Free IIA-CIA-Part1 Exam Questions - Easiest Way for Success

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Total 951 Questions | Updated On: Sep 12, 2024

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Question 1

Which of the following would require a disclosure of nonconformance with the Standards and The IIA's Code of Ethics in the communication of an engagement's results?

A : During an audit of the marketing department, management distributed coffee mugs to employees in the area, and the engagement supervisor accepted one as a souvenir.

B : While conducting a compensation and benefits audit, the auditor exchanged salary data with peers in similar organizations.

C : An inexperienced internal auditor did most of the fieldwork during a technical IT audit; however, he was closely supervised by a more experienced IT audit manager.

D : A member of the audit team conducted fieldwork in an area of the organization for which he was previously responsible for just over a year ago.

Answer: D

Question 2

Which of the following processes should be included in a benchmarking activity?

I. Identify key measures.

II. Collect data on performances and practices.

III. Identify opportunities for improvement.

A : II only

B : I and III only

C : II and III only

D : I, II, and III.

Answer: D

Question 3

A company's chief audit executive determines that the internal audit staff does not have the requisite skills to conduct an audit of the financial derivatives area.

Which of the following actions would be the least acceptable?

A : Notify the audit committee of the problem and consult with them regarding outsourcing the audit engagement to a qualified external auditing firm.

B : Determine the requisite knowledge needed and obtain the proper training for auditors if such training is available within the appropriate time framework outlined by the audit committee.

C : Notify the audit committee of the problem and assign the most competent auditors to perform the audit engagement.

D : Employ the skills of a financial derivatives expert to consult on the project, and supplement the consulting with a local seminar on financial derivatives.

Answer: C

Question 4

Using the internal audit department to coordinate regulatory examiners' efforts is beneficial to the organization because internal auditors can:

A : Influence regulatory interpretation of law to better match corporate practice.

B : Recommend changes to the scope of the regulatory examiners' review.

C : Perform fieldwork for the regulatory examiners and thus shorten the regulatory examiners' review.

D : Supply evidence of adequate compliance testing through internal audit workpapers and reports.

Answer: D

Question 5

Which of the following is true regarding the purpose of the COSO enterprise risk management framework?

1. It is a process that is ongoing and flows throughout the organization.

2. It contributes to the formulation of the organization's mission and vision.

3. It enables internal audit to provide reasonable assurance to an organization's management and the board.

4. It enables the management of risks within an organization's risk appetite.

A : 1, 2, and 3 only

B : 1, 2, and 4 only

C : 1, 3, and 4 only

D : 2, 3, and 4 only

Answer: C

Page: 1 / 191

Total 951 Questions | Updated On: Sep 12, 2024

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