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IIA-CIA-Part1 (Essentials of Internal Auditing) exam is an important step for internal auditors seeking to enhance their knowledge and skills. It covers a wide range of topics that are essential for internal auditors to understand and is a requirement for obtaining the highly regarded CIA certification. Passing IIA-CIA-Part1 exam demonstrates a commitment to professionalism and ongoing professional development, and opens up new opportunities for career advancement in the field of internal auditing.
IIA-CIA-Part1 certification exam is a comprehensive exam that covers a wide range of topics, including internal audit basics, risks and controls, governance, and business processes. IIA-CIA-Part1 Exam is conducted by the Institute of Internal Auditors (IIA), which is a globally recognized organization for internal auditors. The IIA-CIA-Part1 certification exam is an essential requirement for individuals who want to pursue a career in internal auditing, as it validates their knowledge and skills in the field.
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IIA-CIA-Part1 exam is an essential exam for those who want to become certified internal auditors. IIA-CIA-Part1 exam covers the fundamental concepts and principles of internal auditing, including risk management, governance, and internal control. Passing IIA-CIA-Part1 Exam is a requirement for obtaining the Certified Internal Auditor (CIA) certification, which is recognized worldwide as the standard for excellence in the internal audit profession.
IIA Essentials of Internal Auditing Sample Questions (Q354-Q359):
NEW QUESTION # 354
An audit of the quality control department is being planned. Which of the following would least likely be used in the preparation of a preliminary survey questionnaire?
- A. Management's charter for the quality control department.
- B. An analysis of quality control documents.
- C. The prior audit report.
- D. The permanent audit file.
Answer: B
NEW QUESTION # 355
An engagement supervisor is overseeing a procurement assurance engagement.
In the middle of the engagement, the engagement supervisor attends a weekend social event paid for by the head of procurement.
Which of the following ethics principles is the engagement supervisor potentially violating by attending the event?
- A. Competency.
- B. Integrity.
- C. Objectivity.
- D. Confidentiality.
Answer: C
Explanation:
Objectivity is one of the ethics principles for internal auditors, which means that they should not allow bias, conflict of interest, or undue influence to impair their professional judgment2. By attending a weekend social event paid for by the head of procurement, the engagement supervisor is potentially violating this principle, as it may create a personal or professional relationship that could compromise their objectivity in the procurement assurance engagement3.
References:
1: CIA Exam Practice Questions - Certified Internal Auditor 2019
2: Global Internal Auditing Code of Ethics | The IIA1, p. 1
3: Code of Ethics - The Institute of Internal Auditors or The IIA2, p. 1
NEW QUESTION # 356
According to IIA guidance, which of the following actions best demonstrates that due professional care has been considered by the internal audit activity when conducting a review of an organization's assets?
- A. Having senior management determine whether the degree of work planned is sufficient to meet engagement objectives
- B. Verifying whether the board of directors has implemented effective internal controls
- C. Planning and executing fieldwork In a complete and timely manner to identify all significant risks
- D. Determining whether any opportunity exists for senior executives to misappropriate property or funds
Answer: C
Explanation:
Demonstrating due professional care in internal auditing involves thorough planning and executing audit procedures that are appropriate to the scope and objectives of the audit. Option B, planning and executing fieldwork in a complete and timely manner to identify all significant risks, best demonstrates due professional care by ensuring that all relevant risks associated with the organization's assets are identified and addressed.
This approach aligns with IIA standards that require auditors to apply knowledge, skills, and experience appropriately in providing assurance services.
IIA Standard 2200: "Due Professional Care"
NEW QUESTION # 357
Which of the following best ensures the independence of the internal audit activity?
1. The CEO and audit committee review and endorse any changes to the approved audit plan on an annual basis.
2. The audit committee reviews the performance of the chief audit executive (CAE) periodically.
3. The internal audit charter requires the CAE to report functionally to the audit committee.
- A. 2 and 3 only
- B. 1, 2, and 3
- C. 1 and 2 only
- D. 3 only
Answer: A
NEW QUESTION # 358
According to the International Professional Practices Framework, internal auditors should possess which of the following competencies?
I. Proficiency in applying internal auditing standards, procedures, and techniques.
II. Proficiency in accounting principles and techniques.
III. An understanding of management principles.
IV. An understanding of the fundamentals of economics, commercial law, taxation, finance, and quantitative methods.
- A. II only
- B. I, III, and IV only
- C. I only
- D. I and III only
Answer: B
Explanation:
Section: Volume A
NEW QUESTION # 359
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