IIA-CIA-Part1 Dumps PDF 2024 Strategy Your Preparation Efficiently [Q107-Q122]

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IIA-CIA-Part1 Dumps PDF 2024 Strategy Your Preparation Efficiently

Latest Verified & Correct IIA IIA-CIA-Part1 Questions

IIA-CIA-Part1: Essentials of Internal Auditing Exam is a globally recognized certification exam designed for professionals seeking to pursue a career in internal auditing. IIA-CIA-Part1 exam is conducted by the Institute of Internal Auditors (IIA), which is a professional organization that provides guidance, education and certification to internal auditors across the world. IIA-CIA-Part1 exam is the first part of the three-part Certified Internal Auditor (CIA) program.

NO.107 In order to be organizationally independent, the chief audit executive should report administratively to the [List A] and functionally to the [List B].
[List A]
[List B]

Audit committee
Board of directors

Chief executive officer
Board of directors

Chief executive officer
Chief financial officer

Audit committee
Chief financial officer

Section: Volume D

NO.108 According to IIA guidance, which of the following should be formally documented in the internal audit charter?

The internal audit activity’s responsibility for imposing risk management processes.

The internal audit activity’s responsibility for the FInance framework.

The nature of consulting services provided by the internal audit activity.

The budgeting process for the internal audit activity.

NO.109 Which of the following statements describes impairment to the internal auditor’s objectivity?

An internal auditor reviews a purchasing agent’s contract drafts prior to their execution.

An internal auditor reduces the scope of an audit engagement due to budget restrictions.

An internal auditor receives a promotional gift that is available to the organization’s employees.

An internal auditor performs an assessment of the operations for which he was recently responsible.

NO.110 Which of the following should a general internal auditor be able to characterize as an IT-related risk?

Computer servers are in a room that is accessible to all employees,

An IT architect avoids taking vacations and sharing his workload with coworkers,

Hours billed by IT developers exceed 24 hours daily.

Audit logs are lacking in a system that processes personal data.

NO.111 Risk assessments are valuable to the internal audit activity’s planning process because they assist in:

Eliminating all areas with low risk from the audit plan.

Educating management on the importance of keeping the internal audit activity informed of organizational changes.

Identifying the audit universe or auditable activities that need to be reviewed.

Identifying risks that management and the internal auditors have overlooked.

NO.112 With regard to governance, which of the following is a board-level responsibility rather than a management responsibility?

Obtaining assurance on external financial, regulatory, and internal audits.

Complying with laws, regulations, and codes.

Assigning authority and responsibilities organization wide.

Monitoring and measuring performance.

NO.113 According to IIA guidance,which of the following is least compliant with the requirements regarding an internal auditor’s need for objectivity?

An internal auditor assessed the effectiveness of controls over payroll software,which he had helped implement with a previous employer.

An internal auditor participated in an audit of controls around absenteeism,despite providing some consultation on controls in this area earlier in the year.

An internal auditor performed an assurance engagement for the effectiveness of accounts payable access controls,one of which he previously helped to design.

An internal auditor,previously employed in the quality assurance operations area,performed a consulting engagement for the operations manager.

NO.114 Which of the following techniques would best assist an internal auditor in evaluating the
efficiency of a wholesale grocery distributor`s process to fill and package orders for shipping?

A Benford analysis of orders filled to average delivery times.

Decision trees rating actual performance against requirements.

Queuing theory to assess potential bottlenecks in the process.

A program evaluation and review technique chart.

NO.115 Which of the following statements is true regarding consulting and assurance engagements performed by the internal audit activity’?

For both assurance and consulting engagements, the auditor must independently and objectively select the criteria for evaluation

For a consulting engagement, internal auditors and management jointly agree on the adequate criteria needed to evaluate governance, risk management, and controls. This is not true of assurance engagements

Engagement planning and fieldwork are similar for both types of engagements (there are no major differences) although the reporting process is different depending on which service is provided

For a consulting engagement objectives must address governance risk management and control processes to the extent agreed upon with the client. This is not true of assurance engagements

NO.116 Which of the following controls within a spreadsheet would address the risk of logic errors?
1. The spreadsheet contains formulas that foot and cross-foot data.
2. The spreadsheet is locked to protect cell formulas from being inadvertently changed.
3. Spreadsheets are included in nightly backup processes.
4. Check-in and check-out software is used to manage version control.

1 and 2 only

1 and 3 only

2 and 4 only

3 and 4 only

Section: Volume D

NO.117 According to IIA guidance, which of the following activities is appropriate for an internal auditor to perform with regard to the organization’s corporate social responsibility (CSR) program?
1. Determine whether the organization has adequate controls to achieve its CSR objectives.
2. Facilitate a management self-assessment of CSR controls and results.
3. Consult on the project design and implementation for the CSR program.
4. Exclude CSR-related external risks that are beyond the control of the organization.

1 and 2 only.

1, 2 and 3 only.

2, 3, and 4 only.

3 and 4 only.

NO.118 A manufacturing firm uses hazardous materials in the production of its products.
An audit of the firm’s processes related to hazardous materials should include:
I. Recommending an environmental management system as part of policies and procedures.
II. Verifying the existence of tracking records for these materials from creation to destruction.
III. Using consultants to avoid self-incrimination of the firm in the event illegalities were detected in an environmental audit.
IV. Evaluating the cost provided for in an environmental liability accrual account.

II only.

III and IV only.

I, II, and IV only.

I, III, and IV only.

NO.119 Which of the following is true regarding the use of a formal risk management framework?
1. It facilitates a methodical approach to risk mitigation.
2. It defines and standardizes the terminology used in risk communication.
3. It establishes the risk tolerance levels to be accommodated in the strategy.
4. It facilitates the alignment of risk mitigation strategies with management priorities.

1.2, and 3.

1,2, and 4.

1.3, and 4.

2. 3, and 4.

NO.120 Which of the following roles, if undertaken by an internal auditor, would have the greatest potential for conflict with the Standards regarding objectivity?

IT system designer.

Product development team consultant.

Ethics advocate.

External audit liaison.

NO.121 Which of the following actions indicates a lack of due professional care by an internal auditor performing an audit of a store’s cash function?

The audit report included a well-supported recommendation for a reduction in staff even though such a reduction might adversely impact morale.

The auditor tested samples of transactions to test the cash function’s process flows.

After determining that the cash function internal controls were strong, the audit report assured senior management that fraud was not present.

The auditor discovered an instance of potential fraud and reported it immediately to management, but did not alert authorities outside the organization.

Section: Volume E

NO.122 According to IIA guidance, which of the following should be included in the internal audit charter?

The minimum resources and competencies needed for the internal audit activity.

Identification of the organizational units where engagements are to be performed.

Organizational relationships and reporting lines.

Assigned responsibilities for designing and implementing controls.

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IIA-CIA-Part1 Exam covers a wide range of topics related to internal auditing, including governance and risk management, internal control and audit tools, and the role of internal auditors in the organization. IIA-CIA-Part1 exam consists of 125 multiple-choice questions that need to be completed within 2.5 hours. The passing score for the exam is 600 out of 800.

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