[Jun-2023] IIA IIA-CIA-Part1 Exam Practice Test Questions - TestSimulate
Updated Certification Exam IIA-CIA-Part1 Dumps - Practice Test Questions
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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NEW QUESTION # 114
The collaborating style for conflict resolution, where the parties promote assertiveness and work together to develop a mutually beneficial solution, is best used in which of the following situations?
- A. Resolution is time sensitive and a quick decision is necessary.
- B. The issue is more important to one patty than the others.
- C. There is a high level of trust among the parties.
- D. Parties are confident of the solution and are ready to defend it.
Answer: C
NEW QUESTION # 115
An internal audit team received the following feedback from operational management via a post-engagement survey "Management agrees with all audit findings However, the audit team did not consider our input on the best way to resolve the issues"
This feedback is an indication that the internal audit activity may need to improve which of the following interpersonal skills?
- A. Influence
- B. Communication
- C. Conflict management
- D. Leadership
Answer: C
NEW QUESTION # 116
An organization is implementing a new cybersecurity policy and has established a committee to ensure stakeholder alignment across the organization's infrastructure, network, and security teams. The head of the committee has asked the chief audit executive if the internal audit activity could play a role in these efforts.
According to HA guidance, which of the following is the most appropriate response?
- A. The internal audit activity may assist the committee and consult with management on the organization's responses and control activities.
- B. It is not appropriate for the internal audit activity to play a role because its independence must be protected.
- C. The internal audit activity is knowledgeable about risk and therefore should prioritize the organization's responses and control activities for the committee.
- D. The internal audit activity should not participate because there are no IT auditors on staff.
Answer: A
NEW QUESTION # 117
An internal audit manager of a furniture manufacturing organization is planning an audit of the procurement process for kiln-dried wood. The procurement department maintains six procurement officers to manage 24 different suppliers used by the organization.
Which of the following controls would best mitigate the risk of employees receiving kickbacks from suppliers?
- A. Periodic inventories of kiln-dried wood at the organization's warehouse.
- B. A pre-award financial capacity analysis of suppliers.
- C. An automated computer report,organized by supplier,of any invoices for the same amount.
- D. The periodic rotation of procurement officers' assignments to supplier accounts.
Answer: D
NEW QUESTION # 118
The chief audit executive (CAE) routinely provides activity reports to the board during quarterly board meetings.
Senior management has asked to review the CAE's board presentation before each board meeting so that any issues or questions can be discussed beforehand. The CAE should:
- A. Provide information to senior management that pertains only to completed audit engagements and observations available in published engagement final communications.
- B. Not provide activity reports to senior management because such matters are the sole province of the board.
- C. Disclose only those matters in the activity reports that pertain to expenditures and financial budgets of the internal audit activity.
- D. Provide the activity reports to senior management as requested and discuss any issues that may require action to be taken.
Answer: D
Explanation:
Section: Volume B
Explanation/Reference:
NEW QUESTION # 119
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. Information and communication.
- B. Monitoring.
- C. Control environment.
- D. Control activities.
Answer: C
NEW QUESTION # 120
A new company's risk management function is developing its cybersecurity risk management program Which of the following actions should be the first priority when developing the program?
- A. Determine the cybersecurity framework that will establish and report on the effectiveness of the program
- B. Define the cybersecurity risk appetite and perform a cost-benefit analysis of the program
- C. Start building a cybersecurity culture and set the desired behavior using a bottom-up approach
- D. Raise cybersecurity awareness across various departments outside of the IT department
Answer: B
NEW QUESTION # 121
An internal audit activity (IAA) provided assurance services for an activity it was responsible for during the preceding year.
As a result, which IIA Code of Ethics principle is presumed to be impaired?
- A. Objectivity.
- B. Independence.
- C. Competence.
- D. Flexibility.
Answer: A
Explanation:
Section: Volume E
NEW QUESTION # 122
Which of the following would be the least desirable criteria against which to judge current operations of a company's treasury function?
- A. The operations of the treasury function as documented during the last audit engagement.
- B. Codification of best practices of the treasury function in relevant industries.
- C. Company policies and procedures delegating authority and assigning responsibilities.
- D. Finance textbook illustrations of generally accepted good treasury function practices.
Answer: A
NEW QUESTION # 123
Which of the following is a preventive control?
- A. Reconciling purchase orders with approvals.
- B. Placing controls on physical access to inventory.
- C. Reviewing expense accounts for irregularities.
- D. Creating an audit trail.
Answer: B
NEW QUESTION # 124
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 only.
- B. None of the above.
- C. II only.
- D. I, II, and III.
Answer: B
NEW QUESTION # 125
An audit of the quality control department is being planned.
Which of the following would least likely be used in the preparation of a preliminary survey questionnaire?
- A. The prior audit report.
- B. Management's charter for the quality control department.
- C. The permanent audit file.
- D. An analysis of quality control documents.
