IIA-CIA-Part1 Exam Info and Free Practice Test Professional Quiz Study Materials [Q457-Q474]

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IIA-CIA-Part1 Exam Info and Free Practice Test Professional Quiz Study Materials

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Q457. Which of the following is true regarding risk analysis?

Impact and likelihood should be assessed together.

Impact and likelihood should be given equal consideration by the internal auditor.

Impact and likelihood should be measured using quantitative methods.

Impact and likelihood should be used to determine risk response.

Q458. Which of the following is least likely to enhance the independence of an internal audit activity?

The existence of a formal written charter for the internal audit activity.

Submission of an annual internal audit work plan to the audit committee.

A direct reporting relationship to the audit committee.

Adherence to the organization’s position classification structure.

Q459. A chief audit executive (CAE) recruited a few new internal auditors to reduce the resource gaps identified in this year’s internal audit plan. One of the new recruits has several years of experience with the organization.
Ten months ago. she served as a senior supervisor in the finance department. However, for the past 10 months, she has been helping the organization with implementing a new IT system. What approach should the CAE take for the upcoming financial statement controls audit?

Assign the new auditor to assist with conducting the fieldwork. but ensure that her work is reviewed by the CAE.

Assign the new auditor to assist with developing the audit program, but ensure that the audit program is executed by other audit staff.

Ensure that the new auditor’s previous manager, and other close former coworkers, are excused during the audit.

Ensure that the new auditor is responsible only for the supervisory review, but not the execution of the audit field work.

Q460. An accounts payable clerk has recently transferred into the internal audit activity and has been assigned to an engagement related to accounts payable processes for which he was previously responsible. Which of the following is the best action for the new internal auditor to take?

If it is an assurance engagement, accept the assignment because direct knowledge of the existing accounts payable processes wifi provide depth and add more value.,

If it is a consulting engagement, decline the assignment and ask to be reassigned, because in a consulting engagement the auditor must not assess operations for areas in which they were previously responsible.

If it is a consulting engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value.

If it is an assurance engagement, accept the assignment because the chief audit executive had knowledge of the internal auditor’s previous role when this engagement was assigned.

Q461. A chief audit executive has reported to the board that the internal audit activity is lacking financial accounting knowledge for specific audit projects. Upon approval from the board which of the following hiring approaches is best in this situation?

An inbound rotational program

A full-time permanent recruitment

An outbound rotational program

A guest auditor program

Q462. Which of the following statements is correct with regard to risk management?

The board’s responsibility for risk management cannot be assigned to a board committee, such as a board risk committee.

The chief audit executive is accountable to the board for designing, implementing and monitoring the risk management process.

The total process of risk management, which includes a related system of internal control, is the responsibility of the board.

The finance director is responsible for the overall implementation of the risk management process.

Q463. Which of the following statements correctly describes how workpaper standards can improve the efficiency of internal audit operations?

They require supervisors to provide written confirmation of the workpapers they review.

They grant external parties approved by management access to workpapers.

They mandate the workpaper retention period.

They allow the design and content to vary depending on the nature of the engagement.

Q464. Which of the following factors would most influence an organization’s decision when adopting a risk management framework?

The culture of the organization.

The number of staff members in the organization.

The number of internal auditors in the organization’s internal audit activity.

The size of the organization’s board.

Q465. A major difference between enterprise risk management and traditional risk management lies in the narrow focus of traditional risk management on:
I. Property and liability risks.
II. Risks with insurance solutions.
III. Risks impacting organizational objectives.

I and II only

I and III only

II and III only

I, II, and III.

Q466. Which of the following is a role internal auditors should undertake related to risk management?

Evaluate the reporting of key risks

Set the risk appetite

Implement risk responses on management’s behalf

Impose risk management processes

Q467. Which of the following are typical management control activities?

Reconciliation, planning, and inquiry.

Reconciliation, planning, and documentation.

Reconciliation, inquiry, and documentation.

Planning, inquiry, and documentation.

Q468. Which statement most accurately describes how criteria are established for use by internal auditors in determining whether goals and objectives have been accomplished?

Management is responsible for establishing the criteria.

Internal auditors should use professional standards or government regulations to establish the criteria.

The industry in which a company operates establishes criteria for each member company through benchmarks and best practices for that industry.

Appropriate accounting or auditing standards, including international standards, should be used as the criteria.

Q469. Which of the following activities best ensures that internal auditors grow professionally in alignment with current industry trends to meet the expectations of primary stakeholders?

Deploying self-assessments against a competency benchmark.

Acquiring memberships in professional organizations.

Developing professional succession plans.

Obtaining subscriptions to professional journals in their area of interest.

Q470. A code of business conduct provides?

A fraud avoidance plan that does not explicitly describe punishments for violations.

A passive method of fraud deterrence.

A program to anonymously report irregularities to authorities.

An alternative to “tone at the top” programs.

Q471. The chief audit executive (CAE) of a new internal audit activity is creating an internal audit charter According to IIA guidance, which of the following terms is most likely to be included in the charter?

Senior management will be present whenever the CAE interacts with the board, to ensure effective communication among all three parties.

Internal auditors will advise on the design of control policies and procedures in any area where the organization does not possess the requisite expertise,

Internal auditors will demonstrate competence, concern, and the dedication expected of a professional,

Internal auditors will receive performance-based compensation, including bonuses for reporting more than a stipulated number of observations.

Q472. According to IIA guidance, which of the following actions best demonstrates due professional care by an internal auditor when she discovers a number of fraud-related red flags during an audit engagement?

Conclude the engagement and inform management that fraud has occurred

Perform further testing to verify the existence of fraud.

Suspend the engagement and undertake a formal fraud investigation.

Notify the board of the possible fraud immediately

Q473. An internal audit activity uses a rotational program to recruit high-performing staff members from other parts of the organization One of these individuals is nearing the end of her four-year internal audit rotation The chief audit executive assigned her to an assurance engagement in the business area she will be going into when she leaves the internal audit activity Which of the following statements is true regarding this scenario?

Accepting the assignment is a violation of internal audit independence

Accepting the assignment will improve competencies and develop relationships that will be needed in her next assignment

Accepting the assignment creates the appearance of an impairment to her professional judgment and detectivity

Accepting the assignment on the assurance engagement would be a breach of due professional care

Q474. An internal auditor prepared a workpaper that consisted of a list of employee names and identification numbers as well as the following statement:
* “A statistical sample of 40 employee personnel files was selected to verify that they contain all documents required by company policy 501 (copy attached). No exceptions were noted.”
* The auditor did not place any audit verification symbols on this workpaper.
Which of the following changes would most improve the auditor’s workpaper?

Use of audit verification symbols to show that each file was examined.

Removal of the employee names to protect their confidentiality.

Justification for the sample size.

Listing of the actual documents examined for each employee.

IIA-CIA-Part1: Essentials of Internal Auditing Exam is a computer-based exam that can be taken at authorized testing centers across the world. IIA-CIA-Part1 exam is available in multiple languages, including English, Spanish, Chinese, French, German, Italian, Japanese, Korean and Portuguese. IIA-CIA-Part1 exam is timed and candidates are given a total of 2 hours and 45 minutes to complete the exam.

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