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Free IIA-CIA-Part1 Exam Questions IIA-CIA-Part1 Actual Free Exam Questions
IIA IIA-CIA-Part1 Exam Syllabus Topics:
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What are the topics covered in IIA-CIA-Part1 Exam
Candidates must know the topics before they start of preparation. Because it will really help them in hitting the core. Our IIA-CIA-Part1 Exam dumps will include the following topics:
- Proficiency and Due Professional Care (18%)
- Independence and Objectivity (15%)
- Foundations of Internal Auditing (15%)
- Governance, Risk Management, and Control (35%)
- Quality Assurance and Improvement Program (7%)
- Fraud Risks (10%)
NEW QUESTION 17
In which of the following scenarios would the chief audit executive (CAE) be required to decline the assignment?
- A. The CAE would need to procure external services to deliver the internal audit assurance program.
- B. There is no expertise within the internal audit team for auditing an IT engagement.
- C. There is no expertise within the internal audit team for detecting and investigating fraud.
- D. There is no available expertise on the internal audit team to perform a consulting engagement.
Answer: C
NEW QUESTION 18
A manufacturer uses improved linkage between order entry, production, and shipping to reduce raw materials and work-in-process inventory. Which type of fraud will these changes likely reduce?
- A. Payment of fraudulent invoices.
- B. False reporting of hours worked.
- C. Purchases from a related party.
- D. Theft of resources from inventory.
Answer: D
NEW QUESTION 19
During an internal audit, an organization's processing department is found to have incidences of both duplicate invoices and notices from customers that purchased goods were not received. The department under review insists that some of these reports are false and that others were isolated oversights due to understaffing. Which of the following tests would best help the internal auditor detect fraudulent activity?
- A. Search for gaps in check numbers.
- B. Compare vendor summaries.
- C. Check inventory levels.
- D. Review raw material purchase quantities.
Answer: C
NEW QUESTION 20
An organization has implemented a new automated payroll system that contains a table of pay rates that are matched to employee job classifications. Which control should an internal auditor suggest in order to ensure that the table is updated correctly, and is used only for valid pay changes?
- A. Require a manager, who is independent of the system and who cannot change the table, to authorize and sign-off on any employee pay changes.
- B. Require a supervisor in the department, who has the ability to change the table, to compare the changes to a signed management authorization.
- C. Restrict data-table access from management and line supervisors who have the authority to determine pay rates.
- D. Ensure that adequate edit and reasonableness checks are built into the automated system.
Answer: A
NEW QUESTION 21
In a manufacturing organization, all sales prices are determined centrally and are electronically sent to the distribution centers to update their sales price tables. Any pricing deviations must be approved by central headquarters. To determine how this process is functioning, an internal auditor should:
- A. Develop a flowchart of the sales order process to determine how orders are taken and priced.
- B. Obtain a copy of the existing flowchart for the computer program to determine how price data are accessed.
- C. Identify who approves the shipment of goods and how the goods are priced.
- D. Document the flow of sales price information, and determine how the table is accessed and updated.
Answer: D
NEW QUESTION 22
According to the International Professional Practices Framework, a primary purpose of evaluating the adequacy of an organization's risk management, control, and governance processes is to determine if it:
- A. Was designed to ensure compliance with policies, plans, procedures, laws, and regulations.
- B. Provides reasonable assurance that the organization's objectives will be met.
- C. Mitigates inherent risk.
- D. Assures the reliability and integrity of information used by management.
Answer: B
NEW QUESTION 23
Which of the following elements should an auditor recommend for inclusion in an organization's code of ethics?
I.Ethics should vary with local customs in the organization's foreign operations.
II.
Whistle-blowing should be discouraged because it can cause distrust among employees and false accusations which waste organizational resources on investigations.
III.
Ethical behavior should not be incorporated into performance evaluations because it is too subjective and controversial.
- A. I, II, and III.
- B. I only.
- C. None of the above.
- D. II only.
Answer: C
NEW QUESTION 24
Which of the following would most likely function as a detective control?
- A. Insurance claims.
- B. Cycle counts.
- C. Alert employees.
- D. Security dogs.
Answer: B
NEW QUESTION 25
Sometimes, internal audit staff may partner with operating managers to rank risks. Which of the following outcomes may be the most beneficial aspects of this strategy?
1. Reappraising risks levels.
2. Providing accurate information to management.
3. Marketing the internal audit activity.
4. Planning safeguards for assets in high-risk areas.
- A. 1 and 3.
- B. 1 and 2.
- C. 2 and 3.
- D. 3 and 4.
Answer: A
NEW QUESTION 26
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 have direct and unrestricted access to personnel and information throughout the organization and the governing board.
- B. Internal auditors should undergo annual performance appraisals conducted by the chief audit executive, who reports administratively to the chief financial officer.
- 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 rotate to other areas of the organization for nonaudit assignments to gain an understanding of the organization's operations.
Answer: D
NEW QUESTION 27
Which of the following types of social responsibilities is voluntary and guided purely by the organization's desire to make social contributions?
- A. Ethical responsibility.
- B. The bottom of the pyramid responsibility.
- C. Discretionary responsibility.
- D. Innovative responsibility.
Answer: A
NEW QUESTION 28
A company produces a product that consists of materials X, Y, and
Z. The product is mixed so that:
* The quantity of material X used is one-third more than that of material Y.
* The quantity of material Y used is one-fourth less than that of material Z.
If the company used 24, 000 units of material Z during a period, what is a reasonable estimate of the amount of material X used?
- A. 8, 000
- B. 18, 000
- C. 24, 000
- D. 32, 000
Answer: C
Explanation:
Section: Volume C
NEW QUESTION 29
A manufacturer uses improved linkage between order entry, production, and shipping to reduce raw materials and work-in-process inventory. Which type of fraud will these changes likely reduce?
