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IIA-CIA-Part1 exam is an essential exam for those who want to become certified internal auditors. It covers the fundamental concepts and principles of internal auditing and is a requirement for obtaining the CIA certification. Candidates can prepare for the exam by studying the IIA's Essential of Internal Auditing book, taking practice exams, and attending review courses. Passing IIA-CIA-Part1 Exam is the first step in obtaining the CIA certification, which is recognized worldwide as the standard for excellence in the internal audit profession.

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IIA-CIA-Part1 certification exam covers a wide range of topics that are essential for internal auditors to know. These topics include governance, risk management, and control, as well as the internal audit process. IIA-CIA-Part1 exam is designed to test the candidate's understanding of these topics and their ability to apply them in real-world situations. IIA-CIA-Part1 Exam is computer-based and consists of 125 multiple-choice questions that must be answered within two hours and 30 minutes.

IIA Essentials of Internal Auditing Sample Questions (Q468-Q473):

NEW QUESTION # 468
Which of the following actions taken during an audit engagement is the best demonstration of an internal auditor's due professional care?

A. Document all audit tests completely.
B. Consider the possibility of noncompliance or irregularities at all times during an engagement.
C. Ensure that all financial information related to the engagement is included in the audit plan and examined for irregularities.
D. Notify the audit committee of any noncompliance or irregularity discovered during an engagement

Answer: B

Explanation:
Considering the possibility of noncompliance or irregularities at all times during an engagement best demonstrates an internal auditor's due professional care. This proactive approach to skepticism ensures that the auditor remains vigilant and prepared to identify any indications of noncompliance or irregular activities, which is central to upholding the integrity of the audit process.
IIA standards on due professional care, which emphasize the importance of maintaining an attitude of professional skepticism throughout the audit process.

NEW QUESTION # 469
The head of human resources notified the internal audit activity that a key account manager was fired because he did not register a large number of contracts with clients As a result the organization was unaware of its duties and would suffer some financial loss Which of the following should be expected from a competent internal auditor who is analyzing this situation?

A. The ability to evaluate whether such attributes as intent and personal gain were present
B. The ability to retrieve concealed or deleted information from the former employee's laptop
C. The ability to apply forensic methods to obtain legally admissible evidence
D. The ability to conduct admission-seeking interviews with potential suspects

Answer: A

Explanation:
In analyzing the situation where a key account manager failed to register a large number of contracts, a competent internal auditor should evaluate whether attributes such as intent and personal gain were present.
This involves assessing whether the individual's actions were deliberate and motivated by personal benefits.
Understanding these attributes is crucial for determining the root cause of the issue and identifying potential fraud or misconduct. It also helps in making recommendations to prevent future occurrences.
References:
* IIA Practice Guide: Fraud and Internal Audit
* IIA Standard 1210.A2: Proficiency - Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization

NEW QUESTION # 470
Which of the following is a typical characteristic of an organization's risk management framework?

A. Risk is assessed on both an inherent and a residual basis
B. Risk tolerance may or may not align with risk appetite depending on whether the assessment is quantitative or qualitative
C. External risks and internal opportunities are omitted from the risk assessment scope
D. The framework addresses four organizational objective categories strategic, historical, operational, and investment

Answer: A

Explanation:
A typical characteristic of an organization's risk management framework is that risk is assessed on both an inherent and a residual basis. Inherent risk is the level of risk in the absence of any controls or other management actions influencing the outcome. Residual risk is the risk that remains after controls and other treatment actions are taken. This dual approach helps organizations understand the full spectrum of risk before and after mitigative actions.References: Risk management frameworks, including COSO and ISO 31000.

NEW QUESTION # 471
A retail sales company has discontinued a product that normally sold for $100. During the first month of a sale of the product, a 20 percent discount was given. Later that sale price was reduced by an additional 40 percent. What was the overall discount from the original selling price?

A. 52 percent.
B. 60 percent.
C. 30 percent.
D. 48 percent.

Answer: A

NEW QUESTION # 472
Management of a publicly-held organization requires the internal audit activity to be involved with quarterly financial statements, which are made public and used internally. Which of the following explanations of management's decision is least plausible?

A. Management may perceive that having quarterly financial information examined by the internal auditors enhances the information's value to internal decision making.
B. Management is following best-practice protocol, as stipulated by the Standards, which states that internal auditors must review quarterly financial statements.
C. Management may be concerned about potential penalties that could occur if quarterly financial statements are misstated.
D. Management may be concerned about its reputation in the financial markets.

Answer: B

Explanation:
Section: Volume E

NEW QUESTION # 473
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