[Oct-2021] Updated IIA IIA-CIA-Part1 Dumps – PDF & Online Engine
IIA-CIA-Part1.pdf - Questions Answers PDF Sample Questions Reliable
IIA IIA-CIA-Part1 Exam Syllabus Topics:
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NEW QUESTION 109
Which of the following is not considered one of the most common red flags for perpetrators of fraud?
- A. Excessive control issues.
- B. Repeat performance issues.
- C. Experiencing financial difficulty.
- D. Unusually close association with customers.
Answer: B
Explanation:
Section: Volume D
NEW QUESTION 110
An internal audit activity encounters a scope limitation from senior management that will affect its ability to meet its goals and objectives for a potential engagement client. The nature of the scope limitation should be:
- A. Communicated to the external auditors so that they can investigate the area in more detail.
- B. Communicated, preferably in writing, to the board.
- C. Noted in the audit workpapers, but the engagement should be carried out as scheduled, with any necessary adjustments made based on the scope limitation.
- D. Communicated to management, stating that the limitation will not be accepted because it would impair the audit activity's independence.
Answer: B
NEW QUESTION 111
Which of the following lists these audit steps in the correct chronological order?
I.Create the engagement work program.
II.
Conduct the exit conference.
III.
Perform fieldwork.
IV.
Schedule the audit engagement.
Issue a summary report of audit findings.
- A. IV, III, I, V, II.
- B. I, IV, II, III, V.
- C. I, IV, III, II, V.
- D. IV, I, III, II, V.
Answer: D
NEW QUESTION 112
All of the following would normally be involved in preparing for and carrying out the internal audit activity's annual plan except:
- A. Assessing the amount of risk in major departments.
- B. Training audit staff on appropriate audit methodologies for addressing any newly identified risks.
- C. Providing periodic activity reports to the audit committee on audit engagements in progress.
- D. Establishing policies and procedures for workpapers and referencing.
Answer: D
NEW QUESTION 113
What is the primary purpose of a fishbone diagram?
- A. To depict the areas of responsibility for departments in an organization.
- B. To plan and control complex projects, such as internal audits.
- C. To identify the possible causes of adverse conditions.
- D. To represent the frequencies of adverse conditions in a given process.
Answer: C
NEW QUESTION 114
Which of the following actions does not violate the IIA Code of Ethics or Standards?
- A. An internal auditor performing an audit on procedures that they were responsible for creating.
- B. An internal auditor disclosing confidential information in response to a lawsuit.
- C. An internal auditor disclosing details of an audit report to colleagues from a different organization.
- D. An internal auditor performing an audit on an operation that they managed less than a year ago.
Answer: B
NEW QUESTION 115
The management at a national consumer goods organization implements a fair work and pay practice as well as a policy to treat employees equitably and consistently. Which common characteristics of fraud will the practice and policy most likely reduce?
- A. Pressure or incentive.
- B. Commitment.
- C. Rationalization.
- D. Opportunity.
Answer: A
NEW QUESTION 116
Which of the following types of social responsibilities is voluntary and guided purely by the organization's desire to make social contributions?
- A. Discretionary responsibility.
- B. The bottom of the pyramid responsibility.
- C. Innovative responsibility.
- D. Ethical responsibility.
Answer: D
NEW QUESTION 117
The chief audit executive needs to revise the internal audit activity's (IAA) charter. The revision must address the element of authority.
Which of the following statements meets this requirement?
- A. The IAA shall deliver an initial report of its findings to the organization's board within 120 days of the beginning of the engagement.
- B. The IAA shall identify and assess all potential risks to the operations of the organization.
- C. The IAA shall be granted access to all records relevant to the performance of its duties.
- D. Following its assessment, the IAA shall recommend risk control processes and resource management strategies.
Answer: C
NEW QUESTION 118
Which of the following measurements could an auditor use in an audit of the efficiency of a motor vehicle inspection facility?
- A. The ratio of cars rejected to total cars inspected.
