IIA IIA-CIA-Part1 Exam Dumps [2023] Practice Valid Exam Dumps Question
IIA-CIA-Part1 Dumps - Grab Out For [NEW-2023] IIA Exam
How can you Prepare for the IIA-CIA-Part1 Exam
Major sorts of resources, initially there are the research study guides and publications that are described and suitable for developing expertise from ground up then there are video clip tutorials as well as talks that can in some way alleviate the pain of through research study and are somewhat much less dull for some candidates yet these need time and concentration from the student. Smart Candidates that wish to develop a solid foundation in all exam topics and also related modern technologies normally combine video lectures with study designs to reap the benefits of both however, there is one essential prep work device as typically ignored by a lot of prospects the method exams. Technique exams are constructed to make pupils comfortable with the actual exam situation. If we see the stats most trainees fail not because of that preparation yet due to exam anxiousness the concern of the unknown. TestPassKing expert team suggests you to prepare some notes on these subjects together with it do not fail to remember to practice IIA-CIA-Part1 Exam exam dumps which had actually been composed by our Experts Group, Both these will help you a great deal to clear this exam with great marks.
NEW QUESTION 141
The chief audit executive should periodically report the internal audit activity's purpose, authority, responsibility, and performance, as well as significant risk exposures and control issues, to which of the following?
I.Board of directors.
II.
Senior management.
III.
Shareholders.
IV.
External auditors.
- A. I and II only.
- B. II only.
- C. I, II, and III only.
- D. I, III, and IV only.
Answer: A
NEW QUESTION 142
Upon joining the internal audit activity, each new auditor receives a copy of the audit handbook. Which of the following handbook policies has the greatest risk of compromising audit objectivity?
- A. Internal auditors should have direct and unrestricted access to personnel and information throughout the organization and the governing board.
- B. Internal auditors should undergo annual performance appraisals conducted by the chief audit executive, who reports administratively to the chief financial officer.
- C. Internal auditors should obtain 80 hours of continuing professional education every two years, 20 of which should be audit-related, and the remainder may be operations-related.
- D. Internal auditors should rotate to other areas of the organization for nonaudit assignments to gain an understanding of the organization's operations.
Answer: D
NEW QUESTION 143
Which of the following would most likely function as a detective control?
- A. Cycle counts.
- B. Alert employees.
- C. Security dogs.
- D. Insurance claims.
Answer: A
NEW QUESTION 144
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.
- A. III and IV only.
- B. II only.
- C. I, II, and IV only.
- D. I, III, and IV only.
Answer: C
NEW QUESTION 145
Which of the following control methods is effective in reducing the risk of purchasing-
scheme fraud?
1.Periodically reviewing the vendor list for unusual vendors and addresses.
2.Segregating duties for amount purchasing,receiving,shipping,and accounting.
3.Validating sequential integrity of purchase orders.
4.Verifying the validity of invoices with post office box addresses.
- A. 1 and 2 only
- B. 3 and 4 only
- C. 1,2,3,and 4
- D. 1,2,and 4 only
Answer: B
NEW QUESTION 146
All of the following would normally be involved in preparing for and carrying out the internal audit activity's annual plan except:
- A. Establishing policies and procedures for workpapers and referencing.
- B. Training audit staff on appropriate audit methodologies for addressing any newly identified risks.
- C. Providing periodic activity reports to the audit committee on audit engagements in progress.
- D. Assessing the amount of risk in major departments.
Answer: A
NEW QUESTION 147
When conducting a preliminary survey, which of the following audit activities should an internal auditor complete first?
- A. Write detailed audit procedures.
- B. Identify risks and controls intended to prevent associated losses.
- C. Determine relevant engagement objectives.
- D. Identify client objectives, goals, and standards.
Answer: D
Explanation:
Section: Volume D
NEW QUESTION 148
Two individuals are being considered for an audit team that is to perform a highly technical review. Which of the following situations would preclude selection of the individual for the audit due to an objectivity concern?
I.Person A is a member of the internal audit staff and has the required technical skills. Person A participated in a controls review of the system to be audited when it was being developed.
II.
Person B is a technical specialist who understands the audit area but is not a member of the internal audit staff. Although person B has personal credibility in the information systems department to be audited, person B works for another department in the organization.
- A. II only.
- B. Neither I nor II.
- C. I only.
- D. Both I and II.
Answer: B
NEW QUESTION 149
Risk assessments can vary in format, but generally include:
I.A description of identified risks.
II.
Tests of audit controls.
III.
A system of rating risks.
IV.
Sample size identification.
- A. I and III only.
- B. II, III, and IV only.
- C. I and II only.
- D. I, III, and IV only.
Answer: A
NEW QUESTION 150
Which of the following is most important for an internal auditor to consider when developing an approach for an audit engagement in a foreign country?
- A. Differences in typical working hours, compared to other countries.
- B. Accepted practices that may be illegal in other countries.
- C. The effects of subtle language nuances on translations.
