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IIA-CIA-Part1 (Essentials of Internal Auditing) Exam is a certification exam offered by the Institute of Internal Auditors (IIA) for individuals seeking to become certified internal auditors. It is the first of the three-part certification program, which also includes the IIA-CIA-Part2 and IIA-CIA-Part3 exams. Passing the IIA-CIA-Part1 exam is a prerequisite for taking the other two exams.

IIA-CIA-Part1 Certification Exam is a computer-based exam consisting of 125 multiple-choice questions. IIA-CIA-Part1 Exam is administered in English and has a duration of two hours and forty-five minutes. The passing score for the exam is 600 out of 800, and candidates must achieve a minimum score of 75% in each of the exam's four domains: Foundations of Internal Auditing, Independence and Objectivity, Proficiency and Due Professional Care, and Quality Assurance and Improvement Programs.

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Exam Cram IIA-CIA-Part1 Pdf & Pass4sure IIA-CIA-Part1 Study Materials

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Passing the IIA-CIA-Part1 exam is an essential step towards becoming a Certified Internal Auditor (CIA). The CIA certification is highly respected in the internal auditing profession and is recognized globally. Essentials of Internal Auditing certification demonstrates a commitment to the profession and a high level of knowledge and expertise in internal auditing. Passing the IIA-CIA-Part1 Exam requires preparation and study, but the benefits of becoming a CIA make the effort worthwhile.

IIA Essentials of Internal Auditing Sample Questions (Q736-Q741):

NEW QUESTION # 736
Which of the following actions should the organization's governing body perform to provide the most effective governance over the organization's culture?

A. Provide direction.
B. Coordinate control activities.
C. Design key controls.
D. Deliver assurance.

Answer: A

Explanation:
To provide effective governance over the organization's culture, the organization's governing body should provide direction. This involves setting a tone at the top that promotes ethical behavior, accountability, and transparency throughout the organization. Providing direction helps ensure that organizational values are communicated and reinforced, influencing the culture and ethical climate of the entire organization.
IIA guidance on governance and leadership's role in organizational culture.

NEW QUESTION # 737
A manufacturer uses improved linkage between order entry, production, and shipping to reduce raw materials and work-in-process inventory. Which type of fraud will these changes likely reduce?

A. False reporting of hours worked.
B. Payment of fraudulent invoices.
C. Purchases from a related party.
D. Theft of resources from inventory.

Answer: D

NEW QUESTION # 738
Which of the following organizations is adopting an acceptance technique in terms of its risk response?

A. An organization that takes out insurance policies to protect its property and equipment.
B. An organization that deploys policies and procedures to guide business activities and practices
C. An organization that opts out of investing in a new region due to volatility in foreign exchange rates.
D. An organization that takes no action in managing the possible exposure to an earthquake.

Answer: D

Explanation:
An organization that takes no action in managing the possible exposure to an earthquake is adopting an acceptance technique in terms of its risk response. This technique involves acknowledging the risk but choosing not to take any proactive steps to manage it, essentially accepting the potential consequences.
Risk management strategies as per IIA guidance.

NEW QUESTION # 739
Management authorizes internal audit only to view production reports that are built into the system.
How can the chief audit executive create buy-in with management and attain the access required for the engagement?

A. By sending a staff auditor with at least two years experience in the field to explain the importance of the internal audit function and the reasons why the requested level of access is necessary
B. By explaining to the general manager that internal audit's work program requires the reports that can only be gathered from the system's report writer.
C. By meeting with the general manager to discuss the planned control testing and the risks that can be identified from utilizing the specialized reports.
D. By sending the internal audit charter to the general manager to show that the requested level of access is approved by the charter.

Answer: C

Explanation:
1. One of the key skills for a chief audit executive (CAE) is the ability to create buy-in with management and other stakeholders for the internal audit function
2. Buy-in means that management understands and supports the value and role of internal audit, and provides the necessary resources and access for internal audit to perform its work effectively
3. To create buy-in, the CAE should communicate clearly and persuasively the objectives, scope, and benefits of the internal audit engagements, and how they align with the organization's goals and risks
4. The CAE should also demonstrate the professionalism, competence, and independence of the internal audit team, and foster a collaborative and trusting relationship with management
5. In this case, the CAE should meet with the general manager to explain why access to write and export specialized reports from the organization's database is required for the engagement.
The CAE should show how these reports will help to test and analyze the controls and processes that are relevant to the organization's risks and objectives. The CAE should also highlight the potential issues or opportunities that can be identified from using these reports, and how they can help to improve the organization's performance and governance.
The CAE should also address any concerns or objections that the general manager may have, such as data security, confidentiality, or system integrity, and assure that internal audit will follow the appropriate standards and protocols when accessing and using the data.
The other options are not likely to create buy-in with management. Sending the internal audit charter or a staff auditor may not be sufficient or persuasive enough to convince the general manager of the need for access.
Explaining that internal audit's work program requires the reports may not explain how they are relevant or beneficial to the organization. These options may also appear as confrontational or demanding, rather than collaborative or consultative, which may damage the relationship between internal audit and management.

NEW QUESTION # 740
According to IIA guidance, which of the following statements is true regarding due professional care?

A. Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor
B. Due professional care requires the internal auditor to conduct extensive examinations and verifications to ensure fraud does not exist,
C. Due professional care is displayed during a consulting engagement when the internal auditor focuses on potential benefits of the engagement rather than the cost.
D. Internal auditors must exercise due professional care to Insure that all significant risks will be identified,

Answer: A

NEW QUESTION # 741
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IIA Essentials of Internal Auditing Sample Questions (Q736-Q741):

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