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What is IIA-CIA-Part1 Exam
The revised CIA Part 1 exam is well aligned with the IIA’s International Specialized Practice Framework (IPPF) and also includes 6 areas that cover the fundamentals of internal accounting; autonomy and neutrality; efficacy and appropriate specialized treatment; quality assurance and renewal programs; governance, threat tracking and even control; and even the threat of fraud. The first part examines the understanding, skills and also the capabilities of the perspectives associated with the International Specifications for Household Accounting Specialized Technique, in particular the characteristic standards (1000, 1100, 1200 and 1300 series), as well as the criteria performance 2100.
Aspects of the IPPF are included such as the purpose of internal auditing and the basics of expert internal auditing technique. The program offers a higher rating with the IIA performance standards. The test covers the distinctions between obtaining and seeking advice from compromises. The review is about the appropriate disclosure of consistency with respect to non-conformance to specifications. The most important area is “Threat Governance, Management and Control”, which represents 35% of the audit. Part of the exam requires candidates to demonstrate a basic understanding of the concepts; another section requires candidates to demonstrate mastery of their knowledge, skills, and abilities.
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NEW QUESTION 57
Risk assessments can vary in format,but generallyinclude.
I.A description of identified risks. II.Tests of audit controls.
III.A
system of rating risks. IV.Sample size identification.
- A. I and IIIonly
- B. I,III,and IVonly
- C. I and IIonly
- D. II,III,and IVonly
Answer: A
NEW QUESTION 58
A company's chief audit executive determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area. Which of the following actions would be the least acceptable?
- A. Determine the requisite knowledge needed and obtain the proper training for auditors if such training is available within the appropriate time framework outlined by the audit committee.
- B. Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.
- C. Notify the audit committee of the problem and consult with them regarding outsourcing the audit engagement to a qualified external auditing firm.
- D. Notify the audit committee of the problem and assign the most competent auditors to perform the audit engagement.
Answer: D
NEW QUESTION 59
Which of the following is not a standard technique that the chief audit executive (CAE) would use to provide evidence of supervisory review of working papers?
- A. The CAE completes an engagement working paper checklist.
- B. The CAE prepares a memorandum discussing the results of the working paper review.
- C. The CAE initials and dates every working paper after it has been reviewed.
- D. The CAE utilizes an external third party to make an objective recommendation after each working paper review.
Answer: D
NEW QUESTION 60
Which of the following statements best describes the competency requirement for an auditor regarding fraud risks encountered in an engagement execution?
- A. The auditor must be able to have an appreciation of the fundamentals of fraud detection and investigation techniques.
- B. The auditor must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
- C. The auditor should be able to have comparable competencies of a person whose primary responsibility is detecting and investigating fraud.
- D. The auditor is not expected to have any competency requirement regarding fraud since the role of investigating and detecting fraud belongs to other functions in the organization.
Answer: B
NEW QUESTION 61
An internal auditor for a large bank is reviewing the collectability of a loan that is secured by real property.
The best evidence of the loan's collectability would be:
- A. A recent independent appraisal of the value of the real property.
- B. The borrower's confirmation of the loan balance.
- C. A document showing the loan committee's approval of the loan.
- D. A properly completed and signed loan application form.
Answer: A
NEW QUESTION 62
An audit to test the system of controls over the purchase, distribution, and use of radioactive material is being conducted at a company's plants. The process is well documented, and employees in the safety department are very familiar with the department's procedures. Since the purchasing and facilities departments are involved in the process, the auditor is considering reviewing their radioactive material-handling procedures as well. The auditor should:
- A. Test the controls identified within the safety department; if results are unfavorable, the auditor should consider whether to involve the other departments.
- B. Have confidence in the rigorous and detailed safety department procedures, since that department has the main responsibility for radiation safety, and should not use audit time to review other departments.
