[Jan 23, 2022] IIA-CIA-Part1 Dumps PDF and Test Engine Exam Questions - DumpsMaterials
Verified IIA-CIA-Part1 exam dumps Q&As with Correct 185 Questions and Answers
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NEW QUESTION 108
When developing an effective risk-based plan to determine audit priorities, an internal audit activity should start by:
- A. Reviewing organizational objectives.
- B. Identifying risks to the organization's operations.
- C. Prioritizing known risks.
- D. Observing and analyzing controls.
Answer: A
Explanation:
Section: Volume B
NEW QUESTION 109
Which of the following risk factors is most subjective?
- A. Changes in staff, systems, or the environment.
- B. Size of the unit being audited.
- C. Prior audit findings.
- D. Competency of operating management.
Answer: D
NEW QUESTION 110
Who is responsible for setting the risk appetite?
- A. Chief risk officer.
- B. Operations management.
- C. External auditors.
- D. Board of directors.
Answer: D
NEW QUESTION 111
Which of the following would be most relevant regarding the internal control environment?
- A. Comparing and validating internal performance with external benchmarking.
- B. Documenting the organizational structure.
- C. Maintaining and reviewing detailed financial records.
- D. Assessing controls over computerized applications.
Answer: B
NEW QUESTION 112
Why are preventative controls generally preferred to detective controls?
- A. Because preventive controls promote doing the right thing in the first place, and lessen the need for corrective action.
- B. Because preventive controls include output procedures, which cover the full range of possible reviews, reconciliations and analysis.
- C. Because preventive controls are more sensitive and identify more exceptions than detective controls.
- D. Because preventive controls identify exceptions after-the-fact, allowing them to be used after the entire review is complete and therefore finding exceptions that detective controls may have missed.
Answer: A
NEW QUESTION 113
The chief commodity trader for a large energy company learns from a friend that a competitor will likely fail its upcoming regulatory audit and will be forced to temporarily decrease production. If the information is true, the trader has short-term opportunities to make trades that will financially benefit the trader's company and will lead to a substantial increase in the trader's performance bonus. However, if the information is not true, making the trades will significantly increase the company's risk of being caught in a long position. From an ethical perspective, which of the following would be the most appropriate course of action for the trader to take?
- A. Make the trade because the company and the trader will both benefit.
- B. Defer the decision to management and risk the loss of the trading opportunity.
- C. Disclose the information to the risk oversight committee but proceed with the trade to capitalize on the opportunity.
- D. Have another trader on staff make the trade in order to avoid a conflict of interest.
Answer: B
Explanation:
Section: Volume B
Explanation/Reference:
NEW QUESTION 114
The chief audit executive (CAE) wants to ensure that there are sufficient resources available to fulfill the responsibilities of the internal audit activity in the coming year. Which statement describes the most logical sequence of events for the CAE to undertake in order to achieve this objective?
- A. Review prior year audit plan; review existing resources; confirm new audit plan; confirm budget.
- B. Review results of prior year audit plan; adjust current plan accordingly; hire required resources; confirm budget.
- C. Confirm audit plan; confirm budget; review existing resources; identify outstanding resource requirements.
- D. Confirm budget; review existing resources; obtain any new resources required; confirm new audit plan.
Answer: C
NEW QUESTION 115
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. Due professional care.
- B. Employment of tools and techniques.
- C. Engagement supervision.
- D. Demonstrated compliance with procedures.
Answer: C
NEW QUESTION 116
Which of the following definitions best describes enterprise risk management?
- A. Enterprise risk management is broader than governance and internal control, and focuses on activities designed to ensure that risks are contained at a level acceptable to the enterprise.
- B. Enterprise risk management is broader than internal control and focuses on risk identification and management, and assurance that business objectives will be met.
- C. Enterprise risk management is narrower than internal control and focuses on managing the risk of loss resulting from external events.
- D. Enterprise risk management is narrower than internal control and focuses on risk mitigation strategies across the enterprise.
Answer: B
Explanation:
Section: Volume D
NEW QUESTION 117
An organization receives the most value from an internal audit activity's enterprise-wide risk assessment when the auditor:
- A. Considers activities at all levels of the organization.
- B. Validates supporting financial and operational data.
- C. Reviews special projects and new initiatives.
- D. Focuses primarily on enterprise-level risks.
Answer: A
Explanation:
Section: Volume B
NEW QUESTION 118
According to IIA guidance, which of the following is the most likely obstacle to undertaking a quality assurance and improvement program by the internal audit activity?
- A. The lack of independence and objectivity.
- B. The size of internal audit department under review.
- C. The time commitment to complete.
- D. The inability to adequately fund the program.
Answer: D
Explanation:
Section: Volume D
NEW QUESTION 119
It is important for a chief audit executive to seek formal approval from the board regarding an internal audit charter so that:
- A. There is assurance that all internal audit activities will be completed.
- B. The effectiveness of the internal audit activity can be measured.
- C. Improvements can be implemented in internal audit processes.
- D. The status of the internal audit activity can be more clearly established.
Answer: D
Explanation:
Section: Volume B
Explanation/Reference:
NEW QUESTION 120
During an account receivables audit, an internal auditor found a significant number of input errors resulting in a
$500, 000 balance understatement.
Which of the following is the most important question the internal auditor should ask to develop an appropriate recommendation for this finding?
- A. Who?
- B. When?
- C. How?
- D. Why?
Answer: D
Explanation:
Section: Volume E
NEW QUESTION 121
The internal audit activity's role in the risk assessment and management processes of an organization is determined by the:
- A. External auditors.
- B. Risk management department.
- C. Chief audit executive.
- D. Board of directors.
Answer: D
NEW QUESTION 122
When auditing the award of a major contract,which of the following should an internal auditor suspect as a red flag for a bidding fraud scheme?
1.Subsequent change orders increase requirements for low-bid items.
2.Material contract requirements are different on the actual contract than on the request for bids.
3.A
high percentage of employees are charged to indirect accounts. 4.Losing bidders are hired as subcontractors.
- A. 1 and 3.
- B. 1only
- C. 2only
- D. 2 and 4.
Answer: D
NEW QUESTION 123
......
What are the topics covered in IIA-CIA-Part1 Exam
Candidates must know the topics before they start of preparation. Because it will really help them in hitting the core. Our IIA-CIA-Part1 Exam dumps will include the following topics:
- Governance, Risk Management, and Control (35%)
- Fraud Risks (10%)
- Quality Assurance and Improvement Program (7%)
- Foundations of Internal Auditing (15%)
- Proficiency and Due Professional Care (18%)
- Independence and Objectivity (15%)
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