[Jan-2022] IIA-CIA-Part1 Dumps PDF - IIA-CIA-Part1 Real Exam Questions Answers
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What are the IIA-CIA-Part1 Exam
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.
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.
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.
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.
NEW QUESTION 68
Overall audit efficiency is enhanced between the internal and external audit functions when:
- A. The internal audit department reviews functions or departments prior to the external audit.
- B. Audits of the same department are conducted at different times.
- C. External audit scope is reduced based on the internal audit department's activities.
- D. Internal audit coverage is reduced to avoid potential conflicts of interest.
Answer: C
Explanation:
Section: Volume A
NEW QUESTION 69
According to IIA guidance, which of the following best describes how risks are measured?
- A. Velocity and rate of occurrence.
- B. Impact and relevance.
- C. Likelihood and probability.
- D. Likelihood and impact.
Answer: D
NEW QUESTION 70
Which of the following statements is true regarding assurance services provided to clients outside of the organization?
- A. The nature of assurance services for outside clients is the same as for internal clients.
- B. Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.
- C. The nature of assurance services for outside clients should be defined in the internal audit charter.
- D. Assurance services for outside clients are not covered under the internal audit charter.
Answer: C
NEW QUESTION 71
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 72
The top three sales representatives for a company consistently include non-allowable charges on their expense reports. Line management is reluctant to deny reimbursement of the charges for fear of losing the sales representatives. This situation has the greatest negative impact on which of the following internal control components?
- A. Control activities.
- B. Information and communication.
- C. Monitoring.
- D. Control environment.
Answer: D
Explanation:
Section: Volume A
NEW QUESTION 73
Which of the following is least likely to be considered material in an audit of a medium-sized organization?
- A. A violation of a government statute.
- B. An underpayment to the employee pension fund.
- C. A $1, 000 overstatement of the accrued-vacation payable account.
- D. Fraud resulting in a cash loss to the organization.
Answer: C
NEW QUESTION 74
Which of the following represents the correct order of the risk management process?
- A. Resource allocation, risk management metrics, risk assessment, post-mortem analysis, effective communication.
- B. Risk management metrics, resource allocation, risk assessment, effective communication, postmortem analysis.
- C. Resource allocation, risk monitoring, risk assessment, feedback, post-mortem analysis.
- D. Risk assessment, resource allocation, risk governance and reporting, post-mortem analysis, feedback.
Answer: D
NEW QUESTION 75
The chief audit executive for an organization has just completed a risk assessment process, identified the areas with the highest risk, and assigned an audit priority to each. Which of the following statements is true and consistent with the International Professional Practices Framework?
I. Items should be ranked in the order of quantifiable dollar exposure to the organization.
II. The audit priorities should be in order of major control deficiencies.
III. The risk assessment, though quantified, is the result of professional judgments about both exposures and probability of occurrences.
- A. III only
- B. I, II, and III.
- C. II and III only
- D. I only
Answer: A
Explanation:
Section: Volume B
NEW QUESTION 76
An internal auditor is checking the accuracy of a computer-printed inventory listing to determine whether the total dollar value of inventory is significantly overstated. Because there is no time or resources to check all items in the warehouse, a sample of inventory items must be used. If the sample size is fixed, which of the following would be the most accurate sampling approach?
- A. Sample so that the probability of a given inventory item being selected is proportional to its book value.
- B. Sample so that the probability of a given inventory item being selected is proportional to the number of units sold for that item.
- C. Select those items that are most easily inspected.
- D. Employ simple random sampling.
Answer: A
Explanation:
Section: Volume C
NEW QUESTION 77
According to the Standards,which of the following statements best describes the required content of the chief audit executive's (CAE) report to senior management and the board on the internal audit activity (IAA)?
- A. The CAE must report on policies,procedures,and best practices of the IAA.
- B. The CAE must report on quality assurance techniques,statistical analysis methods,and other analytical processes used.
- C. The CAE must report on auditors' continuing education activities,staffing changes,and any outsourcing to external parties.
- D. The CAE must report on significant risk exposures,control issues,and governance issues.
Answer: D
NEW QUESTION 78
Which of the following is an example of collusion?
- A. A vendor sends a duplicate invoice with a new invoice number, and the accounts payable system fails to detect the duplication.
- B. A vendor inflates the price of an item and remits a portion of the excess to the purchasing manager.
- C. An employee includes a faked receipt in his expense claim, and the claim is signed by the employee's manager.
- D. An employee works with the IT manager to develop a program for identifying duplicate invoice payments.
Answer: B
NEW QUESTION 79
Which of the following is the primary advantage of using a computer assisted audit technique (CAAT) to provide a higher level of assurance?
- A. CAATs are more objective than the traditional methods in interpreting the results.
- B. CAATs can process the results faster and thus give a higher level of assurance.
- C. CAATs can select an appropriate sample size for testing and thus provide higher level of assurance.
- D. CAATs can examine the whole of population of transactions, rather than a sample, in order to identify exceptions and trends.
Answer: D
Explanation:
Section: Volume C
NEW QUESTION 80
Which of the following risk management activities is most appropriate for an internal auditor to undertake?
- A. Review the management of key risks.
- B. Impose risk management processes.
- C. Coordinate risk management activities.
- D. Implement risk responses on management's behalf.
Answer: A
NEW QUESTION 81
Which of the following elements is important for an internal auditor to consider when performing a privacy risk assessment of an organization?
I. Areas where personal information is collected, used, stored, and disseminated.
II. Inherent risk.
III. Privacy practices of competitors.
IV. Third-party recipients of information.
- A. I and II only
- B. I, II, and IV only
- C. III only
- D. I, II, III, and IV.
Answer: B
NEW QUESTION 82
It is important for a chief audit executive to seek formal approval from the board regarding an internal audit charter so that:
- A. There is assurance that all internal audit activities will be completed.
- B. The effectiveness of the internal audit activity can be measured.
- C. Improvements can be implemented in internal audit processes.
- D. The status of the internal audit activity can be more clearly established.
Answer: D
Explanation:
Section: Volume B
NEW QUESTION 83
Which of the following is most likely to be an element of an effective compliance program?
- A. The program is communicated to employees in a video format on a one-time basis.
- B. The organization obtains as much information as possible when performing background checks on employees.
- C. The internal audit activity is assigned responsibility for overseeing the program.
- D. The organization uses monitoring systems designed to detect improper activity.
Answer: D
NEW QUESTION 84
Which of the following scenarios exemplifies a potential internal control weakness?
- A. The same employee who records cash receipts in the accounts receivable subsidiary ledger ensures that the ledger automatically updates the information.
- B. The same employee who makes deposits at the bank prepares the monthly bank reconciliation.
- C. The same employee who restrictively endorses checks received from customers prepares the bank's check deposit slips.
- D. The same employee who receives cash from customers prepares a prelisting of cash receipts.
Answer: B
NEW QUESTION 85
During an engagement, an internal auditor decided to use variance analysis as an auditing techniques. Which of the following steps should the auditor pursue if he discovers unexpected deviations of actual results from budget?
- A. Report the deviations immediately to the audit committee.
- B. Gather additional information to determine the cause of the deviations.
- C. Perform alternative forms of analytical procedures which provide no deviations.
- D. Conclude that the budget was unreasonably set and accept the deviations.
Answer: B
Explanation:
Section: Volume E
NEW QUESTION 86
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