- B. The number of cars inspected per inspection agent.
- C. The average amount of fees collected per cashier.
- D. The total number of cars approved.
Answer: B
NEW QUESTION 119
A product manager occasionally overrides established purchasing policies in order to expedite the introduction of new products in a competitive industry. The manager's overrides are:
- A. Only acceptable if the override is within the manager's spending limit.
- B. Unacceptable as they are not consistent with the purchasing policy.
- C. Only acceptable if a policy governing such overrides is in place and they are reported.
- D. Acceptable due to the highly competitive nature of the industry.
Answer: C
NEW QUESTION 120
The primary objective of risk-based auditing is to assess the:
- A. Compliance with controls.
- B. Adequacy of controls.
- C. Economy of controls.
- D. Efficiency of controls.
Answer: B
NEW QUESTION 121
Which of the following conditions is the most likely indicator of fraud?
- A. Lower earnings occur during the industry's down cycle.
- B. A manager regularly assumes subordinates' duties.
- C. Commissions are paid based on verified increases to sales.
- D. Departmental reports are consistently issued in an untimely manner.
Answer: B
Explanation:
Section: Volume E
NEW QUESTION 122
In an audit engagement, a group of internal auditors used an integrated test facility to test payroll processing. The auditors identified the key controls and processing steps in the computer software, and then developed test data. Over the course of 24 months, they submitted test transactions on a regular basis but did not find any differences between payroll processing and integrated test facility results. Based on the data, what can the auditors conclude?
- A. Employees are properly submitting their hours to payroll.
- B. The computer software is flawed.
- C. Payments to employees during the 24-month period were all correct.
- D. The computer application and its control procedures correctly processed payroll over the 24-month period.
Answer: D
NEW QUESTION 123
The chief audit executive needs to revise the internal audit activity's (IAA) charter. The revision must address the element of authority. Which of the following statements meets this requirement?
- A. The IAA shall deliver an initial report of its findings to the organization's board within 120 days of the beginning of the engagement.
- B. The IAA shall identify and assess all potential risks to the operations of the organization.
- C. The IAA shall be granted access to all records relevant to the performance of its duties.
- D. Following its assessment, the IAA shall recommend risk control processes and resource management strategies.
Answer: C
NEW QUESTION 124
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 1%, the confidence expressed is 95%.
- D. 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.
Answer: D
Explanation:
Section: Volume C
NEW QUESTION 125
Internal auditors must exercise due professional care by considering which of the following?
1. Cost of assurance in relation to potential benefits.
2. Adequacy and effectiveness of governance, risk management, and control processes.
3. Management's competency level in the area being evaluated.
4. Probability of significant errors, fraud, or noncompliance.
- A. 1, 2, and 4 only
- B. 2, 3, and 4 only
- C. 1, 2, and 3 only
- D. 1 and 2 only
Answer: A
NEW QUESTION 126
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What is IIA-CIA-Part1 Exam
The revised CIA Part 1 exam is well aligned with the IIA’s International Specialized Practice Framework (IPPF) and also includes 6 areas that cover the fundamentals of internal accounting; autonomy and neutrality; efficacy and appropriate specialized treatment; quality assurance and renewal programs; governance, threat tracking and even control; and even the threat of fraud. The first part examines the understanding, skills and also the capabilities of the perspectives associated with the International Specifications for Household Accounting Specialized Technique, in particular the characteristic standards (1000, 1100, 1200 and 1300 series), as well as the criteria performance 2100.
Aspects of the IPPF are included such as the purpose of internal auditing and the basics of expert internal auditing technique. The program offers a higher rating with the IIA performance standards. The test covers the distinctions between obtaining and seeking advice from compromises. The review is about the appropriate disclosure of consistency with respect to non-conformance to specifications. The most important area is “Threat Governance, Management and Control”, which represents 35% of the audit. Part of the exam requires candidates to demonstrate a basic understanding of the concepts; another section requires candidates to demonstrate mastery of their knowledge, skills, and abilities.
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