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Prerequisites of IIA-CIA-Part1 Exam
if you don't have a bachelor's degree, you can still take the CIA, which offers you to meet BETWEEN the following standards:
- IIA Global will definitely need to see evidence of your training and learning when you enroll, such as duplicates of your A-level or GCSE certificates/achievements. If you cannot provide this proof later, you will not be able to register.
- 3 levels A or higher or comparable (plus two years of internal audit experience) ACCA credentials.
- 4 years of experience in internal audit (plus a second training and apprenticeship).
Before you can earn CIA classification, you must also have some internal audit experience or a relevant role. You must adhere to the following:
- Level A or comparable and five years of experience.
- A diploma and 2 years of experience.
- Seven years of experience (plus additional training).
NEW QUESTION # 134
After several years in the engineering department, an engineer was transferred to the internal audit department. One month later, the new auditor was assigned to an assurance engagement for the engineering department. When the auditor's former engineering supervisor suggested a change in the sample selection method, the auditor consulted with the audit supervisor. They determined that the suggested method would not be as representative and that the original selection method should be used. In this situation, the auditor:
- A. Does not have independent organizational status since the auditor recently transferred from the engineering department.
- B. Has subordinated professional judgment, and objectivity is therefore impaired.
- C. Maintained an independent mental attitude and is therefore objective.
- D. Does not have objectivity since the auditor recently transferred from the engineering department.
Answer: D
Explanation:
Section: Volume A
NEW QUESTION # 135
Which of the following demonstrates that the internal audit activity exercises due professional care?
- A. Supervisors provide feedback to internal auditors after workpapers are reviewed
- B. Internal auditors are required to give absolute assurance of regulatory compliance
- C. The chief audit executive reports functionally to the board
- D. A self-assessment is conducted through the quality assurance and improvement program every five years
Answer: A
NEW QUESTION # 136
An internal auditor plans to use an analytical review to verify the correctness of various operating expenses in a division. The use of an analytical review as a verification technique would not be a preferred approach if.
- A. The company has relatively stable operations which have not changed much over the past year.
- B. The operating expenses vary in relation to other operating expenses, but not in relation to revenue.
- C. The auditor notes strong indicators of a specific fraud involving this account.
- D. The auditor would like to identify large, unusual, or non-recurring transactions during the year.
Answer: C
Explanation:
Section: Volume A
NEW QUESTION # 137
Which of the following actions should the audit committee take to promote organizational independence for the internal audit activity?
- A. Encourage the CAE to communicate and coordinate with the external auditor.
- B. Delegate final approval of the risk-based internal audit plan to the chief audit executive (CAE).
- C. Approve the annual budget and resource plan for the internal audit activity.
- D. Assist the CAE with hiring objective and competent internal audit staff.
Answer: B
NEW QUESTION # 138
Which of the following best describes how the increased use of computerization may impact an auditor's assessment of the risk of fraud?
- A. Computer controls are generally less effective than human review.
- B. Overrides of key controls may require less collaboration.
- C. Access to assets may be available to information systems personnel as well as to computer users.
- D. Audit trails are less effective.
Answer: C
NEW QUESTION # 139
An internal auditor is planning an audit of an organization where temporary employees are suspected of receiving pay for hours they have not worked. Which of the following tasks should not be performed at this stage in the audit?
- A. Obtaining a copy of the contract between the organizations and the temporary employment agency.
- B. Preparing an engagement program.
- C. Interviewing the manager who requested the audit engagement.
- D. Interviewing shift supervisors about their employees' attendance.
Answer: D
Explanation:
Section: Volume D
NEW QUESTION # 140
The percentage of orders that are rush orders and the percentage of returns to total orders are examples of which of the following types of control activities?
- A. Benchmarking.
- B. Quality control monitoring.
- C. Direct functional management.
- D. Performance indicators.
Answer: D
NEW QUESTION # 141
A daily report which lists unsuccessful attempts to log on to a computer system is a:
- A. Corrective control.
- B. Compensating control.
- C. Preventive control.
- D. Detective control.
Answer: D
NEW QUESTION # 142
According to the Standards,which of the following must an internal auditor take into consideration when performing an assurance engagement of treasury operations?
I.The audit committee has requested assurance of the treasury department's compliance with a new policy on the use of financial instruments.
II.Treasury management has not instituted any risk management policies.
III.Due to the recent sale of a division,the amount of cash and marketable securities managed by the treasury department has increased by 350 percent.
IV.The external auditors have indicated some difficulties in obtaining account confirmations.
- A. I and IIonly
- B. I and IVonly
- C. I,II,and IIIonly
- D. II,III,and IVonly
Answer: C
Explanation:
Topic 3, Volume C
NEW QUESTION # 143
An internal auditor is using a spreadsheet application to review a cash flow forecast prepared by management.
