Download Certified Internal Auditor - Part 1, The Internal Audit Activity's Role in Governance, Risk, and Control.IIA-CIA-Part1.VCEplus.2024-08-31.250q.vcex

Vendor: IIA
Exam Code: IIA-CIA-Part1
Exam Name: Certified Internal Auditor - Part 1, The Internal Audit Activity's Role in Governance, Risk, and Control
Date: Aug 31, 2024
File Size: 199 KB
Downloads: 2
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Demo Questions

Question 1
According to MA guidance, which of the following gives the internal audit activity the authority to request supporting documentation for the invoices of a third-party service provider?
  1. The internal audit policy manual.
  2. The internal audit charter.
  3. The board of directors.
  4. The quality assurance and improvement program.
Correct answer: B
Question 2
Which of the following is a responsibility of the internal audit activity as it relates to risk and risk management?
  1. Evaluating and suggesting improvements to the risk management process.
  2. Establishing the organization's risk appetite.
  3. Determining whether the risk attitude is aligned with shareholder interests.
  4. Ensuring an adequate risk management system is in place.
Correct answer: D
Question 3
In addition to her internal audit activity responsibilities, the chief audit executive has been asked to oversee the organization's insurance function. Which of the following responses is most appropriate?
  1. Welcome the additional responsibility, as it represents an opportunity to gain more information for future audits.
  2. Revise the internal audit charter to include oversight of the insurance function, ensuring that all of her responsibilities are properly documented.
  3. Report the request to the board and recommend alternate processes to obtain assurance related to insurance activities.
  4. Promptly remove the organization's insurance function from the audit universe.
Correct answer: B
Question 4
Which of the following actions by an internal auditor would be the most relevant to determine the effectiveness of controls?
  1. Participate in a fraud risk-assessment session as an in-house facilitator.
  2. Send regular written updates to senior management on new control-related regulations.
  3. Lead a seminar on internal controls and provide numerous examples to the audience.
  4. Conduct a surprise inventory count at the raw materials warehouse.
Correct answer: D
Question 5
Which of the following would be the most suitable internal control framework for an organization to adopt?
  1. A framework that specifies common best practices for an organization to evaluate and benchmark.
  2. A framework that specifies correct and incorrect business methodologies.
  3. A framework with precise specifications for how controls and processes should be employed.
  4. A framework that offers step-by-step guidance for remedial action for all organization types.
Correct answer: A
Question 6
Which of the following scenarios best illustrates the Fraud Triangle component known as "perceived opportunity"?
  1. Substantial bonuses are awarded if financial targets are met.
  2. Duties are not properly segregated.
  3. Employees may perceive favoritism and feel overlooked and resentful.
  4. Bonuses may not be paid this year.
Correct answer: B
Question 7
Which of the following is most important for an internal auditor to consider when developing an approach for an audit engagement in a foreign country?
  1. Currency exchange rates, as they relate to internal audit-related expenses.
  2. Differences in typical working hours, compared to other countries.
  3. The effects of subtle language nuances on translations.
  4. Accepted practices that may be illegal in other countries.
Correct answer: D
Question 8
A third-party provider's questionable labor practices have exposed the organization to reputational risks and regulatory risks. Which of the organization's risk management practices was most likely ineffective?
  1. The organization ensured that the third-party vendor provided the best pricing for the requested services.
  2. The organization conducted quality control reviews of provided services to ensure industry standards were met.
  3. The organization performed a due diligence review of all vendors during the bid review process.
  4. The organization planned to issue a resolution concerning the third-party provider's labor practices.
Correct answer: A
Question 9
According to IIA guidance, which of the following training methods is considered most effective in assisting new entry-level internal auditors in achieving competence with internal audit practices in the workplace?
  1. Pursuance of an internal audit certification.
  2. Enrollment in internal audit practice webinars.
  3. Attendance of internal audit workshops.
  4. Involvement in a variety of audit assignments.
Correct answer: D
Question 10
Which of the following is part of a fraud detection program?
  1. Whistleblower hotline.
  2. Authority limits.
  3. Background investigations
  4. Evaluation of compensation programs.
Correct answer: A
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