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Pass Guaranteed Quiz IIA - IIA-CIA-Part1–Efficient Valid Test Question

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IIA-CIA-Part1 exam is designed to test the candidate's knowledge of the core principles and practices of internal auditing. IIA-CIA-Part1 exam covers a wide range of topics such as internal control and risk management, governance, fraud risks, and audit tools and techniques. IIA-CIA-Part1 Exam consists of 125 multiple-choice questions and is timed for two hours and thirty minutes. The passing score for the exam is 600 on a scale of 250-750.

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IIA-CIA-Part1 exam consists of 125 multiple-choice questions and has a time limit of two and a half hours. IIA-CIA-Part1 Exam covers four main domains, including the foundations of internal auditing, independence and objectivity, proficiency and due professional care, and quality assurance and improvement. Candidates who successfully pass the exam will be awarded the Certified Internal Auditor (CIA) designation, which is recognized globally as a mark of excellence in the internal auditing profession.

IIA Essentials of Internal Auditing Sample Questions (Q531-Q536):

NEW QUESTION # 531
In developing an appropriate work program for an audit engagement, the most important factor for an audit supervisor to consider is the:

A. Capabilities of audit personnel.
B. Availability of records and data.
C. Potential impact of risks.
D. Time required to complete the engagement.

Answer: C

NEW QUESTION # 532
The best reason for separating the cash-receiving function from the related record-keeping function is to:

A. Provide accountability for cash received.
B. Segregate cash payments from cash receipts.
C. Minimize misappropriations in cash receipts.
D. Improve physical security over the cash-receiving function.

Answer: C

Explanation:
Section: Volume B

NEW QUESTION # 533
During an assurance engagement, an internal auditor reviews a tender inviting vendors to submit bids to supply financial services software to the organization. She suspects that the tender was tailored for the bidder who eventually won the contract. What should the auditor do next?

A. Confront a procurement specialist with the suspicion.
B. Analyze technical terms and conditions of the tender.
C. Submit an anonymous tip to the whistleblower hotline.
D. Review payments made for the financial services software.

Answer: B

Explanation:
When an internal auditor suspects that a tender was tailored for a specific bidder, the next appropriate action is to analyze the technical terms and conditions of the tender (Option D). This step involves a detailed examination of the tender documentation to identify any specific terms that may have been included to favor a particular bidder. Such an analysis can provide evidence of bias or manipulation. According to the IIA Standards, auditors must gather sufficient, reliable, and relevant evidence to support their findings (Standard
2310: Identifying Information).
IIA Standards, Standard 2310: Identifying Information
IIA Practice Guide: Evaluating Third-party Risk Management

NEW QUESTION # 534
In which of the following ways could stakeholders be engaged in corporate social responsibility efforts?

A. Involvement in focus groups and complaint management
B. Investigation of health and safety incidents.
C. Auditing of controls and management systems.
D. Communication of disclosures and external reporting,

Answer: A

Explanation:
Engaging stakeholders in corporate social responsibility (CSR) efforts is effectively done through their involvement in focus groups and complaint management. This method facilitates direct interaction and feedback from stakeholders, ensuring that their concerns and insights are considered in the CSR activities, thereby enhancing transparency and stakeholder engagement in the organization's CSR strategy.
Best practices in stakeholder engagement and CSR from business management literature.

NEW QUESTION # 535
A chief audit executive has reported to the board that the internal audit activity is lacking financial accounting knowledge for specific audit projects. Upon approval from the board which of the following hiring approaches is best in this situation?

A. An inbound rotational program
B. An outbound rotational program
C. A full-time permanent recruitment
D. A guest auditor program

Answer: D

Explanation:
In situations where the internal audit activity lacks specific financial accounting knowledge for certain audit projects, implementing a guest auditor program is a strategic approach. This program allows the organization to bring in external experts or auditors with specialized knowledge on a temporary basis to address the specific needs of the audit. This approach provides the required expertise without the long-term commitment of a full-time hire, ensuring flexibility and immediate enhancement of the audit team's capabilities.
References:
* The IIA Standards: Standard 1210 - Proficiency: "Internal auditors must possess the knowledge, skills, and other competencies needed to perform their individual responsibilities."
* IIA Practice Guide: "Guest Auditor Programs": Discusses the benefits of bringing in external experts for specialized audit needs.

NEW QUESTION # 536
......

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