[Oct-2021] Verified IIA IIA-CIA-Part1 Bundle Real Exam Dumps PDF
IIA-CIA-Part1 Dumps PDF New [2021] Ultimate Study Guide
Prerequisites of IIA-CIA-Part1 Exam
if you don’t have a bachelor’s degree, you can still take the CIA, which offers you to meet BETWEEN the following standards:
- 3 levels A or higher or comparable (plus two years of internal audit experience) ACCA credentials.
- IIA Global will definitely need to see evidence of your training and learning when you enroll, such as duplicates of your A-level or GCSE certificates/achievements. If you cannot provide this proof later, you will not be able to register.
- 4 years of experience in internal audit (plus a second training and apprenticeship).
Before you can earn CIA classification, you must also have some internal audit experience or a relevant role. You must adhere to the following:
- Seven years of experience (plus additional training).
- Level A or comparable and five years of experience.
- A diploma and 2 years of experience.
NEW QUESTION 100
Which of the following factors related to an organization's performance management system would not contribute to the organization's success?
- A. Performance management is integrated into other organizational processes and human resource processes.
- B. Performance management is linked to competence and knowledge management.
- C. Staff members own the performance management process, thereby ensuring implementation and accountability.
- D. Subordinates and superiors have shared responsibility for the performance management process.
Answer: C
Explanation:
Section: Volume B
NEW QUESTION 101
Fraud is most frequently detected by:
- A. Following up on analytical review of high-risk areas.
- B. Following up on tips from employees or citizens.
- C. Performing unannounced audits or reviews of programs or departments.
- D. Performing periodic reconciliations over cash and other assets.
Answer: B
Explanation:
Section: Volume A
NEW QUESTION 102
Which of the following activities best reflects the scope and status of the internal audit activity as defined in the internal audit policy statement?
- A. The audit manager conducts an internal quality assessment of the internal audit activity's adherence to the Standards.
- B. The internal auditor reviews the physical access to merchandise during an inventory count.
- C. The board approves the annual performance evaluation of the chief audit executive.
- D. The audit manager refrains from assigning an auditor who was a former payroll clerk to conduct a payroll audit.
Answer: B
NEW QUESTION 103
Which of the following actions by the internal audit activity provides strong evidence that it is organizationally independent?
- A. It reviews engagement results for evidence of undue influence before releasing the final report.
- B. It releases an approved internal audit charter stating that the internal audit activity is independent.
- C. It requires all internal audit staff to sign annual non-disclosure and potential conflict of interest statements.
- D. It maintains direct interactions with the audit committee or board.
Answer: D
Explanation:
Section: Volume C
NEW QUESTION 104
Which of the following are typical management control activities?
- A. Reconciliation, planning, and inquiry.
- B. Planning, inquiry, and documentation.
- C. Reconciliation, planning, and documentation.
- D. Reconciliation, inquiry, and documentation.
Answer: D
Explanation:
Section: Volume D
NEW QUESTION 105
Which of the following are appropriate ways to obtain continuous professional education?
1.Instructing at a local IIA training event.
2.Attending internal audit conferences and seminars.
3.Practicing specialized audit and consulting work.
4.Participating in research projects in internal auditing.
- A. 1 and 2 only
- B. 1 and 3 only
- C. 3 and 4 only
- D. 1,2,and 4 only
Answer: D
NEW QUESTION 106
The chief audit executive (CAE) of a mid-sized pharmaceutical organization has operational responsibility for the regulatory compliance function. The audit committee requests an assessment of regulatory compliance. According to IIA guidance,which of the following is the CAE's best course of action?
- A. Have a proficient internal audit staff member perform the audit and report the results of the assessment directly to senior management and the board.
- B. Have a proficient internal audit staff member perform the assessment and disclose the impairment in the audit report and to the board.
- C. Contract with a third-party entity or external auditor to complete the assessment and report the results to senior management and the board.
- D. Have a regulatory compliance staff member perform a self-assessment,to be reviewed by a proficient internal auditor.
Answer: C
NEW QUESTION 107
An internal audit charter describes the mission and scope of the internal audit activity (IAA), responsibilities of the IAA, accountability of the chief audit executive, independence of the IAA, and standards followed by the IAA.
Which of the following also should be included in the charter?
- A. The job specifications and descriptions of the internal audit staff.
- B. The IAA's right to have unrestricted access to functions, records, personnel, and physical property.
- C. A detailed audit plan or program for the year.
- D. The purpose of the IAA.
Answer: B
NEW QUESTION 108
To enhance the independence of both the internal and external audit functions, audit committees should be composed of:
- A. Members from all important constituencies, specifically including representatives from banking, labor, regulatory agencies, shareholders, and officers.
- B. A combination of external members of the board of directors and company officers.
