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NEW QUESTION 1
Which of the following are core responsibilities to be included in the internal audit charter?
* 1. Review reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information.
* 2. Determine the adequacy and effectiveness of the organization’s systems of internal accounting and operating controls.
* 3. Participate in the planning and performance of audits of potential acquisitions with the organization's outside accountants and other members of the corporate staff.
* 4. Report to those members of management who should be informed of results of audit examinations, the audit opinions formed, and the recommendations made.

  • A. 1 and 2.
  • B. 1 and 4.
  • C. 2 and 3.
  • D. 2 and 4.

Answer: A

NEW QUESTION 2
Given the highly technical and legal nature of privacy issues, which of the following statements best describes the internal audit activity's responsibility with regard to assessing an organization's privacy framework?

  • A. If an organization does not have a mature privacy framework, the internal audit activity should assist in developing and implementing an appropriate privacy framework.
  • B. Because the audit committee is ultimately responsible for ensuring that appropriate control processes are in place to mitigate risks associated with personal information, the internal audit activity is
  • C. required to conduct privacy assessments.
  • D. The internal audit activity may delegate to nonaudit IT specialists the responsibility of determining whether personal information has been secured adequately and data protection controls are sufficient.
  • E. The internal audit activity should have appropriate knowledge and competence to conduct an asses.......framework.

Answer: D

NEW QUESTION 3
According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?

  • A. CAE reviews and approves the annual audit plan.
  • B. CAE meets privately with The CEO at least annually.
  • C. CAE meets privately with The board at least annually.
  • D. CAE reports to the board regarding audit staff performance evaluation and compensation.

Answer: D

NEW QUESTION 4
According to IIA guidance, which of the following must internal auditors consider to conform with the requirements for due professional care during a consulting engagement?
* 1. The cost of the engagement, as it pertains to audit time and expenses in relation to the potential benefits.
* 2. The needs and expectation of clients, including the nature, timing, and communication of engagement results.
* 3. The application of technology-based audit and other data analysis techniques, where appropriate.
* 4. The relative complexity and extent of work needed to achieve the engagement's objectives.

  • A. 1, 2, and 3
  • B. 1, 2, and 4
  • C. 1, 3, and 4
  • D. 2, 3, and 4

Answer: B

NEW QUESTION 5
An auditor in charge was reviewing the workpapers submitted by a newly hired internal auditor. She noted that the new auditor's analytical work did not include any rating or quantification of the risk assessment results, and she returned the workpapers for correction. Which section of the workpapers will the new auditor need to modify?

  • A. Condition section.
  • B. Criteria section.
  • C. Effect section.
  • D. Cause section.

Answer: C

NEW QUESTION 6
According to IIA guidance, which of the following statements about working papers is false?

  • A. They assist in the implementation of recommendations.
  • B. They provide support for communication to third parties.
  • C. They demonstrate compliance with auditing standards.
  • D. They contribute to development of the internal audit staff.

Answer: A

NEW QUESTION 7
Which of the following best ensures the independence of the internal audit activity?
* 1. The CEO and audit committee review and endorse any changes to the approved audit plan on an annual basis.
* 2. The audit committee reviews the performance of the chief audit executive (CAE) periodically.
* 3. The internal audit charter requires the CAE to report functionally to the audit committee.

  • A. 3 only
  • B. 1 and 2 only
  • C. 2 and 3 only
  • D. 1, 2, and 3

Answer: C

NEW QUESTION 8
According to IIA guidance, which of the following statements describes one of the similarities between assurance and consulting services?

  • A. When planning assurance and consulting engagements, internal auditors must consider the strategies and objectives of the activity being reviewed.
  • B. Internal auditors determine the engagement objectives, scope, and work program for both assurance and consulting services.
  • C. Internal auditors must not provide assurance or consulting services for an activity for which they had responsibility within the previous year.
  • D. Both assurance and consulting services generally involve the internal auditor, the area under review, senior management, and the board.

Answer: A

NEW QUESTION 9
According to IIA guidance, which of the following statements is true when an internal auditor performs consulting services that improve an organization's operations?

