IIA Updated IIA-CIA-Part1 Exam Questions and Answers by ziggy

Collect relevant audit evidence and begin working with management of the area to investigate the fraud.

Inform the chief audit executive and meet with the suspect to determine whether the person committed fraud.

Document supporting information and recommend an investigation to the appropriate audit management.

Evaluate existing controls and implement new procedures to mitigate the opportunity for fraud.

Each internal auditor must hold one or more certifications in the area of fraud and seek out continuing professional development related to fraud detection and fraud investigation.

Each internal auditor must have sufficient knowledge of IT risks and controls, and be able to evaluate the risk of fraud and the manner in which it is managed by the organization.

Each internal auditor on the engagement team must possess the same level of knowledge, skills, and other competencies as other auditors on the engagement team.

Each internal auditor must be paired, by the chief audit executive, with an individual who possesses the knowledge, skills, or other competencies required to complete the audit.

Internal control should be updated at least annually.

Technology does not change the internal control landscape.

Strategy should fit the system of internal control.

Articulating measurable objectives is part of internal control.

Internal auditors should report their audit findings directly to the audit committee.

To receive an outstanding performance rating, internal auditors are required to generate audit findings.

Prior to hiring a new internal auditor, the chief audit executive must determine whether the auditor owns stock in the organization.

Internal auditors are permitted to audit an entity managed by a close friend or relative, as long as they notify the chief audit executive.