- C. Adjust the engagement schedule and budget, if needed, and interview the appropriate individuals in the purchasing and facilities departments to ascertain whether additional controls exist that complement those identified within the safety department.
- D. Defer questions regarding purchasing, facilities, and other departments until audit projects can be scheduled for those departments.
Answer: C
NEW QUESTION 63
An organization has a policy requiring two signatures on all checks written for amounts in excess of $10, 000.
When evaluating controls over disbursements, an auditor would conclude that a greater risk exists if.
- A. The director of accounting was not one of the authorized signers.
- B. There were several instances in which successively numbered checks for amounts between $5, 000 and
$10, 000 were made payable to the same vendor. - C. The auditor located two checks for $9, 000 each that contained one authorized signature.
- D. The $10, 000 was an immaterial amount to the organization and very few cash disbursements required an amount in excess of $10, 000.
Answer: B
Explanation:
Section: Volume A
Explanation
NEW QUESTION 64
According to the Standards, which of the following statements best describes the required content of the chief audit executive's (CAE) report to senior management and the board on the internal audit activity (IAA)?
- A. The CAE must report on policies, procedures, and best practices of the IAA.
- B. The CAE must report on quality assurance techniques, statistical analysis methods, and other analytical processes used.
- C. The CAE must report on significant risk exposures, control issues, and governance issues.
- D. The CAE must report on auditors' continuing education activities, staffing changes, and any outsourcing to external parties.
Answer: C
NEW QUESTION 65
Upon joining the internal audit activity, each new auditor receives a copy of the audit handbook. Which of the following handbook policies has the greatest risk of compromising audit objectivity?
- A. Internal auditors should undergo annual performance appraisals conducted by the chief audit executive, who reports administratively to the chief financial officer.
- B. Internal auditors should rotate to other areas of the organization for nonaudit assignments to gain an understanding of the organization's operations.
- C. Internal auditors should obtain 80 hours of continuing professional education every two years, 20 of which should be audit-related, and the remainder may be operations-related.
- D. Internal auditors should have direct and unrestricted access to personnel and information throughout the organization and the governing board.
Answer: B
NEW QUESTION 66
While conducting an audit, an internal auditor notices an unusual increase in sales among a small number of units within the organization. The units also experienced persistent negative cash flows despite reported earnings and earnings growth. Which type of fraud do the auditor's findings most likely indicate?
- A. Employee collusion with customer organizations.
- B. Inventory theft.
- C. Improper asset valuation.
- D. Fictitious revenues.
Answer: D
Explanation:
Section: Volume D
Explanation/Reference:
NEW QUESTION 67
The chief audit executive's responsibility regarding control processes includes:
- A. Maintaining the organization's governance processes.
- B. Ensuring that the internal audit activity assesses all control processes annually.
- C. Assisting senior management and the audit committee in the development of an annual assessment about internal control.
- D. Overseeing the establishment of internal control processes.
Answer: C
NEW QUESTION 68
An internal auditor for a large retail chain suspects that a store manager has been stealing money from cash sales by listing the sales as accounts receivable and then writing off the accounts as bad debts.
Which of the following irregularities is the most likely cause of the auditor's suspicion?
- A. A much higher percentage of past-due accounts receivable than that of previous years.
- B. A much higher percentage of past-due accounts receivable than that of other stores.
- C. A much higher bad debt expense as a percentage of sales than that of previous years.
- D. A much higher bad debt expense as a percentage of sales than that of other stores.
Answer: D
NEW QUESTION 69
According to the Standards, the organizational status of the internal audit activity:
- A. Is best when the reporting relationship is direct to the board of directors.
- B. Requires the board's annual approval of the audit schedules, plans, and budgets.
- C. Is guaranteed when the charter specifically defines its independence.
- D. Must be sufficient to permit the accomplishment of its audit responsibilities.
Answer: D
Explanation:
Section: Volume A
NEW QUESTION 70
When developing an effective risk-based plan to determine audit priorities, an internal audit activity should start by:
- A. Prioritizing known risks.
