exam by using Approved IIA Certified Internal Auditor - Part 1, The Internal Audit Activitys Role in Governance, Risk, and Control questuins and answers. Immediate access to the Leading IIA-CIA-Part1 Exam and find the same core area IIA-CIA-Part1 questions with professionally verified answers, then PASS your exam with a high score now.
Also have IIA-CIA-Part1 free dumps questions for you:
NEW QUESTION 1
According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?
- A. Internal assessments are conducted to benchmark the internal audit activity's performance againstindustry best practices.
- B. Internal assessments must be performed at least once every five years by a qualified assessor.
- C. An internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor wasn't involved in the audit under review.
- D. Follow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.
Answer: C
NEW QUESTION 2
Which of the following are generally recognized as essential elements of a corporate social responsibility program?
- A. Human rights and the environment.
- B. Organizational governance and financial reporting.
- C. Fair operating practices and government regulation.
- D. Consumer issues and return on investment.
Answer: A
NEW QUESTION 3
According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?
- A. CAE reviews and approves the annual audit plan.
- B. CAE meets privately with The CEO at least annually.
- C. CAE meets privately with The board at least annually.
- D. CAE reports to the board regarding audit staff performance evaluation and compensation.
Answer: D
NEW QUESTION 4
Which of the following must be in existence as a precondition to developing an effective system of internal controls?
- A. A monitoring process.
- B. A risk assessment process.
- C. A strategic objective-setting process.
- D. An information and communication process.
Answer: B
NEW QUESTION 5
What is the purpose of a secondary control?
- A. It replaces primary controls that are either ineffective or cannot fully mitigate a risk.
- B. It partially reduces the residual risk level when a key control does not operate effectively.
- C. lt combines with other controls to help reduce significant risk exposures to an acceptable level.
- D. It helps to ensure the completeness and accuracy of automated controls in a system environment.
Answer: C
NEW QUESTION 6
Which of the following would not be considered part of preliminary survey of an engagement area?
- A. Interviews with individuals affected by the entity.
- B. Functional walk through test.
- C. Analytical reviews.
- D. Sampling scope.
Answer: D
NEW QUESTION 7
A new director was hired to lead the internal audit activity at a small start-up company. Which of the following assignments would impair the director's independence?
- A. Preparing the financial statements for the company's defined contribution plan.
- B. Performing a pre-implementation review of the company's payroll application.
- C. Providing the COBIT framework as a possible IT management tool.
- D. Reviewing the company's policy for foreign currency translation adjustments for compliance with accounting standards.
Answer: A
NEW QUESTION 8
A fraud investigation was completed by management, and a proven fraud was communicated to relevant authorities. According to MA guidance, which of the following roles would be most appropriate for the internal audit activity to undertake after the investigation?
- A. Plan employee sessions and team building strategies for the organization to improve awareness of fraud among employees.
- B. Review the investigation and implement any improvements to the process.
- C. Conduct lessons learned sessions to ascertain how the fraud occurred and which controls failed.
- D. Determine why The fraud was not detected earlier and design controls to strengthen early detection.
Answer: C
NEW QUESTION 9
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annua snowfall for the coming winter. Which of the following best describes this type of risk?
- A. Residual.
- B. Net.
- C. Inherent.
- D. Accepted.
Answer: C
NEW QUESTION 10
The chief audit executive (CAE) has assigned an internal auditor to an upcoming engagement. Which of the following requirements would most likely indicate that the internal auditor was assigned to an assurance engagement?
- A. The assigned internal auditor must determine the objectives, scope, and techniques of the engagement.
- B. The CAE must personally obtain the needed skills, knowledge, or other competencies if the internal auditor does not have them.
- C. The assigned internal auditor must not assume management responsibilities while performing the engagement.
- D. The assigned internal auditor must maintain objectivity while performing the engagement.
Answer: A
NEW QUESTION 11
Which of the following is the best way to detect fraud?
- A. Conduct anti-fraud training.
- B. Perform background investigations.
- C. Implement process controls.
- D. Activate a whistleblower hotline.
Answer: D
NEW QUESTION 12
Which of the following situations is most likely to impair internal audit objectivity?
- A. An internal auditor reports both functionally and administratively to the chief financial officer (CFO).
- B. An internal auditor, who was an accounts receivable intern for the organization three years prior, performs an audit of the accounts receivable cycle.
- C. According to policy, the internal auditor must obtain approval from the CFO prior to requesting information for internal audit purposes.
- D. An internal auditor performs an audit in a department that is led by the auditor's close friend.
Answer: D
NEW QUESTION 13
An internal auditor wants to sample data to test an audit theory in a cost-effective way. Which of the following sampling strategies should she use?
- A. Statistical sampling only
- B. Nonstatistical sampling only
- C. A combination of both statistical and nonstatistical sampling.
- D. Neither approach to testing the audit theory would be cost effective.
Answer: B
NEW QUESTION 14
Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?
- A. Immediately notify management of the area under review and the other internal auditors involved in the engagement.
- B. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
- C. Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud.
- D. Provide the evidence that was discovered to local law enforcement for possible prosecution of the suspected fraud.
Answer: A
NEW QUESTION 15
Which of the following statements describes impairment to the internal auditor's objectivity?
- A. An internal auditor reviews a purchasing agent's contract drafts prior to their execution.
- B. An internal auditor reduces the scope of an audit engagement due to budget restrictions.
- C. An internal auditor receives a promotional gift that is available to the organization's employees.
- D. An internal auditor performs an assessment of the operations for which he was recently responsible.
Answer: D
NEW QUESTION 16
As a matter of policy, the chief audit executive routinely rotates internal audit staff assignments and periodically interviews the staff to discuss the potential for conflicts of interest. These actions help fulfill which of the following internal audit mandates?
- A. Organizational independence.
- B. Professional objectivity.
- C. Due professional care.
- D. Individual proficiency.
Answer: B
NEW QUESTION 17
Which of the following best explains why integrity is a necessary personal quality for internal auditors at all levels?
- A. Internal auditor integrity enables stakeholders to constantly question the work of the internal audit activity.
- B. Internal auditor integrity enables the internal auditor to avoid being challenged by any party in the organization.
- C. Internal auditor integrity enables the internal audit activity to be able to demonstrate independence.
- D. Internal auditor integrity enables users of internal auditors' work to make important business decisions.
Answer: D
NEW QUESTION 18
Which of the following controls could an internal auditor reasonably conclude is effective by observing the physical controls of a large server room?
- A. Adequate signs are in place to assist in locating safety equipment.
- B. Servers are secured individually to their racks by locks.
- C. Foam fire extinguishers are operable to protect against electrical fires.
- D. Swipe card access is required to gain access to the server room.
Answer: A
NEW QUESTION 19
......
100% Valid and Newest Version IIA-CIA-Part1 Questions & Answers shared by Surepassexam, Get Full Dumps HERE: https://www.surepassexam.com/IIA-CIA-Part1-exam-dumps.html (New 467 Q&As)