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IIA IIA-CIA-Part1 Exam Dumps

Essentials of Internal Auditing

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Total Questions : 227
Update Date : April 16, 2024
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IIA IIA-CIA-Part1 Sample Questions

Question # 1

Which of the following would be the best example of a monitoring control for a chain of restaurants?

A. Each restaurant manager reconciles the cash received with the food orders recorded on the computer. 
B. All food orders must be entered through the computer,and there is segregation of duties between the food servers and the cooks. 
C. Corporate management prepares a detailed analysis of gross margin per restaurant and investigates those showing a significantly lower gross margin.
D. Proof of bank deposit is transmitted to corporate headquarters on a daily basis. 

Question # 2

Why is the concept of residual risk important? 

A. Because residual risk is difficult to measure.  
B. Because residual risk is all of the risk that remains after controls are established.  
C. Because the cost-benefit analysis supporting control design is part of the measure of residual risk.
D. Because the risk that remains after control design and implementation needs to be acceptable to senior management. 

Question # 3

The first stage in the development of a crisis management program is to:  

A. Formulate contingency plans.  
B. Conduct a risk analysis.  
C. Create a crisis management team.  
D. Practice the response to a crisis.  

Question # 4

A major corporation is considering significant organizational changes. Which of the following groups would not be responsible for implementing these changes?

A. Employees.  
B. Senior management.  
C. Common stockholders.  
D. Outside consultants.  

Question # 5

According to the International Professional Practices Framework, a review team must express an opinion on which of the following when performing an external assessment of an internal audit activity? I. Conformance with the Standards and IIA Code of Ethics.II. Effectiveness of continuous improvement activities. III. Feedback from internal audit customers and other stakeholder groups. IV. Efficiency and effectiveness of the internal audit activity's administration processes.  

A. Ionly  
B. IIIonly  
C. I and IIonly  
D. II and IVonly  

Question # 6

When planning an audit engagement, what should an internal auditor first consider when assessing the risk of fraud in the area to be audited?

A. Impact of and exposure to fraud.  
B. Existence of evidence of fraud.  
C. Organizational structure.  
D. Management's risk appetite.  

Question # 7

Which of the following risk factors is most subjective? 

A. Changes in staff,systems,or the environment.  
B. Prior audit findings.  
C. Size of the unit being audited.  
D. Competency of operating management.  

Question # 8

Which aspect of the audit function would be most impacted by a lack of coordination between an organization's internal and external auditors? 

A. Responsiveness.  
B. Timeliness.  
C. Effectiveness.  
D. Efficiency.  

Question # 9

An organization's chief audit executive (CAE) has been asked to monitor and report on any violations of the organization's code of conduct. The CAE should: 

A. Review and adjudicate all complaints.  
B. Lead the committee responsible for the oversight of the code.  
C. Develop specific procedures to ensure that the code is clearly communicated to all employees.  
D. Participate in an advisory capacity on the committee that adjudicates any violations.  

Question # 10

Which of the following is least likely to enhance the independence of an internal audit activity? 

A. The existence of a formal written charter for the internal audit activity.  
B. Submission of an annual internal audit work plan to the audit committee.  
C. A direct reporting relationship to the audit committee.  
D. Adherence to the organization's position classification structure.  

Question # 11

Which of the following reporting relationships results in the greatest impairment to the independence of the chief audit executive (CAE)?

A. The CAE reports administratively and functionally to the president.  
B. The CAE reports administratively to the president and functionally to the board.  
C. The CAE reports administratively to the chief financial officer and functionally to the president.  
D. The CAE reports administratively to the audit committee and functionally to the chief operating officer.