IIA-CIA-Part1 Sample Questions & Study IIA-CIA-Part1 Test

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IIA-CIA-Part1 exam is the first part of the Certified Internal Auditor (CIA) certification, which is globally recognized as a symbol of excellence in the internal auditing profession. Passing the IIA-CIA-Part1 Exam is a prerequisite for taking the remaining parts of the CIA exam.

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IIA-CIA-Part1 exam, also known as the Essentials of Internal Auditing, is a certification exam offered by the Institute of Internal Auditors (IIA). IIA-CIA-Part1 exam is the first of three exams required to become a Certified Internal Auditor (CIA), which is a globally recognized certification for internal auditors. The IIA-CIA-Part1 exam covers the fundamental principles of internal auditing and is designed to test the knowledge and skills necessary for a successful career in internal auditing.

Salary of IIA-CIA-Part1 Professional

The average Salary of a IIA-CIA-Part1

Europe - 58621 EURO
England - 52802 POUND
United State - 69,000 USD
India - 5170273 INR

IIA Essentials of Internal Auditing Sample Questions (Q487-Q492):

NEW QUESTION # 487
The head of human resources notified the internal audit activity that a key account manager was fired because he did not register a large number of contracts with clients As a result the organization was unaware of its duties and would suffer some financial loss Which of the following should be expected from a competent internal auditor who is analyzing this situation?

A. The ability to conduct admission-seeking interviews with potential suspects
B. The ability to retrieve concealed or deleted information from the former employee's laptop
C. The ability to evaluate whether such attributes as intent and personal gain were present
D. The ability to apply forensic methods to obtain legally admissible evidence

Answer: C

Explanation:
In analyzing the situation where a key account manager failed to register a large number of contracts, a competent internal auditor should evaluate whether attributes such as intent and personal gain were present.
This involves assessing whether the individual's actions were deliberate and motivated by personal benefits.
Understanding these attributes is crucial for determining the root cause of the issue and identifying potential fraud or misconduct. It also helps in making recommendations to prevent future occurrences.
References:
* IIA Practice Guide: Fraud and Internal Audit
* IIA Standard 1210.A2: Proficiency - Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization

NEW QUESTION # 488
Which of the following should be considered in developing a risk and control model for use in an engagement?

A. The risk and control model should be tailored to the organization that will be the subject of the engagement.
B. The risk and control model should be globally accepted by the profession.
C. The risk and control model should be developed individually by the auditor for use on individual audit projects within the planned engagement.
D. The risk and control model should be strictly adhered to in performing the engagement.

Answer: A

NEW QUESTION # 489
Which of the following best illustrates the application of due professional care during an audit of the procurement department?

A. The internal auditor discovered an instance where management did not follow the standard bidding processes. The auditor assessed the validity of management's reasons for deviating from standard practice and the supporting documentation, and determined that the deviation was acceptable.
B. The internal auditor analyzed bidding documents provided by management. Management indicated that the documents were purchase orders issued to a sole-source vendor Based on the analysis and management's declaration, the internal auditor determined that the procurement process was effective.
C. The internal auditor began checking purchase requisitions for proper authorizations. He stopped when he discovered an instance of noncompliance. and he concluded the controls were ineffective.
D. The internal auditor selected a sample of purchase orders with amounts greater than S5.000, the threshold at which the organization requires a bidding process. The auditor obtained documentation of the bidding process for each purchase order in the sample.

Answer: D

Explanation:
Demonstrating due professional care involves thorough testing and evaluation of evidence. The internal auditor exhibited due professional care by selecting a sample of purchase orders above a specific threshold and obtaining documentation for each to verify compliance with the required bidding process. This methodical approach ensures that audit findings are based on sufficient, appropriate evidence and that conclusions about the effectiveness of controls are well-supported.References: International Standards for the Professional Practice of Internal Auditing, particularly those related to due professional care and evidence evaluation.

NEW QUESTION # 490
To identify those components of a telecommunications system that present the greatest risk, an internal auditor should first:

A. Identify the network operating costs.
B. Map the network software and hardware products into their respective layers.
C. Determine the business purpose of the network.
D. Review the open systems interconnect network model.

Answer: C

Explanation:
Section: Volume A

NEW QUESTION # 491
An organization allows the same individual to physically access inventory and purchase new assets when supplies are depleted. Which of the following would best help the organization manage the risk of fraud?

A. Internal auditors should review the frequency and volume of purchased assets to detect trends in the inventory levels.
B. Management should establish a policy requiring new inventory asset purchases to be made on serialized order forms with copies retained.
C. Accounting personnel should conduct a periodic inventory count and reconcile all inventory movements.
D. Accounting personnel should regularly perform a reconciliation between invoices and purchase orders.

Answer: C

NEW QUESTION # 492
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