Real IIA IIA-CIA-Part1 Exam Dumps with Correct 190 Questions and Answers
Valid IIA-CIA-Part1 Test Answers & IIA IIA-CIA-Part1 Exam PDF
What are the IIA-CIA-Part1 Exam
Everyone in the internal audit market recognizes what it takes to be a CIA, they will see it much more positively when you do. Their respect for you will certainly increase today, as will your confidence in your experience.
No matter where you are in your profession, the CIA offers you even more career opportunities.
The CIA is the only identified internal audit accreditation in the world, so it is the best way to interact with your internal accounting skills. Furthermore, the CIA is the only essential designation in the internal audit career and its value does not diminish from country to country.
One of the most interesting elements of the CIA certification is the income of the certified internal auditor. As a CIA, you won’t have to work for financial security alone. Rather, you can rejoice in financial success.
The IIA has high requirements for certified internal auditors. He wants potential CIA clients to demonstrate all the skills and abilities necessary to fulfill current placement obligations. Therefore, the IIA established several requirements of the CIA. Additionally, many of these qualified internal auditor certifications are quite involved in the experience and evaluation needs.
NEW QUESTION 85
Which statement most accurately describes how criteria are established for use by internal auditors in determining whether goals and objectives have been accomplished?
- A. Management is responsible for establishing the criteria.
- B. Internal auditors should use professional standards or government regulations to establish the criteria.
- C. The industry in which a company operates establishes criteria for each member company through benchmarks and best practices for that industry.
- D. Appropriate accounting or auditing standards, including international standards, should be used as the criteria.
Answer: A
NEW QUESTION 86
In which of the following functions would fraud be most likely to occur?
- A. Collecting payments on accounts.
- B. Maintaining custody of inventory records.
- C. Approving changes to employee records.
- D. Preparing customer statements.
Answer: A
NEW QUESTION 87
Which of the following would be the best source of information for a chief audit executive to use in planning future audit staff requirements?
- A. Discussions of audit needs with executive management and the audit committee.
- B. Review of audit staff size and composition of similar-sized companies in the same industry.
- C. Interviews with existing audit staff.
- D. Review of audit staff education and training records.
Answer: A
Explanation:
Section: Volume A
Explanation/Reference:
NEW QUESTION 88
Management has asked the chief audit executive (CAE) to provide assurance on the organization's automated control system related to financial data. The current audit staff does not have the expertise needed to conduct this type of engagement. Which of the following would be the best response by the CAE?
- A. Accept the assignment and use control self-assessment to complete the project.
- B. Do not accept the assignment because the internal audit activity lacks the competency to perform the engagement with due professional care.
- C. Accept the assignment and use an external provider with the necessary knowledge and skills to perform the engagement.
- D. Accept the assignment if the engagement is included in the current audit plan, but inform senior management that the current audit staff does not have the knowledge and skills required.
Answer: C
NEW QUESTION 89
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?
- A. Listing of the actual documents examined for each employee.
- B. Removal of the employee names to protect their confidentiality.
- C. Use of audit verification symbols to show that each file was examined.
- D. Justification for the sample size.
Answer: D
NEW QUESTION 90
Which of the following statements is true with regard to conducting an effective quality assurance and improvement program?
- A. Periodic internal assessments provide the most current and independent recommendations for improvement.
- B. The conclusions of periodic internal assessments are intended to assist in achieving conformity to the Standards.
- C. Members of the internal audit activity are not permitted to perform quality assessments, as they would not be independent.
- D. The IIA's Quality Assessment Manual for the Internal Audit Activity must be used as the basis for periodic assessments.
Answer: B
NEW QUESTION 91
In which of the following circumstances would an internal auditor not need to search for other signs of fraud?
- A. One of the employees seems to have had a dramatic increase in their standard of living.
- B. Management institutes a policy of paying vendors promptly in order to avoid incurring penalty charges.
- C. There are several substantial weaknesses with the internal control structure.
- D. The organization has an unusually high increase in costs.
Answer: B
NEW QUESTION 92
The first stage in the development of a crisis management program is to:
- A. Create a crisis management team.