- B. Observing and analyzing controls.
- C. Identifying risks to the organization's operations.
- D. Reviewing organizational objectives.
Answer: D
Explanation:
Section: Volume B
NEW QUESTION 71
According to IIA guidance, which of the following statements about working papers is false?
- A. They provide support for communication to third parties.
- B. They contribute to development of the internal audit staff.
- C. They assist in the implementation of recommendations.
- D. They demonstrate compliance with auditing standards.
Answer: C
NEW QUESTION 72
Which of the following factors is not likely to affect the level of inherent risk associated with an application system?
- A. Controls over the system appear reliable.
- B. The system uses complex technology.
- C. The system is not a critical operating system.
- D. The system is strategic.
Answer: A
NEW QUESTION 73
Which is the least effective form of risk management?
- A. Systems-based detective control.
- B. Systems-based preventive control.
- C. People-based preventive control.
- D. People-based detective control.
Answer: D
NEW QUESTION 74
Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?
- A. An independent third party has assessed the organization's system of internal controls to be adequate and effective.
- B. The chief audit executive reports both functionally and administratively to the CEO.
- C. The internal audit charter is drafted properly and approved by the appropriate parties.
- D. The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives.
Answer: B
NEW QUESTION 75
Which fraudulent act is designed primarily to benefit the organization?
- A. Fictitious sale or assignment of assets.
- B. Theft or misappropriation of funds.
- C. Authorization of payment for hours not worked.
- D. Acceptance of bribes or kickbacks.
Answer: A
NEW QUESTION 76
The chief audit executive (CAE) is planning to conduct an internal assessment of the internal audit activity (IAA). Part of this assessment will include benchmarking. According to IIA guidance, which of the following qualitative metrics would be appropriate for the CAE to use?
1. Average client customer satisfaction score for a given year.
2. Client survey comments on how to improve the IAA.
3. Auditor interviews once an audit has been completed.
4. Percentage of audits completed within 90 days.
- A. 2 and 3.
- B. 1 and 3.
- C. 1 and 2.
- D. 3 and 4.
Answer: A
NEW QUESTION 77
Which of the following statements accurately describes an internal auditor's responsibility with regard to due professional care?
- A. An internal auditor's opinion should be based on factual evidence.
- B. An internal auditor's opinion should be limited to the effectiveness of internal controls.
- C. An internal auditor should express an opinion only when consensus with top management has been achieved.
- D. An internal auditor's opinion should be based on experience and free of all bias.
Answer: A
NEW QUESTION 78
Which of the following is the most common way that occupational fraud is detected?
- A. External audits.
- B. Key controls.
- C. Whistleblower hotline.
- D. Internal audits.
Answer: C
NEW QUESTION 79
Which of the following would most likely be considered a red flag for fraud?
- A. An employee in charge of payroll disbursements has rotated these duties with several colleagues.
- B. A senior manager has been delegating the authority to sign-off on small dollar amount purchases to a subordinate.
- C. An employee with significant personal debt is in charge of handling large wire transfers for the organization.
- D. An organization lacks a whistleblower hotline for reporting suspicious activity.
Answer: C
NEW QUESTION 80
According to IIA guidance, which of the following is the best example of a system application control?
- A. A system development life cycle control.
- B. An input control over data integrity.
- C. A physical security control over a data center.
- D. A program change management control.
Answer: B
NEW QUESTION 81
A production division received 45 responses to a customer-service survey distributed to 100 purchasing departments randomly selected from all customers who made purchases in the prior 12 months. Which of the following is the most likely reason that the division manager would be concerned about nonresponse bias in this situation?
- A. Confidence intervals are narrower.
- B. The sample means and standard errors are more difficult to compute.
- C. The sample size is too small.
- D. Those who did not respond may be systematically different from those who did.
Answer: D
NEW QUESTION 82
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