  • A. The services must be aligned with those defined in the internal audit charter.
  • B. The services must not be performed by the same internal auditor who performed assurance services, in order to maintain objectivity.
  • C. The services may preclude assurance services from the consulting engagement.
  • D. The services impose no responsibility to communicate information other than to the engagement client.

Answer: B

NEW QUESTION 10
Which of the following statements is true regarding assurance services provided to clients outside of the organization?

  • A. Assurance services for outside clients are not covered under the internal audit charter.
  • B. Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.
  • C. The nature of assurance services for outside clients should be defined in the internal audit charter.
  • D. The nature of assurance services for outside clients is the same as for internal clients.

Answer: C

NEW QUESTION 11
According to The MA Code of Ethics, which of the following is one of the rules of conduct for objectivity?

  • A. Internal auditors shall continually improve their proficiency and effectiveness and quality of their services.
  • B. Internal auditors shall respect and contribute to legitimate and ethical objectives of the organization.
  • C. Internal auditors shall not accept anything that may impair or be presumed to impair their professional judgment.
  • D. Internal auditors shall be prudent in the use and protection of information acquired in the course of their duties.

Answer: C

NEW QUESTION 12
Which of the following is most likely to enhance an internal auditor's objectivity?

  • A. An auditor is appropriately able to communicate results.
  • B. An auditor performs his work free from interference.
  • C. An auditor is unrestricted in determination of scope.
  • D. An auditor avoids conflicts of interest.

Answer: D

NEW QUESTION 13
Which of the following is a weakness of observation as audit evidence?

  • A. It cannot be used to test the completeness assertion.
  • B. It cannot be used to test the existence assertion.
  • C. It cannot be used to test the occurrence assertion.
  • D. It cannot be relied upon because the evidence is not persuasive.

Answer: A

NEW QUESTION 14
An internal auditor completed an audit of a bank's loan department and found all significant risks to be managed adequately through effective internal controls. Which of the following would be an appropriate conclusion to report to management?

  • A. The residual risk is lower than or equal to the risk appetite.
  • B. The residual risk is higher than or equal to the risk appetite.
  • C. The inherent risk is lower than or equal to the risk tolerance.
  • D. The inherent risk is higher than or equal to the risk tolerance.

Answer: A

NEW QUESTION 15
Which of the following responsibilities would fall under the role of the chief audit executive, rather than internal audit staff or the audit manager?

  • A. Manage and support a quality assurance and improvement program.
  • B. Maintain industry-specific knowledge appropriate to the audit engagements
  • C. Set clear performance standards for internal auditors and the internal audit activity.
  • D. Apply problem-solving techniques for routine situations.

Answer: C

NEW QUESTION 16
According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?

  • A. To enable Triple Bottom Line reporting capability.
  • B. To facilitate the conduct of risk assessment.
  • C. To achieve and maintain sustainable development.
  • D. To fulfill regulatory and compliance requirements.

Answer: C

NEW QUESTION 17
Which of the following items should the chief audit executive disclose to senior management regarding the results of the internal audit activity's quality assessments?

  • A. The internal audit activity's plan for resource allocation.
  • B. The amount of the organization's potential loss prevented by the risk-based auditing of the internal audit activity.
  • C. The number of audits from the annual internal audit plan that were completed last year.
  • D. The qualifications and independence of the assessment Team.

Answer: B

NEW QUESTION 18
Which of the following types of fraud includes embezzlement?

  • A. Fraudulent statements.
  • B. Bribery.
  • C. Misappropriation of assets.
  • D. Corruption.

Answer: C

NEW QUESTION 19
The manager for an organization's accounts payable department resigned her post in that capacity. Three months later, she was recruited to the internal audit activity and has been working with the audit team for the last eight months. Which of the following assignments would the newly hired internal auditor be able to execute without any impairments to independence or objectivity?

  • A. An operations audit of the accounts payable department.
  • B. A consulting engagement related to a new accounts payable optimization initiative.
  • C. A review of the employees' sports club finances, which are overseen by the chief audit executive.
  • D. An assurance review for a sales program on which she previously provided consultation.

Answer: C

NEW QUESTION 20
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