IIA-CIA-PART1 RELIABLE TEST ANSWERS - IIA-CIA-PART1 CERTIFICATION SAMPLE QUESTIONS

IIA-CIA-Part1 Reliable Test Answers - IIA-CIA-Part1 Certification Sample Questions

IIA-CIA-Part1 Reliable Test Answers - IIA-CIA-Part1 Certification Sample Questions

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IIA-CIA-Part1 certification exam is one of the most respected and recognized certifications in the field of internal auditing. It focuses on the essential knowledge and skills required for internal auditors to conduct effective and efficient audits of an organization's operations, including financial reporting, risk management, and governance processes. IIA-CIA-Part1 Exam is offered by the Institute of Internal Auditors (IIA), a global organization with more than 200,000 members in over 170 countries.

IIA-CIA-Part1 exam consists of 125 multiple-choice questions and must be completed within two and a half hours. It is a computer-based exam that can be taken at any Pearson VUE testing center worldwide. The passing score for the exam is 600 out of a possible 800 points, and candidates receive immediate feedback on their performance after completing the exam.

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IIA-CIA-Part1 Certification Sample Questions, IIA-CIA-Part1 Latest Exam Cram

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IIA Essentials of Internal Auditing Sample Questions (Q261-Q266):

NEW QUESTION # 261
Which of the following engagements would be considered an appropriate consulting service?

  • A. The internal audit activity participates in a cosourcing arrangement with an IT audit firm to test information systems security.
  • B. The internal audit activity of a commercial bank routinely performs branch audits for compliance with regulations.
  • C. The internal audit activity facilitates biannual training of the risk management team in risk identification methodologies.
  • D. The internal audit activity partners with external auditors annually to complete fieldwork required as a part of the external audit exercise.

Answer: C

Explanation:
The most appropriate consulting service from the options provided is facilitating biannual training of the risk management team in risk identification methodologies. This is considered a consulting activity because it involves adding value and improving the organization's operations through training and development, a supportive role that falls squarely within the scope of consulting services as defined by the IIA.References:
IIA guidance on the nature of consulting services provided by internal audit activities.


NEW QUESTION # 262
The results of an internal control questionnaire revealed that all investment activity exceeding $10, 000 must be approved by the assistant treasurer. A sample of these transactions with a five-percent acceptable error rate found that 98 of the 100 items tested included the assistant treasurer's approval. Based on this data, the auditor should:

  • A. Contact the corporate finance department to verify all of the investments held.
  • B. Perform an analytical review of investment transactions in comparison with prior years to identify significant fluctuations.
  • C. Decide not to perform further testing of investment authorizations.
  • D. Confirm all investment activity with the firm's broker since errors in approval had occurred.

Answer: C


NEW QUESTION # 263
A chief audit executive added more money to the IT training budget to ensure the organization's internal auditors were able to perform data analytics while performing an audit. Which core competency is being addressed?

  • A. Due professional care.
  • B. Data analytics
  • C. Continuing professional development
  • D. IT fraud detection.

Answer: C

Explanation:
By adding more money to the IT training budget to ensure that internal auditors can perform data analytics, the chief audit executive is addressing the core competency of continuing professional development. Ensuring that auditors have the necessary skills and knowledge to perform advanced audit techniques, such as data analytics, is a critical aspect of their ongoing professional development. This investment helps auditors stay current with emerging technologies and methodologies, enhancing their overall effectiveness and the value they provide to the organization.
The IIA Standards: Standard 1230 - Continuing Professional Development: "Internal auditors must enhance their knowledge, skills, and other competencies through continuing professional development." IIA Practice Guide: "Developing an Internal Audit Training Program": Discusses the importance of ongoing training and development to maintain auditor proficiency and effectiveness.


NEW QUESTION # 264
The last quality assessment of the internal audit activity identified three areas for improvement:
the achievement of audit engagement objectives, quality of work, and staff development.
According to IIA guidance, which of the following should be the chief audit executive's primary focus to achieve these recommended improvements?

  • A. Engagement supervision.
  • B. Due professional care.
  • C. Employment of tools and techniques.
  • D. Demonstrated compliance with procedures.

Answer: A


NEW QUESTION # 265
According to the Standards, which of the following best describes why initial audit test results should be reported to the auditor-in-charge prior to advising management?

  • A. It is required to demonstrate that effective engagement supervision has occurred.
  • B. It ensures that an appropriate chain of evidence is maintained through the workpapers.
  • C. It increases the likelihood of obtaining the audit client's agreement with the results.
  • D. It helps ensure that appropriate professional judgments and conclusions are made.

Answer: D


NEW QUESTION # 266
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