IIA-CIA-Part1 Dumps PDF New [2024] Ultimate Study Guide
IIA-CIA-Part1 Exam Dumps PDF Updated Dump from VCEDumps Guaranteed Success
IIA-CIA-Part1 (Essentials of Internal Auditing) certification exam is an important step for professionals who are interested in pursuing a career in internal auditing. IIA-CIA-Part1 exam, offered by the Institute of Internal Auditors (IIA), is designed to test a candidate's knowledge and understanding of the fundamental principles and practices of internal auditing.
NEW QUESTION # 119
Which of the following risk assessment tools would best facilitate the matching of controls to risks?
- A. Internal control questionnaire.
- B. Program evaluation and review technique (PERT) analysis.
- C. Control flowchart.
- D. Control matrix.
Answer: D
NEW QUESTION # 120
Which of the following statements accurately describes the responsibility of the internal audit activity regarding IT governance?
1. The internal audit activity does not have any responsibility because IT governance is the responsibility of the board and senior management of the organization.
2. The internal audit activity must assess whether the IT governance of the organization supports the organization's strategies and objectives.
3. The internal audit activity may assess whether the IT governance of the organization supports the organization's strategies and objectives.
4. The internal audit activity may accept requests from management to perform advisory services regarding how the IT governance of the organization supports the organization's strategies and objectives.
- A. 1 only.
- B. 2 and 4.
- C. 4 only.
- D. 3 and 4.
Answer: A
NEW QUESTION # 121
Which of the following would be a preventive control for helping to manage fraud in an organization?
- A. Reviews of reports to determine which issued payments lack evidence of supervisory review.
- B. A code of conduct and whistleblower policy that must be signed by all employees annually.
- C. A monthly review of new vendors performed by management for reasonableness.
- D. Bank reconciliations performed on a monthly basis by the accounting department.
Answer: C
NEW QUESTION # 122
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. Self-assessments against an internally developed audit benchmark
- B. In house training manual
- C. A list of auditors who requested to attend the next audit conference.
- D. The organization's training policy.
Answer: A
NEW QUESTION # 123
The internal audit activity is undergoing a self-assessment as part of its quality assurance and improvement program Which of the following observations must be addressed in order for the internal audit activity to achieve conformance with the Standards?
- A. The internal audit charter does not identify which audit services are outsourced
- B. The internal audit charter has not been reviewed by the legal department
- C. The internal audit charter has not been approved by the board within the past year
- D. The internal audit charter does not describe the authority of the internal audit activity
Answer: D
NEW QUESTION # 124
An internal auditor would like to identify the involvement of various organizational units in handling employee travel reimbursement claims. Which of the following methods would be most effective and efficient in completing this task?
- A. Distributing questionnaires.
- B. Interviewing.
- C. Process mapping.
- D. Monitoring.
Answer: C
Explanation:
Section: Volume E
NEW QUESTION # 125
Which of the following is the primary engagement responsibility of an entry-level internal auditor?
- A. Reporting.
- B. Analysis.
- C. Leadership.
- D. Documentation.
Answer: B
NEW QUESTION # 126
Recently an organization's internal audit activity discovered ghost employees who receive payments Senior management decides to strengthen the internal control measures to address this Which of the following is considered an effective control to mitigate payments to ghost employees?
- A. The staff salary payment list is reviewed by the head of payroll and endorsed by the head of human resources
- B. Staff salary payments and accounting records are approved by the head of accounting and acknowledged by the head of human resources
- C. New staff requisition forms are authorized by operational management and acknowledged by the head of human resources
- D. Staff transfers are reviewed by the recruiting manager and approved by the head of human resources
Answer: A
NEW QUESTION # 127
Which of the following actions would best help the internal audit activity promote continuous improvement in control effectiveness within the organization?
- A. Determining whether management measures and monitors the costs and benefits of controls.
- B. Providing training on controls and ongoing self-monitoring processes.
