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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:
- 4 years of experience in internal audit (plus a second training and apprenticeship).
- 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.
Before you can earn CIA classification, you must also have some internal audit experience or a relevant role. You must adhere to the following:
- Level A or comparable and five years of experience.
- A diploma and 2 years of experience.
- Seven years of experience (plus additional training).
NEW QUESTION # 93
Which aspect of the audit function would be most impacted by a lack of coordination between an organization's internal and external auditors?
- A. Timeliness.
- B. Efficiency.
- C. Effectiveness.
- D. Responsiveness.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION # 94
Which of the following processes or tools can be used as ongoing internal assessments of the performance of the internal audit activity?
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Analyses of audit plan completion and cost recoveries.
Selective peer reviews of work papers by staff involved in the respective audits.
Self-assessment of the internal audit activity with on-site validation by a qualified
independent reviewer.
Feedback from audit customers and stakeholders.
- A. 1, 2, and 4 only.
- B. 3 and 4 only.
- C. 1 and 2 only.
- D. 1 only.
Answer: A
NEW QUESTION # 95
To comply with the proficiency standard which of the following would the chief audit executive likely consider as the primary hiring criterion when choosing a new internal auditor?
- A. The auditor's skills compared to those already possessed by other audit staff
- B. The length and consistency of the auditor's work experience
- C. The auditor's ability to be self motivated and a good team player
- D. The auditor's demonstrated problem-solving skills
Answer: A
NEW QUESTION # 96
Which of the following would be a violation of the objectivity of a certified internal auditor?
Accepting a motivational book from a major vendor.
Attending a professional sporting event as the guest of a corporate supplier.
Performing an internal audit engagement for a division 18 months after having controllership responsibility for that division.
Designing and implementing a corporate-wide utilities cost containment program.
- A. 2 and 3only
- B. 2 and 4only
- C. 1,3,and 4only
- D. 1 and 3only
Answer: B
NEW QUESTION # 97
Which of the following is an indicator of ineffective third-party risk management?
- A. The right-to-audit clause is limited by personal data protection regulations.
- B. Due diligence of third parties is conducted only after contract signing.
- C. Sourcing of third parties does not follow public procurement law.
- D. Violations of service conditions trigger either fines or termination.
Answer: D
NEW QUESTION # 98
Regarding an organization's decision to retain an external audit firm,the chief audit executive (CAE)should:
- A. Assist the audit committee by facilitating the development of an appropriate evaluation process.
- B. Not be involved in this decision process as it would compromise the CAE's objectivity.
- C. Work with the organization's chief financial officer to evaluate the external auditor's performance and together make the decision.
- D. Evaluate the external auditor's performance and retain the external auditor if quality and cost criteria are met.
Answer: A
Explanation:
Topic 2, Volume B
NEW QUESTION # 99
In its five years of existence, an internal audit activity conducted a single internal assessment of its quality assurance and improvement program (QAIP). The results of that assessment showed that the internal audit activity did not conform with the Standards. Prior to this, an external assessment of the internal audit activity's QAIP was conducted, which reported that the internal audit activity was in conformance with the Standards. Considering the two assessments, what would be the internal audit activity's current state of conformance with the Standards?
- A. Unable to determine conformance with the Standards.
- B. Partial conformance with the Standards
- C. Nonconformance with the Standards
- D. Conformance with the Standards.
Answer: C
NEW QUESTION # 100
Some of a company's payroll transactions were batch posted to the payroll file but were not uploaded correctly to the general ledger file on the mainframe. The best control to detect this type of error would be.
- A. Edit controls on the payroll file.
- B. Reconciliation of paychecks to the bank account.
- C. Validation of hash totals.
- D. Appropriate segregation of duties for batch approval.
Answer: C
NEW QUESTION # 101
When developing the annual audit plan and reviewing risk assessment priorities, a chief audit executive should always identify the:
- A. Internal audit resources required to achieve the audit plan.
- B. Engagement procedures to be used during the engagements.
- C. Persons to whom engagement reports will be communicated.
- D. Potential recommendations for each auditable activity.
Answer: A
NEW QUESTION # 102
A newly hired chief audit executive is reviewing available documentation to provide evidence of conformance with the standard for continuing professional development. Which of the following documents is the most reliable source for this purpose?
- A. The organization's training policy.
- B. A list of auditors who requested to attend the next audit conference.
- C. Self-assessments against an internally developed audit benchmark
- D. In house training manual
Answer: C
NEW QUESTION # 103
Which source of audit evidence would provide the least value in flowcharting an organization's purchasing process?
- A. A walk-through of the process with a member of the purchasing staff.
- B. A review of the purchasing policies and procedures manual.
- C. A review of a sample of purchase orders which were completed during the last month.
- D. An interview with the purchasing supervisor.
Answer: C
NEW QUESTION # 104
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An employee is more likely to commit fraud if which of the following red flags are present?
The employee believes that he is being underpaid and deserves a higher salary.
The employee is close to retirement and has expressed a desire to take an
expensive trip around the world.
The employee has personal financial problems and seems very unhappy.
