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

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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: abdulrahman
Question 128

According to IIA guidance, a new internal auditor is expected to possess which of the following competencies?

Options:

A.

Technical industry-specific expertise.

B.

Expertise in cybersecurity, an area of increasing risk.

C.

Knowledge of IT risks and controls.

D.

Knowledge of forensic accounting.

Discussion
Question 129

An organization allows the same individual to physically access inventory and purchase new assets when supplies are depleted. Which of the following would best help the organization manage the risk of fraud?

Options:

A.

Accounting personnel should regularly perform a reconciliation between invoices and purchase orders.

B.

Accounting personnel should conduct a periodic inventory count and reconcile all inventory movements.

C.

Internal auditors should review the frequency and volume of purchased assets to detect trends in the inventory levels.

D.

Management should establish a policy requiring new inventory asset purchases to be made on serialized order forms with copies retained.

Discussion
Question 130

The chief audit executive (CAE) of a large organization has been asked by the board to assume responsibility for risk management and compliance operations, both of which are distinct departments within the organization and are subject to periodic audits by the internal audit activity In regards to future audits of these functions which of the following approaches would be most appropriate?

Options:

A.

Audits of risk management and compliance functions should be overseen by a competent external assurance provider

B.

Audits of risk management and compliance functions should be overseen by a senior audit manager within the internal audit activity other than the CAE

C.

Audits of risk management and compliance functions should be conducted by internal auditors under the supervision of management from both functions

D.

Audits of risk management and compliance functions should be earned out by a team of the most experienced auditors overseen by the CAE

Discussion
Question 131

Which of the following would be considered advanced expertise which most internal auditors are not expected to possess'?

Options:

A.

The ability to evaluate fraud risk

B.

The ability to detect and investigate fraud

C.

The ability to assess risk management strategies

D.

The ability to create test databases

Discussion
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