- C. Identifying objectives and the risks involved in achieving them.
- D. Developing flowcharts to obtain information about control design adequacy.
Answer: B
NEW QUESTION # 128
A manufacturer uses a materials requirements planning (MRP) system to track inventory, orders, and raw materials requirements. What condition should an auditor search for in the MRP database if a preliminary assessment indicated that inventory is understated?
I.Item cost set at zero.
II.
Negative quantities on hand.
III.
Order quantity exceeding requirements.
IV.
- A. I and IV only.
- B. I and II only.
- C. II and IV only.
- D. III and IV only.
Inventory lead times exceeding delivery schedule.
Answer: B
NEW QUESTION # 129
According to IIA guidance, which of the following must the internal auditor consider to meet the requirements for due professional care?
- A. The use of innovative technology and data analysis techniques.
- B. The extent of work needed to achieve the engagement's objectives.
- C. The training courses necessary to enhance the internal auditor's knowledge, skills, and other competencies.
- D. The appropriateness of assurance procedures necessary to ensure all significant risks will be identified.
Answer: B
NEW QUESTION # 130
Which of the following activities best demonstrates an internal auditor's commitment to developing professional competencies?
- A. Requesting to be part of all engagements on the annual audit plan.
- B. Completing a skills assessment and development plan for targeted training needs,
- C. Attending a webinar on how to use data analytics
- D. Attending a series of locally offered training courses.
Answer: B
NEW QUESTION # 131
Which of the following is true of a horizontal flowchart as compared to a vertical flowchart?
- A. It provides more room for written descriptions that parallel the symbols.
- B. It brings into sharper focus the assignment of duties and independent checks on performance.
- C. It is usually longer.
- D. It does not provide as broad a picture at a glance.
Answer: B
NEW QUESTION # 132
A medical insurance provider uses an electronic claims-submission process and suspects that a number of physicians have submitted claims for treatments that were not performed. Which of the following control procedures would be most effective to detect this type of fraud?
- A. Send confirmations to the physicians, requesting them to verify the exact nature of the claims submitted to the insurance provider.
- B. Require the physician to submit a signed statement attesting that the treatments had been performed.
- C. Use computer software to identify abnormal claims based on the insured's age and medical history.
- D. Develop an integrated test facility and submit false claims to verify that the system is detecting such claims on a consistent basis.
Answer: C
NEW QUESTION # 133
Which of the following is an advantage of using nongovernmental organization (NGO) members on an assurance team when auditing corporate social responsibility?
- A. Typically less time is needed to train the NGO members on the audit process.
- B. A report with a positive statement from an NGO member is deemed to be more credible. As opposed to auditors.
- C. NGO members are licensed to audit corporate social responsibility.
- D. NGO members are often more unbiased and objective
Answer: D
NEW QUESTION # 134
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. An interview with the purchasing supervisor.
- C. A review of a sample of purchase orders which were completed during the last month.
- D. A review of the purchasing policies and procedures manual.
Answer: C
Explanation:
Section: Volume A
NEW QUESTION # 135
According to IIA guidance,which of the following must the internal auditor consider to meet the requirements for due professional care?
- A. The use of innovative technology and data analysis techniques.
- B. The training courses necessary to enhance the internal auditor's knowledge,skills,and other competencies.
- C. The extent of work needed to achieve the engagement's objectives.
- D. The appropriateness of assurance procedures necessary to ensure all significant risks will be identified.
Answer: C
NEW QUESTION # 136
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IIA-CIA-Part1 exam consists of 125 multiple-choice questions and has a duration of two hours and forty-five minutes. IIA-CIA-Part1 exam is computer-based and is administered at Pearson VUE testing centers worldwide. IIA-CIA-Part1 exam content is based on the International Professional Practices Framework (IPPF) and covers topics such as internal control and risk management, governance, fraud risks and controls, and the role of internal audit in the organization. Passing the exam requires a minimum score of 600 on a scale of 250-750.
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