- D. Currency exchange rates, as they relate to internal audit-related expenses.
Answer: B
NEW QUESTION 151
After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?
- A. To determine audit priorities in the new job, the auditor uses the audit risk approach that the auditor's previous employer used, without receiving permission to do so.
- B. At the new organization, the auditor is asked to develop forms to implement probability-proportional-to- size sampling. Although unsure of how to perform this type of sampling, the auditor proceeds without asking for assistance.
- C. In the first week at the new organization, the auditor discovers a high fraud risk surrounding the organization's database and suggests that the information technology department implement a new password system to prevent fraudulent actions before they occur.
- D. In preparing for an audit at the previous organization, the auditor had conducted a great deal of research on the Internet at home to identify best practices for the management of a treasury function.
The auditor has retained much of the research and uses it to conduct an audit of the new employer's treasury function.
Answer: B
NEW QUESTION 152
According to the International Professional Practices Framework, which of the following are allowable activities for an internal auditor?
1. Advocating the establishment of a risk management function.
2. Identifying and evaluating significant risk exposures during audit engagements.
3. Developing a risk response for the organization if there is no chief risk officer.
4. Benchmarking risk management activities with other organizations.
5. Documenting risk mitigation strategies and techniques.
- A. 1.2, and 3 only.
- B. 2. 3. 4. and 5 only.
- C. 4 and 5 only.
- D. 1.2. 4. and 5 only.
Answer: D
NEW QUESTION 153
An auditor identifies three errors in the sample of 25 entries selected for review (a 12 percent error rate). Based on this result, the auditor assumes that approximately 59 of the total population of 492 entries are incorrect. To reach this assumption, the auditor has used a technique known as which of the following?
- A. Acceptance sampling.
- B. Variability tolerance.
- C. Stratification.
- D. Ratio estimation.
Answer: D
NEW QUESTION 154
According to IIA guidance, which of the following is most critical to ensuring that an organization's risk management program remains effective over time?
- A. Ensuring a fully executed assurance role for the internal audit activity.
- B. Conducting a combination of ongoing risk reviews and individual evaluations.
- C. Establishing a risk management function and appointing a chief risk officer.
- D. Conducting risk evaluations that include ranking the relative importance of each risk.
Answer: C
NEW QUESTION 155
Which of the following lists these audit steps in the correct chronological order?
I.Create the engagement work program.
II.
Conduct the exit conference.
III.
Perform fieldwork.
IV.
Schedule the audit engagement.
Issue a summary report of audit findings.
- A. I, IV, III, II, V.
- B. I, IV, II, III, V.
- C. IV, I, III, II, V.
- D. IV, III, I, V, II.
Answer: C
NEW QUESTION 156
Which of the following would be a violation of the objectivity of a certified internal auditor?
Accepting a motivational book from a major vendor.
Attending a professional sporting event as the guest of a corporate supplier.
Performing an internal audit engagement for a division 18 months after having controllership responsibility for that division.
Designing and implementing a corporate-wide utilities cost containment program.
- A. 1 and 3only
- B. 2 and 4only
- C. 2 and 3only
- D. 1,3,and 4only
Answer: B
NEW QUESTION 157
What conclusion can be reached by comparing a random sample of vendor invoices to purchase orders?
- A. Invoices were for authorized purchases.
- B. Authorized invoices were paid.
- C. No duplicate invoices were received.
- D. No duplicate payments were made.
Answer: A
NEW QUESTION 158
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization's social responsibility program is effective?
- A. All employees.
- B. Board of directors.
- C. Internal audit activity.
- D. Senior management
Answer: C
NEW QUESTION 159
A senior manager asks the chief audit executive (CAE) to explain why statistical sampling is the best method to use in conducting an internal audit. Which advantages should the CAE point to in order to justify the internal audit activity's (IAA) use of statistical sampling?
- A. Statistical sampling itself identifies root causes of issues, utilizes a qualitative method for analyzing results, and supports engagement objectives through the use of external benchmarking.
- B. Statistical sampling allows for evaluation of all organizational data at once, increases the likelihood that risks are immediately identified, and does not require a level of tolerable misstatement or margin of error.
- C. Statistical sampling sets limits on resources used for the IAA, allows for a subjective interpretation of the IAA's sampling results, and supports The Institute of Internal Auditors' requirements for using questionnaires as a sampling tool.
- D. Statistical sampling allows for the selection of a minimum sample size, provides a quantitative expression of the IAA's sampling results, and supports extrapolation.
Answer: D
NEW QUESTION 160
......
IIA-CIA-Part1 Exam Dumps PDF Guaranteed Success with Accurate & Updated Questions: https://www.testpassking.com/IIA-CIA-Part1-exam-testking-pass.html
Pass IIA-CIA-Part1 Exam - Real Test Engine PDF with 584 Questions: https://drive.google.com/open?id=1J6O9XA6Vs2Ldud6RQvb0OkH81A5uXyG9