The employee is spending much more time at the office than usual and has been
asking about opportunities for professional advancement.
- A. 2 and 4 only.
- B. 1 and 3 only.
- C. 3 and 4 only.
- D. 1 and 2 only.
Answer: B
NEW QUESTION # 105
During an audit, the client questions the internal audit activity's authority to perform procedures over fraud allegations. According to HA guidance, which of the following would provide the most relevant support to respond to the client's concerns?
- A. MA Standards.
- B. Definition of Internal Auditing.
- C. The IIA's Code of Ethics.
- D. Internal audit charter.
Answer: D
NEW QUESTION # 106
Which of the following represents the correct order of the risk management process?
- A. Risk management metrics, resource allocation, risk assessment, effective communication, post-mortem analysis.
- B. Resource allocation, risk management metrics, risk assessment, post-mortem analysis, effective communication.
- C. Risk assessment, resource allocation, risk governance and reporting, post-mortem analysis, feedback.
- D. Resource allocation, risk monitoring, risk assessment, feedback, post-mortem analysis.
Answer: C
Explanation:
Section: Volume A
NEW QUESTION # 107
Which of the following is an example of an impairment to an internal auditor's independence?
- A. Following the restructuring of the organization, the internal audit activity now reports functionally to the chief financial officer
- B. Believing there must be errors in a given balance sheet account the internal auditor decides to expand his testing
- C. A new member of the internal audit activity, who was the accounts payable supervisor for two years, is asked to consult on the implementation of a new accounts payable system
- D. An internal auditor delays reporting material financial statement audit findings until after his parents sell all of their stock in the company
Answer: A
NEW QUESTION # 108
While reviewing the workpapers of a new auditor, the auditor in charge discovered that additional audit procedures might be necessary. According to IIA guidance, which of the following would be most relevant for the auditor in charge to consider when making this decision?
- A. Due professional care.
- B. Coordination.
- C. Resource management.
- D. Engagement supervision.
Answer: A
NEW QUESTION # 109
Which of the following is an example of a directive control?
- A. Incentive compensation plans.
- B. Automated reconciliations.
- C. Segregation of duties.
- D. Exception reports.
Answer: A
NEW QUESTION # 110
Which of the following risk assessment tools would best facilitate the matching of controls to risks?
- A. Control matrix.
- B. Control flowchart.
- C. Internal control questionnaire.
- D. Program evaluation and review technique (PERT) analysis.
Answer: A
NEW QUESTION # 111
According to the International Professional Practices Framework,risk is:
I.Defined as the negative effect of events that are expected to occur.
II.Measured in terms of consequences.
III.Measured in terms of likelihood.
- A. I and IIonly
- B. Ionly
- C. I,II,and III.
- D. II and IIIonly
Answer: D
NEW QUESTION # 112
Which of the following would be considered a violation of The HAfs mandatory guidance on independence?
- A. The CAE confirms to the board, at least once every five years, the organizational independence of the internal audit activity,
- B. The board seeks senior management's recommendation before approving the annual salary adjustment of the CAE.
- C. The CAE updates the internal audit charter and presents it to the board for approval periodically, not on a specific timeline
- D. The chief audit executive (CAE) reports functionally to the board and administratively to the chief financial officer.
Answer: B
NEW QUESTION # 113
Which of the following statements best describes the competency requirement for an auditor regarding fraud risks encountered in an engagement execution?
- A. The auditor must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
- B. The auditor is not expected to have any competency requirement regarding fraud since the role of investigating and detecting fraud belongs to other functions in the organization.
- C. The auditor should be able to have comparable competencies of a person whose primary responsibility is detecting and investigating fraud.
- D. The auditor must be able to have an appreciation of the fundamentals of fraud detection and investigation techniques.
Answer: A
NEW QUESTION # 114
A manufacturing firm uses hazardous materials in the production of its products.
An audit of the firm's processes related to hazardous materials should include:
I. Recommending an environmental management system as part of policies and procedures.
II. Verifying the existence of tracking records for these materials from creation to destruction.
III. Using consultants to avoid self-incrimination of the firm in the event illegalities were detected in an environmental audit.
IV. Evaluating the cost provided for in an environmental liability accrual account.
- A. I, II, and IV only.
- B. I, III, and IV only.
- C. II only.
- D. III and IV only.
Answer: A
NEW QUESTION # 115
According to MA guidance, which of the following is the strongest indicator of deficiencies in the risk management process?
- A. Management's primary objective is minimizing changes to the structure and operation of the risk management process.
- B. The periodic evaluation of risk ratings is primarily dependent on subjective assessments.
- C. Many aspects of the related enterprise risk management program are informal and undocumented.
- D. Separate evaluations of the risk management process were conducted, but the results were never integrated.
Answer: D
NEW QUESTION # 116
Which of the following is least likely to be considered material in an audit of a medium-sized organization?
- A. Fraud resulting in a cash loss to the organization.
- B. A $1,000 overstatement of the accrued-vacation payable account.
- C. A violation of a government statute.
- D. An underpayment to the employee pension fund.
Answer: B
Explanation:
Topic 4, Volume D
NEW QUESTION # 117
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