- A. Payment of fraudulent invoices.
- B. False reporting of hours worked.
- C. Purchases from a related party.
- D. Theft of resources from inventory.
Answer: D
Explanation:
Section: Volume D
NEW QUESTION 30
Which of the following would most likely be considered a red flag for fraud?
- A. An employee with significant personal debt is in charge of handling large wire transfers for the organization.
- B. A senior manager has been delegating the authority to sign-off on small dollar amount purchases to a subordinate.
- C. An employee in charge of payroll disbursements has rotated these duties with several colleagues.
- D. An organization lacks a whistleblower hotline for reporting suspicious activity.
Answer: A
Explanation:
Section: Volume E
NEW QUESTION 31
In selecting a team to perform an internal audit of a purchasing operation, which of the following characteristics would not preclude an auditor from being selected?
1. The auditor's spouse is employed by the clerical section of the purchasing records unit.
2. The auditor had been a purchasing agent five years earlier.
3. The auditor's family owns a business that regularly sells goods to the organization.
4. The auditor has received a desk calendar as a promotional gift from a vendor.
- A. 2 and 4 only
- B. 1 and 3 only
- C. 2 and 3 only
- D. 1 and 4 only
Answer: A
NEW QUESTION 32
All of the following would normally be involved in preparing for and carrying out the internal audit activity's annual plan except:
- A. Training audit staff on appropriate audit methodologies for addressing any newly identified risks.
- B. Assessing the amount of risk in major departments.
- C. Establishing policies and procedures for workpapers and referencing.
- D. Providing periodic activity reports to the audit committee on audit engagements in progress.
Answer: C
NEW QUESTION 33
An organization's accounts payable function improved its internal controls significantly after it received an unsatisfactory audit report. When planning a follow-up audit of the function, what level of detection risk should be expected if the audit and sampling procedures used are unchanged from the prior audit?
- A. Detection risk is higher because control risk is lower.
- B. Detection risk is unchanged although control risk is lower.
- C. Detection risk is lower because control risk is higher.
- D. Detection risk is lower because control risk is lower.
Answer: B
NEW QUESTION 34
Which of the following audit activities is within the scope of assurance activities as stated in the International Professional Practices Framework?
- A. Assess financing alternatives for a new generator.
- B. Participate in negotiations for a corporate acquisition.
- C. Perform an evaluation of management's planning process.
- D. Review a make-or-buy decision and report a recommendation to management for approval.
Answer: C
NEW QUESTION 35
An internal auditor uses a predefined macro provided in a popular spreadsheet application to verify the present value of the organization's investments. Which of the following is the most appropriate course of action regarding the auditor's use of this functionality?
- A. The auditor should review the programming of the macro before its use to ensure that it is appropriate for the required calculations.
- B. The auditor should tabulate the results in the spreadsheet to ensure the macro has generated the correct results for all calculations.
- C. The auditor should perform a manual recalculation of several results to validate and document the results.
- D. The auditor should accept the calculations generated by the function, as any further work or documentation would be inefficient.
Answer: C
NEW QUESTION 36
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.
- A. I and III only
- B. I, II, and III.
- C. II and III only
- D. I and II only
Answer: D
NEW QUESTION 37
Which of the following best describes the details that must be included in the quality assurance and improvement program (QAIP) report to senior management and the board?
- A. The scope, findings, risks, recommendations, and agreed-upon improvement actions.
- B. The scope and cost of the QAIP. frequency of internal and external assessments, and conclusions of the assessor.
- C. The scope and frequency of internal and external assessments as well as the qualifications and independence of the assessor.
- D. The number and types of people involved in the assessment, costs, and duration of the QAIP
Answer: A
NEW QUESTION 38
An organization's accounts payable function improved its internal controls significantly after it received an unsatisfactory audit report.
When planning a follow-up audit of the function, what level of detection risk should be expected if the audit and sampling procedures used are unchanged from the prior audit?
- A. Detection risk is higher because control risk is lower.
- B. Detection risk is unchanged although control risk is lower.
- C. Detection risk is lower because control risk is higher.
- D. Detection risk is lower because control risk is lower.
Answer: B
NEW QUESTION 39
Which of the following best describes an appropriate form of working paper standardization?
- A. Uniform cross referencing system.
- B. Customized layouts for each specific audit area.
- C. Audit client review and approval.
- D. Comprehensive data lists from information databases.
Answer: A
NEW QUESTION 40
An engagement manager is reviewing the results of sampling work performed by staff internal auditors. Which interim report statement should immediately give the engagement manager cause for concern about the nature and quality of the sampling procedure?
- A. The acceptable risk of assessing control risk too low is 10%, the tolerable deviation rate is 5%, the true, but unknown population rate is less than 5%, the achieved upper deviation limit is 4.8%.
- B. The acceptable risk of assessing control risk too low is 10%, the tolerable deviation rate is 5%, the expected population deviation rate is 1%, sample size is 80 out of a large population.
- C. The acceptable risk of assessing control risk too low is 5%, the tolerable deviation rate is 5%, the expected population deviation rate is 5%, the sample size is 1580.
- D. The acceptable risk of assessing control risk too low is 5%, the tolerable deviation rate is 5%, the expected population deviation rate is 1%, the confidence expressed is 95%.
Answer: C
NEW QUESTION 41
COBIT is primarily designed to:
- A. Satisfy information technology regulatory requirements.
- B. Assist technology professionals in interpreting technological specifications.
- C. Define auditing standards for information technology auditors.
- D. Provide guidance to govern information technology activities.
Answer: D
NEW QUESTION 42
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