[Mar-2022] Dumps Practice Exam Questions Study Guide for the IIA-CIA-Part1 Exam
IIA-CIA-Part1 Dumps with Practice Exam Questions Answers
Salary of IIA-CIA-Part1 Professional
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What are the topics covered in IIA-CIA-Part1 Exam
Candidates must know the topics before they start of preparation. Because it will really help them in hitting the core. Our IIA-CIA-Part1 Exam exam dumps will include the following topics:
- Fraud Risks (10%)
- Independence and Objectivity (15%)
- Governance, Risk Management, and Control (35%)
What are the IIA-CIA-Part1 Exam
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NEW QUESTION 100
An internal auditor who is carrying out an engagement to review controls related to corporate tax reporting must possess which of the following competencies?
1. Proficiency in analyzing key IT risks and controls.
2. The ability to recognize significant deviations from good business practices.
3. Knowledge of key indicators of fraud in tax reporting.
4. The ability to recognize the existence of problems related to tax accounting.
- A. 3 and 4 only.
- B. 1 and 4 only.
- C. 2, 3, and 4 only.
- D. 1,2, 3, and 4.
Answer: A
NEW QUESTION 101
Which of the following would be an appropriate outcome of a quality assurance and improvement program in an internal audit activity?
- Modification of resources.
---
Corrections to procedures. Changes in processes. Implementation of new technology.
- A. 1, 2, 3, and 4.
- B. 3 and 4 only.
- C. 1, 2, and 3 only.
- D. 2 and 4 only.
Answer: A
NEW QUESTION 102
Which of the following enhances the independence of the internal audit activity?
- A. The chief executive officer approves the internal audit charter.
- B. The audit committee approves the CAE's annual salary increase.
- C. The CAE administratively reports to the board.
- D. The chief audit executive (CAE) approves the annual internal audit plan.
Answer: B
NEW QUESTION 103
When internal auditors are preparing workpapers for the testing stage of an engagement, which of the following guidelines should be observed?
1. Include copies of all client files that were reviewed for the audit.
2. Avoid the use of professional, industry-appropriate jargon and technical terms.
3. Indicate the original sources of all data and information used in the workpapers.
4. Leave blank space for cross-references to be completed during the post-audit process.
- A. 1 and 2 only
- B. 3 and 4 only
- C. 1 and 4 only
- D. 2 and 3 only
Answer: D
Explanation:
Section: Volume E
NEW QUESTION 104
According to IIA guidance, which of the following is the most likely obstacle to undertaking a quality assurance and improvement program by the internal audit activity?
- A. The size of internal audit department under review.
- B. The lack of independence and objectivity.
- C. The inability to adequately fund the program.
- D. The time commitment to complete.
Answer: C
NEW QUESTION 105
Which of the following procedures would be most effective in detecting fraud in electronically-submitted claims to insurance companies?
- A. Testing the accuracy of processing by using integrated test facilities.
- B. Using generalized audit software to match the claimant identification number with a master list of valid policyholders.
- C. Creating a monitoring program that detects unusual claims to be investigated by the claims department.
- D. Creating batch controls over all claims arriving from a particular organization and process those claims separately.
Answer: C
NEW QUESTION 106
Which of the following lists the audit activities in the order in which they would generally be completed during a preliminary survey?
I. Write detailed audit procedures.
II.Identify client objectives,goals,and standards.
III.Identify risks and controls intended to prevent associated losses.
IV.Determine relevant engagement objectives.
- A. II,IV,I,III.
- B. II,III,IV,I.
- C. II,I,IV,III.
- D. III,IV,II,I.
Answer: B
NEW QUESTION 107
During an audit engagement, an internal auditor finds that management is not complying with previous commitments made to the external auditors. However, the auditor determines management's actions to be justified due to significant changes in the business. The best course of action for the auditor to take would be to:
- A. Inform the external auditors and seek their guidance.
- B. Inform the external auditors and remove the associated work from the internal audit scope.
- C. Compare the recommended changes against the changes made by management and advise management which action to take.
- D. Proceed with the audit engagement and assess the changes actually implemented by management.
Answer: D
NEW QUESTION 108
A daily report which lists unsuccessful attempts to log on to a computer system is A.
- A. Detective control.
- B. Preventive control.
- C. Corrective control.
- D. Compensating control.
Answer: A
NEW QUESTION 109
While conducting fieldwork, an internal auditor decides to utilize standard operating procedure (SOP) questionnaires to gather information about a human resources department. Which of the following is an advantage of this method?
- A. SOP questionnaires are the most comprehensive technique for data gathering in fieldwork.
- B. SOP questionnaires verify that a department is efficient and effective.
- C. SOP questionnaires are useful in identifying discrepancies and educating clients.
- D. SOP questionnaires generally do not need to be cleared by management of the audited department.
Answer: C
NEW QUESTION 110
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. III only.