Which of the following correctly identifies the type of evidence this information represents?
- A. Competent, corroborative evidence of future working capital requirements.
- B. Competent, documentary evidence of future cash flow changes within the organization.
- C. Sufficient, circumstantial evidence of the future solvency of the organization.
- D. Sufficient, analytical evidence of the cash flow position at a given point of time in the future.
Answer: B
NEW QUESTION # 144
When internal auditors are preparing workpapers for the testing stage of an engagement, which of the following guidelines should be observed?
1. Include copies of all client files that were reviewed for the audit.
2. Avoid the use of professional, industry-appropriate jargon and technical terms.
3. Indicate the original sources of all data and information used in the workpapers.
4. Leave blank space for cross-references to be completed during the post-audit process.
- A. 3 and 4 only
- B. 1 and 4 only
- C. 1 and 2 only
- D. 2 and 3 only
Answer: D
NEW QUESTION # 145
Which of the following is the primary concern of an internal auditor in a comprehensive audit of an organization?
- A. Confirmation of compliance with policies and procedures.
- B. Extent of achievement of the organization's mission.
- C. Accuracy of reports on the source and use of funds.
- D. Appropriateness of procedures related to the budgeting process.
Answer: B
Explanation:
Section: Volume B
NEW QUESTION # 146
Which of the following is the primary engagement responsibility of an entry-level internal auditor?
- A. Leadership.
- B. Documentation.
- C. Reporting.
- D. Analysis.
Answer: D
NEW QUESTION # 147
Which of the following organizations has reached the most mature level of corporate social responsibility?
- A. An organization that ensures compliance to legal frameworks of the countries in which it operates and sells its products.
- B. An organization that is willing to make contributions not mandated by law or economics and expects no payback.
- C. An organization that requires its decision makers to act with equity, fairness, and respect for the rights of individuals.
- D. An organization that is able to provide goods and services society needs and thus maximizes profit to its owners.
Answer: C
NEW QUESTION # 148
Which of the following indicates that internal audit independence may be compromised?
- A. Material observations were intentionally left out of the audit report.
- B. The internal auditor maintains a close personal relationship with operational management.
- C. Internal auditors assigned to the audit engagement did not have the knowledge, skills, and competencies needed to perform their responsibilities.
- D. An internal auditor failed to apply professional skepticism while performing audit tests in an area overseen by an experienced, reputable manager
Answer: C
NEW QUESTION # 149
An organization's senior management team is awarding substantial bonuses if employees meet financial targets. Which of the following motivators to potentially commit fraud would become most likely in this scenario?
- A. Pressure
- B. Justification
- C. Opportunity
- D. Rationalization
Answer: D
NEW QUESTION # 150
Which of the following would be considered a primary control to reduce the risk associated with setting up duplicate vendors?
- A. System validation and edit checks on vendor identification number
- B. Receipt of a signed and approved vendor setup form.
- C. Segregation of duties between setting up vendors and making vendor payments.
- D. A vendor setup policy and procedure.
Answer: D
NEW QUESTION # 151
Management has requested that an internal auditor serve as member of a task force that will review current receivables practices and make recommendations to improve processes. Which of the following is the most appropriate response by the internal auditor?
- A. Do not accept the assignment because the assignment is not part of an approved audit plan.
- B. Accept the assignment provided that such consulting services are defined in the charter.
- C. Decline the assignment because participation on task forces will impair the auditor's objectivity in future audit engagements.
- D. Accept the assignment if the auditor believes that it will not impair objectivity in future audit engagements.
Answer: B
NEW QUESTION # 152
When performing benchmarking during the planning phase of a performance audit, an internal auditor should:
- A. Identify comparative organizations.
- B. Develop functional action plans.
- C. Project future performance levels.
- D. Determine the current performance gap.
Answer: A
NEW QUESTION # 153
Which of the following is a component of the internal audit value proposition endorsed by IIA guidance?
- A. Competency.
- B. Independence.
- C. Integrity.
- D. Insight.
Answer: D
NEW QUESTION # 154
Which of the following is the best example of a strategic objective?
- A. Opening a new product line.
- B. Attaining a specified sales target.
- C. Safeguarding assets.
- D. Adhering to laws and regulations.
Answer: A
NEW QUESTION # 155
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To prepare for the IIA-CIA-Part1 exam, candidates should have a strong foundation in accounting, finance, and business law. They should also have experience in internal auditing or related fields. Candidates can prepare for the exam by studying the IIA's Essential of Internal Auditing book, which is the primary reference for the exam. They can also take practice exams and attend review courses offered by the IIA or other training providers.
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