Answer: D
NEW QUESTION # 126
An external assessment of an organization's internal audit activity was last completed four years ago Which of the following options would be acceptable this year if the internal audit activity is to fulfill the requirements of the Standards?
- A. The board nominates an independent individual from senior management in the organization to conduct an assessment of the internal audit activity
- B. The internal audit activity conducts a self-assessment that is validated by a qualified and experienced internal auditor and then schedules a qualified, independent external assessor
- C. The chief audit executive schedules a self-assessment and the board approves the results
- D. An external auditor conducts an audit of the organization which includes information about the internal audit activity
Answer: B
NEW QUESTION # 127
According to NA guidance, which of the following conditions would enhance the independence of the internal audit activity?
- A. The organization establishes effective governing body oversight,
- B. Audit assignments are rotated among internal audit staff
- C. The quality of work performed by the internal audit activity is periodically reviewed,
- D. The organizational culture rewards critical and objective thinking.
Answer: A
NEW QUESTION # 128
Which of the following statements regarding segregation of duties is true?
- A. When evaluating an organization's policy on segregation of duties, employee competence does not need to be considered.
- B. A restrictive segregation-of-duties policy can help improve an organization's communication.
- C. Policies on segregation of duties in information systems must recognize the difference between logical and physical access to assets.
- D. An organizational chart provides an accurate definition of segregation of duties.
Answer: C
NEW QUESTION # 129
The director of purchasing, a certified internal auditor (CIA), signs a contract to procure a large order from a supplier whose products provide the best price, quality, and performance. A few days after signing the contract, the supplier presents the CIA with $1, 000 as a gift. Which statement regarding acceptance of the money is correct?
- A. Accepting the money would violate the IIA Code of Ethics.
- B. Because the CIA is not acting as an internal auditor, accepting the money would be governed only by the organization's code of conduct.
- C. Accepting the money would be prohibited only if it were non-customary.
- D. Because the contract was signed before the money was offered, accepting the money would not violate the IIA Code of Ethics.
Answer: A
Explanation:
Section: Volume E
NEW QUESTION # 130
The internal audit activity's role in the risk assessment and management processes of an organization is determined by the:
- A. Board of directors.
- B. External auditors.
- C. Risk management department.
- D. Chief audit executive.
Answer: A
NEW QUESTION # 131
Which of the following is the primary benefit of an effective professional development program for internal auditors?
- A. An effective program may enhance internal auditors' business acumen
- B. An effective program may ensure internal auditors' effectiveness in setting the organization's nsk management process
- C. An effective program may clarify management's expectations of the auditors and their responsibilities to the organization
- D. An effective program may ensure that HA Standards requirements are adhered to during audit engagements
Answer: D
NEW QUESTION # 132
The primary reason that a bank would maintain a separate compliance function is to:
- A. Better respond to shareholder expectations.
- B. Ensure the independence of line and senior management.
- C. Better manage perceived high risks.
- D. Strengthen controls over the bank's investments.
Answer: C
NEW QUESTION # 133
The internal audit supervisor is reviewing the workpapers prepared by the staff. According to the Standards, which of the following statements regarding workpaper supervision is not true?
- A. Review notes of questions that arise during the review process must be retained.
- B. Dating and initialing each workpaper provides evidence of review.
- C. Workpaper review allows for staff training and development.
- D. Workpapers may be amended during the review process.
Answer: A
NEW QUESTION # 134
Which of the following is an example of a risk management avoidance response?
- A. Exiting a marketplace.
- B. Obtaining product insurance.
- C. Recalling a product.
- D. Outsourcing production.
Answer: A
NEW QUESTION # 135
Using the internal audit department to coordinate regulatory examiners' efforts is beneficial to the organization because internal auditors can:
- A. Perform fieldwork for the regulatory examiners and thus shorten the regulatory examiners' review.
- B. Supply evidence of adequate compliance testing through internal audit workpapers and reports.
- C. Recommend changes to the scope of the regulatory examiners' review.
- D. Influence regulatory interpretation of law to better match corporate practice.
Answer: B
Explanation:
Section: Volume B
NEW QUESTION # 136
The audit committee has asked the chief audit executive (CAE) to assist in the selection of a new external audit firm. Which of the following is an appropriate action by the CAE?
- A. The CAE develops a formal set of criteria for the audit committee to use in selecting the external auditor.
- B. The CAE and two managers from the audit staff review the bids and select one firm to meet with the audit committee for the committee's approval.
- C. The CAE declines to participate in the process because providing this assistance would result in compromising the internal audit activity's objectivity.
- D. The CAE, chief financial officer, and controller review the bids, interview two firms, and recommend one of the two firms to the audit committee for its approval.
Answer: A
NEW QUESTION # 137
According to IIA guidance, an internal audit charter should detail which of the following?
- A. The process used by the CAE to manage the organization's internal controls
- B. The responsibilities of the audit committee
- C. The nature of services that the internal audit activity will provide to external third parties
- D. The objectives and goals of management
Answer: C
NEW QUESTION # 138
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