- B. Formulate contingency plans.
- C. Conduct a risk analysis.
- D. Practice the response to a crisis.
Answer: C
NEW QUESTION 93
Management has requested that an internal auditor serve as member of a task force that will review current receivables practices and make recommendations to improve processes. Which of the following is the most appropriate response by the internal auditor?
- A. Accept the assignment if the auditor believes that it will not impair objectivity in future audit engagements.
- B. Do not accept the assignment because the assignment is not part of an approved audit plan.
- C. Accept the assignment provided that such consulting services are defined in the charter.
- D. Decline the assignment because participation on task forces will impair the auditor's objectivity in future audit engagements.
Answer: C
Explanation:
Section: Volume A
NEW QUESTION 94
An internal quality assessment of the internal audit activity should provide the chief audit executive with.
- A. Appraisals of internal audit staff performance.
- B. Objectives for internal audit engagements.
- C. Confirmation of action on past audit recommendations.
- D. Recommendations for improvement.
Answer: D
Explanation:
Section: Volume B
NEW QUESTION 95
Which of the following best describes how the increased use of computerization may impact an auditor's assessment of the risk of fraud?
- A. Audit trails are less effective.
- B. Access to assets may be available to information systems personnel as well as to computer users.
- C. Overrides of key controls may require less collaboration.
- D. Computer controls are generally less effective than human review.
Answer: B
Explanation:
Section: Volume A
NEW QUESTION 96
According to the Standards,which of the following best describes why initial audit test results should be reported to the auditor-in-charge prior to advising management?
- A. It helps ensure that appropriate professionaljudgmentsand conclusions are made.
- B. It increases the likelihood of obtaining the audit client's agreement with the results.
- C. It is required to demonstrate that effective engagement supervision has occurred.
- D. It ensures that an appropriate chain of evidence is maintained through the workpapers.
Answer: A
NEW QUESTION 97
Which of the following is not part of the five-attribute approach to developing documentation for an audit observation?
- A. Condition.
- B. Management response.
- C. Effect.
- D. Recommendation.
Answer: B
NEW QUESTION 98
The chief commodity trader for a large energy company learns from a friend that a competitor will likely fail its upcoming regulatory audit and will be forced to temporarily decrease production. If the information is true, the trader has short-term opportunities to make trades that will financially benefit the trader's company and will lead to a substantial increase in the trader's performance bonus. However, if the information is not true, making the trades will significantly increase the company's risk of being caught in a long position. From an ethical perspective, which of the following would be the most appropriate course of action for the trader to take?
- A. Make the trade because the company and the trader will both benefit.
- B. Defer the decision to management and risk the loss of the trading opportunity.
- C. Have another trader on staff make the trade in order to avoid a conflict of interest.
- D. Disclose the information to the risk oversight committee but proceed with the trade to capitalize on the opportunity.
Answer: B
NEW QUESTION 99
Which of the following responsibilities would fall under the role of the chief audit executive, rather than internal audit staff or the audit manager?
- A. Apply problem-solving techniques for routine situations.
- B. Set clear performance standards for internal auditors and the internal audit activity.
- C. Manage and support a quality assurance and improvement program.
- D. Maintain industry-specific knowledge appropriate to the audit engagements
Answer: B
NEW QUESTION 100
Which of the following actions should the audit committee take to promote organizational independence for the internal audit activity?
- A. Assist the CAE with hiring objective and competent internal audit staff.
- B. Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).
- C. Encourage the CAE to communicate and coordinate with the external auditor.
- D. Approve the annual budget and resource plan for the internal audit activity.
Answer: B
NEW QUESTION 101
Which of the following factors related to an organization's performance management system would not contribute to the organization's success?
- A. Performance management is integrated into other organizational processes and human resource processes.
- B. Staff members own the performance management process, thereby ensuring implementation and accountability.
- C. Performance management is linked to competence and knowledge management.
- D. Subordinates and superiors have shared responsibility for the performance management process.
Answer: B
NEW QUESTION 102
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