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

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IIA IIA-CIA-Part1 Exam Overview :

Exam Name: Internal Audit Fundamentals
Exam Code: IIA-CIA-Part1 Dumps
Vendor: IIA Certification: CIA
Questions: 735 Q&A's Shared By: raiden
Question 164

Which of the following factors are commonly assessed to determine the magnitude of risk events?

Options:

A.

Tolerance and appetite

B.

Inherent and residual risk

C.

Cost and benefit

D.

Impact and likelihood

Discussion
Question 165

An electrician visits a client to assess the scope of work. After the visit, the sales office compiles and sends the client a proposal based on the electrician's estimation and approved price list. The internal auditor notices that in the last six months, the number of cancelled proposals has increased substantially. Which of the following is a fraud risk scenario that the auditor should consider in this situation?

Options:

A.

Some electricians may be offering clients opportunities for reduced fees if they pay with cash.

B.

There is a new competitor in the area who offers better prices.

C.

Sales representatives may be manipulating the proposals to include additional costs.

D.

An unauthorized person may be modifying client data and cancelling the proposals.

Discussion
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Question 166

Which of the following are some of the requirements of the quality assurance and improvement program (QAIP)?

Options:

A.

The OAIP should be conducted at least once every three years, and must be performed by an external assessor.

B.

The OAIP should be conducted on an ongoing basis, and can be completed as a self-assessment,

C.

he QAIP should include both internal assessments performed by staff and external assessments performed by independent, objective individuals

D.

The OAIP should be performed with scoping limitations established by the board.

Discussion
Question 167

An internal auditor is assessing the effectiveness of the organization's risk management practices She checks to see whether risk management is an intégrai part of decision making and whether risk management is transparent, responsive to change and addresses uncertainty. According to HA guidance on risk management frameworks, which of the following approaches is the auditor most likely using?

Options:

A.

Maturity model approach

B.

Process element approach

C.

Key principles approach

D.

Key performance indicators approach.

Discussion
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