- C. A rotating subcommittee of the board of directors or its equivalent.
- D. Only external members of the board of directors or other similar oversight committees.
Answer: D
Explanation:
Section: Volume B
Explanation
NEW QUESTION 109
Which of the following scenarios exemplifies a potential internal control weakness?
- A. The same employee who records cash receipts in the accounts receivable subsidiary ledger ensures that the ledger automatically updates the information.
- B. The same employee who makes deposits at the bank prepares the monthly bank reconciliation.
- C. The same employee who restrictively endorses checks received from customers prepares the bank's check deposit slips.
- D. The same employee who receives cash from customers prepares a prelisting of cash receipts.
Answer: B
NEW QUESTION 110
During the planning phase of an audit of suspected overbilling on contracts for security services, an internal auditor should perform all of the following except:
- A. Obtain a copy of the contract between the two organizations.
- B. Interview an official of the security services company to determine the cause of recent increases in billings for services.
- C. Interview the manager who requested the audit engagement.
- D. Prepare an engagement program.
Answer: B
NEW QUESTION 111
While conducting fieldwork, an internal auditor decides to utilize standard operating procedure (SOP) questionnaires to gather information about a human resources department. Which of the following is an advantage of this method?
- A. SOP questionnaires are useful in identifying discrepancies and educating clients.
- B. SOP questionnaires generally do not need to be cleared by management of the audited department.
- C. SOP questionnaires verify that a department is efficient and effective.
- D. SOP questionnaires are the most comprehensive technique for data gathering in fieldwork.
Answer: A
Explanation:
Section: Volume D
NEW QUESTION 112
According to IIA guidance, which of the following external groups is most likely to represent a liability risk, based on activities associated with the organization's corporate social responsibility program?
- A. Suppliers.
- B. Investors.
- C. Consumers.
- D. Activists.
Answer: D
NEW QUESTION 113
Which of the following would be most relevant regarding the internal control environment?
- A. Comparing and validating internal performance with external benchmarking.
- B. Documenting the organizational structure.
- C. Maintaining and reviewing detailed financial records.
- D. Assessing controls over computerized applications.
Answer: B
NEW QUESTION 114
Which of the following should be the primary objective of an audit of an entity's business continuity plan?
- A. Cost of testing and updating the plan.
- B. Relationship of the plan to risk exposures.
- C. Delegation of responsibilities for the plan.
- D. Efficiency of the planning procedures.
Answer: B
Explanation:
Section: Volume B
Explanation/Reference:
NEW QUESTION 115
It is important for a chief audit executive to seek formal approval from the board regarding an internal audit charter so that:
- A. There is assurance that all internal audit activities will be completed.
- B. The effectiveness of the internal audit activity can be measured.
- C. Improvements can be implemented in internal audit processes.
- D. The status of the internal audit activity can be more clearly established.
Answer: D
Explanation:
Section: Volume B
NEW QUESTION 116
----
Which of the following is the responsibility of an internal auditor?
Assist operating management in implementing audit recommendations. Provide management with value-added analysis to improve operations. Become an advocate for changes to the internal audit activity charter. Disclose non-financial risks that may be identified during the course of an engagement.
- A. 1, 2, 3, and 4.
- B. 1 and 3 only.
- C. 1, 2, and 4 only.
- D. 2 and 4 only.
Answer: D
NEW QUESTION 117
The chief audit executive should periodically report the internal audit activity's purpose, authority, responsibility, and performance, as well as significant risk exposures and control issues, to which of the following?
I.Board of directors.
II.
Senior management.
III.
Shareholders.
IV.
- A. I and II only.
- B. I, III, and IV only.
External auditors. - C. II only.
- D. I, II, and III only.
Answer: A
NEW QUESTION 118
In order to exercise due professional care as defined in the International Professional Practices Framework, an internal auditor should:
I.Consider the probability of significant noncompliance in each audit engagement.
II.
Perform assurance procedures with sufficient care to ensure that all risks are identified.
III.
- A. I and III only.
- B. I and II only.
- C. II and III only.
- D. I, II, and III.
Weigh the cost of assurance against the benefits.
Answer: A
NEW QUESTION 119
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?
- A. The amount of risk that an organization is willing to seek or accept.
- B. The extent and degree of interdependency for identified key risks.
- C. The exposure to risks following management's risk responses.
- D. The boundaries established to manage the amount of risk taken.
Answer: C
Explanation:
Section: Volume F
NEW QUESTION 120
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Duration, language, and format of IIA-CIA-Part1 Exam
- Passing score: 600
- Format: Multiple choices, multiple answers
- Length of examination: 150 mins
- Number of Questions: 125
- Language: Arabic, Chinese Simplified, Chinese Traditional, Czech, English, French, German, Hebrew, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, and Turkish
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