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NEW QUESTION 1
Which of the following types of fraud includes embezzlement?
- A. Fraudulent statements.
- B. Bribery.
- C. Misappropriation of assets.
- D. Corruption.
NEW QUESTION 2
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?
- A. The amount of risk that an organization is willing to seek or accept.
- B. The extent and degree of interdependency for identified key risks.
- C. The boundaries established to manage the amount of risk taken.
- D. The exposure to risks following management's risk responses.
NEW QUESTION 3
Which of the following are components of the ISO 31000 risk management process?
* 1. Setting the context.
* 2. Risk treatment.
* 3. Risk avoidance.
* 4. Communication.
- A. 1 and 2 only.
- B. 2 and 3.
- C. 3 and 4.
- D. 1,2, and 4.
NEW QUESTION 4
A new internal audit activity is creating its first charter. According to IIA guidance, which of the following objectives would be appropriate for inclusion in the charter?
- A. Continuously monitor the organization's overall risk activities in relation to its risk appetite.
- B. Evaluate the adequacy and effectiveness of the organization's governance activities.
- C. Oversee the establishment and administration of an effective risk management program.
- D. Assist management in implementing recommended control improvements.
NEW QUESTION 5
Which of the following statements is true with regard to conducting an effective quality assurance and improvement program?
- A. The IIA's Quality Assessment Manual for the Internal Audit Activity must be used as the basis for periodic assessments.
- B. Members of the internal audit activity are not permitted to perform quality assessments, as they would not be independent.
- C. Periodic internal assessments provide the most current and independent recommendations for improvement.
- D. The conclusions of periodic internal assessments are intended to assist in achieving conformity to the Standards.
NEW QUESTION 6
A chief audit executive (CAE) reports functionally to the CEO and administratively to the chief financial officer, both of whom serve on the company's board of directors. According to IIA guidance, which of the following would offer the greatest protection for the independence of the internal audit activity?
- A. Appoint the CAE as a member of the board.
- B. Move the CAE's functional reporting to an executive who is not on the board.
- C. Obtain full board approval of the internal audit activity's annual audit plan.
- D. Move the CAE's functional reporting to the audit committee.
NEW QUESTION 7
According to COSO, which of the following describes a principle related to the control environment?
- A. The organization identifies and assesses changes that could significantly impact the system of internal control.
- B. The organization establishes appropriate authorities and responsibilities in the pursuit of objectives.
- C. The organization selects and develops control activities that contribute to the mitigation of risks.
- D. The organization performs evaluations to ascertain whether internal control components are present and functioning.
NEW QUESTION 8
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annua snowfall for the coming winter. Which of the following best describes this type of risk?
- A. Residual.
- B. Net.
- C. Inherent.
- D. Accepted.
NEW QUESTION 9
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.
NEW QUESTION 10
Which of the following factors have the greatest influence on the independence of the internal audit activity?
- A. Quality assessments and cultural biases of the internal audit activity.
- B. Rotational assignments and familiarity of the internal audit activity.
- C. Employee incentives and self review of the internal audit activity.
- D. Organizational positioning and scope control of the internal audit activity.
NEW QUESTION 11
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. 1 and 4 only.
- B. 3 and 4 only.
- C. 2, 3, and 4 only.
- D. 1,2, 3, and 4.
NEW QUESTION 12
An organization is beginning to implement an enterprise risk management program. One of the first steps is to develop a common risk language. Which of the following statements about a common risk language is true?
- A. Management will be able to reduce inherent risk because they will have a better understanding of risk.
- B. Internal auditors will be able to reduce their sample sizes because controls will be more consistent.
- C. Stakeholders will have more assurance that the risks are assessed consistently.
- D. Decision makers will understand that the likelihood of missing or ineffective controls will be reduced.
NEW QUESTION 13
What should the internal auditor's role be in assessing the organization's ethical climate?
- A. Perform ongoing surveys of the employees, customers, and partners of the organization to assess the organization's ethical climat
- B. ^Evaluate the effectiveness of the organization's strategies and
- C. processes for achieving the desired level of legal and ethical compliance.
- D. Maintain a whistleblower hotline to identify inappropriate or illegal activity within the organization.
- E. Perform background checks of potential new employees before they are hired by the organization.
NEW QUESTION 14
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.
NEW QUESTION 15
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.
- A. 1.2, and 3.
- B. 1,2, and 4.
- C. 1.3, and 4.
- D. 2. 3, and 4.
NEW QUESTION 16
Which of the following is considered a violation of The IIA's Code of Ethics?
- A. An auditor conveys public information about an organization's financial condition.
- B. An auditor reports a manager's illegal activity to senior management, rather than reporting the incident to the appropriate external authority.
- C. An auditor receives allegations of fraud from a whistleblower and immediately reports the allegations to senior management.
- D. An auditor reports material deficiencies, despite the fact that management is already aware of the defects.
NEW QUESTION 17
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