DESKTOP AND WEB-BASED PRACTICE EXAMS TO EVALUATE IIA IIA-CIA-PART1 EXAM PREPARATION

Desktop and Web-Based Practice Exams to Evaluate IIA IIA-CIA-Part1 Exam Preparation

Desktop and Web-Based Practice Exams to Evaluate IIA IIA-CIA-Part1 Exam Preparation

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Tags: IIA-CIA-Part1 Questions Pdf, Actual IIA-CIA-Part1 Tests, IIA-CIA-Part1 Dumps Cost, IIA-CIA-Part1 Latest Exam Price, IIA-CIA-Part1 New Study Guide

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IIA-CIA-Part1 certification exam is an excellent opportunity for internal auditors to demonstrate their knowledge and skills in the field. With its rigorous testing requirements and global recognition, the certification is a valuable asset for professionals seeking to enhance their careers in internal auditing.

IIA-CIA-Part1 exam covers a wide range of topics, including internal control and risk management, governance, ethics, and fraud risks. IIA-CIA-Part1 Exam consists of 125 multiple-choice questions and candidates are given 2 hours and 30 minutes to complete it. To pass the exam, candidates must score 600 out of a possible 800 points. With a passing rate of around 40%, the IIA-CIA-Part1 exam is considered challenging and requires a significant amount of preparation and study time.

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Free PDF Quiz IIA - IIA-CIA-Part1 - Unparalleled Essentials of Internal Auditing Questions Pdf

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IIA Essentials of Internal Auditing Sample Questions (Q668-Q673):

NEW QUESTION # 668
The internal audit activity's role in the risk assessment and management processes of an organization is determined by the:

  • A. External auditors.
  • B. Chief audit executive.
  • C. Board of directors.
  • D. Risk management department.

Answer: C


NEW QUESTION # 669
Which of the following actions indicates a lack of due professional care by an internal auditor performing an audit of a store's cash function?

  • A. The auditor discovered an instance of potential fraud and reported it immediately to management, but did not alert authorities outside the organization.
  • B. The audit report included a well-supported recommendation for a reduction in staff even though such a reduction might adversely impact morale.
  • C. After determining that the cash function internal controls were strong, the audit report assured senior management that fraud was not present.
  • D. The auditor tested samples of transactions to test the cash function's process flows.

Answer: C


NEW QUESTION # 670
In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?

  • A. The CAE previously undertook a consulting assignment in that area to improve processes,
  • B. A couple of years ago, the CAE performed accounting functions for the payroll department.
  • C. Prior to becoming the CAE, the CAE was the payroll manager.
  • D. The assurance review was initiated following issues identified during a consulting assignment requested by management.

Answer: C

Explanation:
It would be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function if, prior to becoming the CAE, the CAE was the payroll manager. This scenario poses a conflict of interest and impacts the objectivity required for assurance services, as the CAE might have inherent biases or a conflict due to previous roles and responsibilities within the payroll function.References:
The Institute of Internal Auditors (IIA) - Code of Ethics and International Standards for the Professional Practice of Internal Auditing.


NEW QUESTION # 671
Which of the following would be an important aspect of an internal auditor's role in fraud management?

  • A. Conducting fraud based audits to ensure that fraud will be detected during engagements
  • B. Implementing fraud prevention controls to minimize and mitigate the risk of fraud
  • C. Reporting instances of fraud discovered during engagements to regulatory bodies
  • D. Utilizing analytical techniques to actively discover instances of potential fraud

Answer: D

Explanation:
An important aspect of an internal auditor's role in fraud management is utilizing analytical techniques to actively discover instances of potential fraud. Internal auditors play a critical role in fraud detection by employing data analysis and other analytical methods to identify unusual patterns, anomalies, or red flags that could indicate fraudulent activities. By proactively using these techniques, auditors can help uncover fraud early and provide valuable insights to management for timely intervention.
References:
* The IIA Standards: Standard 1220 - Due Professional Care: "Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor."
* IIA Practice Guide: "Fraud Prevention and Detection in an Automated World": Emphasizes the use of analytical techniques for identifying potential fraud.


NEW QUESTION # 672
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. Defer the decision to management and risk the loss of the trading opportunity.
  • B. Have another trader on staff make the trade in order to avoid a conflict of interest.
  • C. Make the trade because the company and the trader will both benefit.
  • D. Disclose the information to the risk oversight committee but proceed with the trade to capitalize on the opportunity.

Answer: A


NEW QUESTION # 673
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If you want to success in your career as a IIA Certified Professional, you must think outside the box. It would be beneficial if you considered adding Essentials of Internal Auditing to your resume. To get this certification, you must pass the IIA-CIA-Part1 exam conducted by IIA. Passing the Essentials of Internal Auditing exam will help you advance your career. It is not an easy task to pass the Essentials of Internal Auditing certification exam on the first attempt, but now ExamsReviews is here to help. To assist you with remote study, ExamsReviews provides IIA IIA-CIA-Part1 Exam Questions to make your test preparation complete. The IIA IIA-CIA-Part1 exam questions simulate the actual exam pattern, allowing you to pass the Essentials of Internal Auditing certification exam the first time.

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