100% Pass Valid IIA-CIA-Part1 - Essentials of Internal Auditing Online Test

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IIA-CIA-Part1 exam is the first step towards obtaining the Certified Internal Auditor (CIA) certification. It is a computer-based exam consisting of 125 multiple-choice questions that must be completed within 2 hours and 30 minutes. IIA-CIA-Part1 Exam is available in multiple languages and can be taken at any Pearson VUE test center around the world.

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IIA-CIA-Part1 exam is a computer-based exam and consists of 125 multiple-choice questions. Candidates have 2 hours and 45 minutes to complete the exam. IIA-CIA-Part1 Exam is available in multiple languages, including English, Spanish, Chinese, and Arabic, among others. The passing score for the exam is 600 out of 800.

IIA Essentials of Internal Auditing Sample Questions (Q128-Q133):

NEW QUESTION # 128
Which of the following would have the least impact (either positive or negative) on an assessment of a department's control environment?

A. The department managed long-term investments, including investment in derivatives and other financial instruments, to maximize return.
B. Many department functions were duplicated or verified by other department employees as part of the department's normal procedures.
C. Audit tests designed to verify compliance with control procedures detected a general failure to follow standard procedures for transaction authorization.
D. The department manager sets a tone of honesty and integrity in all business dealings and this tone is emulated by department personnel.

Answer: A

Explanation:
Section: Volume B

NEW QUESTION # 129
Which of the following items of evidence is most valid to support a finding that a public utility's repair crews are sometimes required to work under unsafe conditions?

A. Written and signed descriptions from repair crew members of the unsafe conditions that they have had to endure.
B. Audio taped testimonials from repair crew members who were required to work under unsafe conditions.
C. Videotapes of repair crews working in a situation that is unsafe.
D. Reports showing increases in the number of days of sick leave for individuals on repair crews.

Answer: C

NEW QUESTION # 130
While preparing the audit plan for an automobile manufacturing company, the chief audit executive (CAE) noted that the company's engineering department received a high risk ranking. However, the internal audit activity is understaffed, and current staff do not possess the necessary skills to adequately assess the effectiveness of the engineering department. What is the most appropriate course of action for the CAE to take?

A. Advise management to accept the assessed risk until the internal auditors are able to review the area adequately.
B. Include the engineering department on the audit plan, use the available internal audit resources to conduct the review, and exclude procedures that cannot be adequately assessed.
C. Recruit internal auditors with the required competencies and wait until they are employed before including this audit on the internal audit plan.
D. Proceed with a review of the engineering department but supplement the internal audit team with nonauditors from an external engineering company who have the required skills to assist

Answer: D

Explanation:
The most appropriate course of action for the CAE when facing a lack of internal audit staff with necessary skills to audit a high-risk area, like the engineering department, is to supplement the internal audit team with external experts who possess the required competencies. This approach ensures that the audit can be conducted effectively and comprehensively, allowing for an accurate assessment of risks and controls in the engineering department without delaying the review until new auditors can be hired and trained.References: Institute of Internal Auditors (IIA) - International Professional Practices Framework (IPPF)

NEW QUESTION # 131
What is due professional care in internal audit? 4: Standard 1220 - Due Professional Care - The Institute of Internal Auditors or The IIA Which of the following scenarios most likely indicates that the organization is not managing risks effectively?

A. Senior management terminated contracts with certain solar panel manufacturers due to potential allegations of child labor usage.
B. A construction project is significantly delayed due to an unexpected global pandemic.
C. A local community filed a lawsuit against a wind farm developer even though the developer complied with all legal requirements.
D. Securities market oversight authorities fined the organization for not disclosing significant transactions with a related party.

Answer: D

Explanation:
A). Securities market oversight authorities fined the organization for not disclosing significant transactions with a related party1 Just Short Explanation: Risk management is the process of identifying, assessing, and responding to the uncertainties that may affect the organization's objectives2. Effective risk management means attempting to control, as much as possible, future outcomes by acting proactively rather than reactively3. Therefore, effective risk management offers the potential to reduce both the possibility of a risk occurring and its potential impact.
Option A is the most likely scenario that indicates that the organization is not managing risks effectively, because it shows that the organization failed to comply with the disclosure requirements and exposed itself to regulatory fines and reputational damages4. This could have been avoided or mitigated if the organization had implemented a robust risk management framework that included policies, procedures, controls, and reporting mechanisms to ensure transparency and accountability in its transactions.
The other options are less likely to indicate ineffective risk management, as they involve external factors that are beyond the organization's control or influence. Option B involves an unexpected global pandemic, which is a rare and unpredictable event that could cause significant disruptions to any organization. Option C involves potential allegations of child labor usage by third-party suppliers, which is a reputational risk that the organization tried to address by terminating the contracts. Option D involves a lawsuit by a local community against a wind farm developer, which is a legal risk that the developer tried to prevent by complying with all legal requirements. These scenarios may still pose challenges or losses for the organization, but they do not necessarily reflect poor risk management practices.

NEW QUESTION # 132
Which of the following is the primary engagement responsibility of an entry-level internal auditor?

A. Documentation.
B. Analysis.
C. Reporting.
D. Leadership.

Answer: A

Explanation:
For entry-level internal auditors, the primary engagement responsibility typically involves documentation.
This includes accurately and thoroughly documenting audit evidence and findings, which is essential for supporting the audit's conclusions and for review by more senior auditors. This task is fundamental for ensuring that audit work is recorded and traceable, aligning with the IIA's standards on performance (specifically, documenting information to support conclusions and engagement results).References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.

NEW QUESTION # 133
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100% Pass Valid IIA-CIA-Part1 - Essentials of Internal Auditing Online Test

IIA IIA-CIA-Part1 Reliable Exam Guide & Reliable IIA-CIA-Part1 Braindumps Questions

IIA Essentials of Internal Auditing Sample Questions (Q128-Q133):

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