- B. I and II only.
- C. I, II, III, and IV.
- D. I, II, and IV only.
Answer: D
NEW QUESTION 111
In selecting a team to perform an internal audit of a purchasing operation, which of the following characteristics would not preclude an auditor from being selected?
1. The auditor's spouse is employed by the clerical section of the purchasing records unit.
2. The auditor had been a purchasing agent five years earlier.
3. The auditor's family owns a business that regularly sells goods to the organization.
4. The auditor has received a desk calendar as a promotional gift from a vendor.
- A. 1 and 3 only
- B. 2 and 3 only
- C. 2 and 4 only
- D. 1 and 4 only
Answer: C
NEW QUESTION 112
The audit committee is concerned that the small size of the internal audit activity (IAA) makes it impractical to achieve full conformance with the Standards. To address this concern, which of the following actions is most appropriate for the CAE to take?
- A. The CAE should request the audit committee to review the Standards to identify specifically which are creating the greatest concern.
- B. The CAE should explain that conformance with the Standards is essential and not dependent upon the size of the IAA.
- C. The CAE should seek sufficient funding to increase audit resources to meet the minimum requirements of the Standards.
- D. The CAE should agree with the audit committee and implement only those standards appropriate to the size of the IAA.
Answer: B
Explanation:
Section: Volume E
NEW QUESTION 113
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 environment.
- B. Control activities.
- C. Information and communication.
- D. Monitoring.
Answer: A
NEW QUESTION 114
Which of the following best describes the misdirection of payments on accounts receivable to an employee's bank account?
- A. Fraud hidden on the books.
- B. Fraud open on the books.
- C. Fraud off the books.
- D. Fraud on the balance sheet.
Answer: C
NEW QUESTION 115
In a manufacturing organization, all sales prices are determined centrally and are electronically sent to the distribution centers to update their sales price tables. Any pricing deviations must be approved by central headquarters. To determine how this process is functioning, an internal auditor should:
- A. Identify who approves the shipment of goods and how the goods are priced.
- B. Document the flow of sales price information, and determine how the table is accessed and updated.
- C. Obtain a copy of the existing flowchart for the computer program to determine how price data are accessed.
- D. Develop a flowchart of the sales order process to determine how orders are taken and priced.
Answer: B
NEW QUESTION 116
An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?
- A. Higher inventory turnover.
- B. Lower obsolete stock disposal.
- C. Lower sales volume.
- D. Higher operating margin.
Answer: C
Explanation:
Section: Volume F
NEW QUESTION 117
An internal auditor is assigned to conduct an audit of security for a local area network (LAN) in the finance department of the organization. Investment decisions, including the use of hedging strategies and financial derivatives, use data and financial models which run on the LAN. The LAN is also used to download data from the mainframe to assist in decisions. Which of the following should be considered outside the scope of this security audit engagement?
- A. Investigation of the physical security over access to the components of the LAN.
- B. The ability of the LAN application to identify data items at the field or record level and implement user access security at that level.
- C. Interviews with users to determine their assessment of the level of security in the system and the vulnerability of the system to compromise.
- D. The level of security of other LANs in the company which also utilize sensitive data.
Answer: D
NEW QUESTION 118
Which of the following, other than the internal audit charter, is most likely to define the purpose, authority, and responsibility of the internal audit activity (IAA)?
- A. The IAA vision statement.
- B. The internal audit policy statement.
- C. The organization's charter to conduct operations.
- D. The chief audit executive job description.
Answer: B
Explanation:
Section: Volume C
NEW QUESTION 119
A chief audit executive used risk assessment to prepare the audit work schedule. Which of the following would be the least appropriate reason to modify the schedule?
- A. Budget constraints or expansions.
- B. Change in the relative risk of auditable activities during the year.
- C. Request for postponement since the audit would be too complicated.
- D. Need for coordination of audit activities with the external auditors.
Answer: C
Explanation:
Section: Volume B
NEW QUESTION 120
What type of risk management strategy is being employed when an organization installs two firewalls to provide protection from unauthorized access to the network?
- A. Avoiding the risk of having a direct network connection to un-trusted networks.
- B. Accepting the risk that there may be attempts at unauthorized access to the network.
- C. Sharing the risk that either firewall could be compromised by hackers.
- D. Diversifying the risk that network access will not be available to legitimate, authorized users.
Answer: D
NEW QUESTION 121
When an internal auditor applies due professional care to perform an assurance
engagement,which of the following must she consider?
1.Findings of the last audit engagement performed.
2.Probability of significant errors,irregularities,or noncompliance.
3.Extent of work needed to achieve engagement objectives.
4.Cost of the engagement versus the potential benefits.
- A. 2,3,and 4 only
- B. 2 and 3 only
- C. 1 and 4 only
- D. 1,2,3,and 4
Answer: A
NEW QUESTION 122
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