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

Insisting that the organization's code of conduct be applicable to their distributors as well would mitigate the risk of reputational damage. This ensures that all parties representing the organization adhere to the same ethical standards, thereby reducing the likelihood of practices that could harm the organization's reputation among customers and other stakeholders.

IIA and corporate governance best practices regarding ethical standards and code of conduct, highlighting how extending these policies to distributors and partners can protect the organization's reputation.

A responsibility of the internal audit activity as it relates to risk and risk management is evaluating and suggesting improvements to the risk management process. This role includes assessing the adequacy and effectiveness of the process in identifying, analyzing, and managing risks, as well as recommending improvements based on audit findings.

IIA Standards for the Professional Practice of Internal Auditing related to risk management.

The situation that presents the lowest risk of impairing an internal audit activity's independence is when senior management provides feedback on the scope of the internal audit plan. This allows for collaborative planning while still maintaining the internal audit's independence in performing its duties, as the final audit scope decisions remain with the internal audit activity.

IIA standards on independence, which discuss the need for internal audit to maintain control over audit scopes while considering input from senior management to ensure relevant and effective audit coverage.

A whistleblower hotline is part of a fraud detection program. Whistleblower hotlines are critical as they provide a confidential means for employees and others to report suspicious activities or concerns about fraud, thereby aiding in the early detection and investigation of potential fraudulent activities within an organization.

IIA guidance and fraud risk management frameworks that identify whistleblower programs as an essential element of an effective fraud detection system.