100% Pass 2025 IIA Useful IIA-CIA-Part1: Test Essentials of Internal Auditing Dumps Pdf

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IIA-CIA-Part1 exam consists of 125 multiple-choice questions that must be answered within two and a half hours. IIA-CIA-Part1 Exam is computer-based and can be taken at any of the IIA's testing centers worldwide. Candidates who pass the exam will be awarded the CIA credential, which is recognized globally as a mark of excellence in the internal auditing profession. The CIA certification can open up new career opportunities and enhance the candidate's credibility and earning potential. It is a valuable credential for internal auditors who want to demonstrate their expertise and commitment to the highest standards of professionalism.

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IIA Essentials of Internal Auditing Sample Questions (Q140-Q145):

NEW QUESTION # 140
According to IIA guidance, which of the following risk management process evaluation findings would the internal audit activity consider most effective?

A. Strategic risks with low residual values are continuously monitored.
B. Relevant risk information is captured and communicated in a periodic manner to management.
C. Risk responses align with the organization's risk appetite.
D. Risk management processes are monitored through an annual assessment.

Answer: C

Explanation:
Section: Volume D

NEW QUESTION # 141
Which of the following best demonstrates conformance with the Standards relating to continuing professional development of internal auditors?

A. Approval and signoff from the board of directors.
B. A review by external auditors on an annual basis
C. Self-assessments against a competency framework.
D. Regulatory approval from an accrediting agency.

Answer: C

Explanation:
Conformance with the Standards relating to continuing professional development of internal auditors is best demonstrated by self-assessments against a competency framework. Such self-assessments allow internal auditors to evaluate their skills and knowledge against defined criteria to identify areas for improvement and ensure ongoing professional development. This approach is directly aligned with the IIA's Standards, which emphasize the importance of continuous improvement and competency in internal audit practices.References:
The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing

NEW QUESTION # 142
Which of the following would the internal audit activity do first if fraud is suspected during an audit engagement?

A. Interview the employees who may be implicated in the fraud.
B. Expand audit testing to determine whether fraud actually occurred.
C. Determine the potential impact on the organization.
D. Advise management regarding the event and provide recommendations.

Answer: B

Explanation:
If fraud is suspected during an audit engagement, the internal audit activity should first expand audit testing to gather sufficient and appropriate evidence to confirm or dispel the suspicion2. This may involve applying additional or alternative audit procedures, such as data analysis, interviews, observations, or confirmations3. The internal audit activity should also document the results of the expanded audit testing and communicate them to the appropriate parties in accordance with the organization's policies and procedures4.
References:
1: CIA Exam Practice Questions - Certified Internal Auditor 2019 2: Fraud and Internal Audit | Grant Thornton5 3: FRAUD AND INTERNAL AUDIT IIA POSITION PAPER FRAUD AND INTERNAL AUDIT Assurance Over Fraud Controls Fundamental to Success Introduction Every year billions of dollars are lost to fraud and corruption resulting in inefficiencies, aborted projects, financial challenges, organizational failure, and, in extreme cases, humanitarian disaster. Often fraud occurs because of poorly designed controls and weak governance undermining the organization's processes. Organizations should have robust internal control procedures to limit the risk of fraud, and internal audit's role is to assess these controls.
Fundamental Fraud Facts Fraud can be defined as any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the threat of violence or physical force. Frauds are perpetrated by parties and organizations to obtain money, property, or services; to avoid payment or loss of services; or to secure personal or business advantage. Fraud is not unique to any organization type. It occurs in public and privately owned businesses, not-for-profit, in organizations that seek to contribute to economic and social well-being, such as government departments, financial institutions, and public and private utilities (water, electricity, education, health care, etc.). In short, the opportunity to commit fraud exists everywhere.
How organizations deal with the risk of fraud may be influenced by legal jurisdiction and the organization's own risk assessment and appetite. Fraud can often lead to litigation, dismissal, and recovery of assets. It is essential, therefore, that any investigation is undertaken by suitably qualified individuals to reduce the risk of compromising evidence, accusing wrongfully, or undermining prospective legal actions. Consistent with The IIA's International Standards for the Professional Practice of Internal Auditing on proficiency (1210.A2), internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization. KEY TAKEAWAYS Organizations should have robust internal control procedures to limit the risk of fraud, and internal audit's role is to assess these controls. The organization should have a suitable fraud prevention and response plan in place allowing effective limitation and swift response to the identification of fraud and management of the situation. This should include digital data. The chief audit executive should consider how the risk of fraud is managed across the organization and assess the fraud risk exposure periodically. The risk of fraud should be included in the audit plan and each audit assignment to evaluate the adequacy of anti-fraud controls. Internal auditors should not investigate fraud unless they have the specific experience and expertise required to do so. The IIA's Perspective Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Its role includes detecting, preventing, and monitoring fraud risks and addressing those risks in audits and investigations.1, p. 4 4: Standard 2400 - Communicating Results - The Institute of Internal Auditors or The IIA

NEW QUESTION # 143
An organization's sales professionals are potentially abusing the use of cellular phones, resulting in an alarming increase in telephone expenses. Which of the following controls is least likely to curb this abuse?

A. Requiring authorization of the cellular phone bill payment by the manager of the telecommunications department.
B. Requiring sales professionals to pay monthly cellular phone bills and subsequently submit only business calls for reimbursement using an expense report process.
C. Requiring sales managers to approve monthly bills prior to payment, explain budget variances, and explain increases from previous periods.
D. Developing periodic reports to management that show type, length, and number of calls per sales professional, with related totals and comparisons.

Answer: A

NEW QUESTION # 144
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When comparing an organization's current performance to that of the prior year, an internal auditor found that:
Total labor costs had increased.
More overtime costs had been incurred.
The total number of workers had increased.
Net income was 10 percent lower.
Based solely on this information, which of the following is a valid conclusion?

A. Net income per worker decreased.
B. Total labor hours increased.
C. Worker efficiency decreased.
D. Wage rates increased.

Answer: A

NEW QUESTION # 145
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100% Pass 2025 IIA Useful IIA-CIA-Part1: Test Essentials of Internal Auditing Dumps Pdf

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IIA Essentials of Internal Auditing Sample Questions (Q140-Q145):

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