Free IIA IIA-CIA-Part1 Exam Dumps and IIA-CIA-Part1 Exam Questions

Question No: 1

MultipleChoice

Which of the following would be considered a monitoring activity in organization wide risk management?

Options

AValidate the results of management's self-assessment.

BPerform reviews of personnel.

CMaintain rigorous and comprehensive documentation.

DObtain authorizations and signatures.

Question No: 2

MultipleChoice

An internal auditor is updating the risk register for risks identified during a recent organizational risk assessment. According to the Standards, which of the following would the auditor include in the risk register?

Options

AManagement's acceptance of inadequate controls for cybersecurity risk.

BDiscussions with senior management relating to a new revenue stream.

CMitigating controls implemented by the engagement supervisor

DProject manager planned hours versus time spent for all prior year projects

Question No: 3

MultipleChoice

A series of incidents over the past year reveals several members of senior management possess a limited understanding of the concept and impact of fraud. Which of the following would be the most effective way to approach this issue?

Options

AThe board should ask the internal audit activity to perform additional assurance engagements.

BA comprehensive fraud risk assessment and management program should be carried out.

CThe organization should conduct training sessions on fraud, which should be attended by senior management and staff.

DAnti-fraud and whistleblowing policies should be implemented and their importance should be clearly stated.

Question No: 4

MultipleChoice

In which of the following situations may the internal audit activity report conformance with the Standards?

Options

AAn internal audit activity has been in existence at least five years and has not completed an external assessment,

BAn internal auditor was assigned to an audit engagement but did not meet individual objectivity requirements.

CThe internal audit activity prepared an internal audit plan that was not risk-based.

DThe internal audit activity has been in existence fewer than five years, but periodic self-assessments were conducted.

Question No: 5

MultipleChoice

Which of the following types of policies best helps promote objectivity in the interna! audit activity's work?

Options

APolicies that are distributed to all members of the internal audit activity and require a signed acknowledgment,

BPolicies that match internal auditors' performance with feedback from management of the area under review.

CPolicies that keep internal auditors in areas where they have vast audit expertise.

DPolicies that provide examples of inappropriate business relationships.

Question No: 6

MultipleChoice

An internal audit activity includes in its audit reports the assertion that its work is performed in conformance with the International Standards for the Professional Practice of Internal Auditing ( Standards). A recent external quality assessment concluded that the internal audit activity had substantial deficiencies that impact its overall operations.

According to IIA guidance, which of the following is the most appropriate action for issuing future audit reports?

Options

ARefrain from indicating that the internal audit activity operates in conformance with the Standards until the chief audit executive confirms that the internal audit activity
has addressed all areas of nonconformance and the audit committee has been notified.

BRefrain from indicating that the internal audit activity operates in conformance with the Standards until another external assessment confirms that the significant areas of nonconformance have been addressed.

CIndicate that the internal audit activity operates in partial conformance with the Standards t as the internal audit activity has a quality assurance and improvement program in place to address deficiencies and has met the requirement for conducting an external assessment.

DUpdate and reissue previous audit reports, removing the assertion that the internal audit activity operates in conformance with the Standards, and distribute them to ail parties who received the original reports.

Question No: 7

MultipleChoice

While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditor's relative. Which course of action should the auditor take?

Options

AProceed with the audit engagement, but do not include the relative's information.

BHave the chief audit executive and management determine whether the auditor should continue with the audit engagement.

CDisclose in the engagement final communication that the relative is a customer.

DImmediately withdraw from the audit engagement.

Question No: 8

MultipleChoice

Which of the following is most likely to be considered a control weakness?

Options

AVendor invoice payment requests are accompanied by a purchase order and receiving report.

BPurchase orders are typed by the purchasing department using prenumbered forms.

CBuyers promptly update the official vendor listing as new supplier sources become known.

DDepartment managers initiate purchase requests that must be approved by the plant superintendent.

Question No: 9

MultipleChoice

The internal audit activity completed its analysis of sample transactions to determine occurrences of double billings According to If A guidance, which of the following best demonstrates that internal auditors exercised due professional care during the review?

Options

AInternal auditors found no instances of double billing and concluded there were no significant risks in this area.

BInternal auditors documented the scope and methodology of the data testing.

CInternal auditors discussed with management how data is safeguarded.

DInternal auditors received formal performance feedback from the engagement supervisor.

Question No: 10

MultipleChoice

An internal auditor is performing testing to gather evidence regarding an organization's inventory account balance and is mindful of the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is. The auditor's concern best describes which of the following risks?

Options

Aincorrect rejection risk

BIncorrect acceptance risk.

CTolerable misstatement risk.

DAnticipated misstatement risk

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