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IIA-CIA-Part1 (Essentials of Internal Auditing) exam is an important step for internal auditors seeking to enhance their knowledge and skills. It covers a wide range of topics that are essential for internal auditors to understand and is a requirement for obtaining the highly regarded CIA certification. Passing IIA-CIA-Part1 exam demonstrates a commitment to professionalism and ongoing professional development, and opens up new opportunities for career advancement in the field of internal auditing.

IIA-CIA-Part1 certification exam is one of the most respected and recognized certifications in the field of internal auditing. It focuses on the essential knowledge and skills required for internal auditors to conduct effective and efficient audits of an organization's operations, including financial reporting, risk management, and governance processes. IIA-CIA-Part1 Exam is offered by the Institute of Internal Auditors (IIA), a global organization with more than 200,000 members in over 170 countries.

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IIA-CIA-Part1 exam consists of 125 multiple-choice questions that must be completed within 2 hours and 30 minutes. IIA-CIA-Part1 exam is computer-based and is administered at Pearson VUE testing centers worldwide. To be eligible to take the exam, candidates must have a minimum of a high school diploma or equivalent, and they must be a member of the IIA. IIA-CIA-Part1 Exam Fee varies depending on the candidate's location and membership status with the IIA. Passing the IIA-CIA-Part1 exam is the first step towards obtaining the CIA designation, and candidates must pass all three parts of the CIA exam within four years of passing the first part to earn the certification.

IIA Essentials of Internal Auditing Sample Questions (Q15-Q20):

NEW QUESTION # 15
Which of the following is an example of a risk reduction strategy?

A. Absorbing the cost of losses.
B. Insuring fixed assets.
C. Installing cameras around the plant
D. Outsourcing the payroll function.

Answer: C

NEW QUESTION # 16
Which of the following would be Included in ongoing monitoring of the performance of the internal audit activity?

A. Performing an external assessment once every five years.
B. Benchmarking against best practices in internal auditing.
C. Acquiring feedback from audit clients and other stakeholders.
D. Having senior auditors conducting an annual self-assessment

Answer: C

Explanation:
Ongoing monitoring is a continuous process of evaluating the performance and quality of the internal audit activity2. It includes regular management and supervisory activities, such as reviewing audit reports, tracking audit recommendations, and measuring key performance indicators3. One of the ways to monitor the performance of the internal audit activity is to acquire feedback from audit clients and other stakeholders, such as the board, senior management, regulators, and external auditors4. Feedback can help to assess the value, effectiveness, and satisfaction of the internal audit services5.
References:
1: Checklist for Addressing Ongoing Monitoring and Auditing 2: Internal Controls | Controller's Office 3:
Performance Standards - The Institute of Internal Auditors or The IIA 4: Chapter 7 Audit Flashcards | Quizlet 5: Applying the International Professional Practices Framework, 4th edition, by Urton Anderson and Andrew J. Dahle (2018), p. 113

NEW QUESTION # 17
According to IIA guidance, which of the following actions by the chief audit executive (CAE) best demonstrates the organizational independence of the internal audit activity?

A. The CAE seeks senior management approval of the internal audit charter
B. The CAE obtains senior management's approval to hire staff
C. The CAE reports significant issues to the organization's CEO
D. The CAE provides the board with an annual budget for approval

Answer: D

Explanation:
The chief audit executive (CAE) best demonstrates the organizational independence of the internal audit activity by providing the board with an annual budget for approval. This action emphasizes the independence from management by ensuring the internal audit budget and resource allocations are directly overseen by the board, thus maintaining an independent status within the organization.References: IIA Standard 1110 - Organizational Independence

NEW QUESTION # 18
The chief audit executive needs to revise the internal audit activity's (IAA) charter. The revision must address the element of authority.
Which of the following statements meets this requirement?

A. Following its assessment, the IAA shall recommend risk control processes and resource management strategies.
B. The IAA shall deliver an initial report of its findings to the organization's board within 120 days of the beginning of the engagement.
C. The IAA shall be granted access to all records relevant to the performance of its duties.
D. The IAA shall identify and assess all potential risks to the operations of the organization.

Answer: C

Explanation:
Section: Volume D
Explanation

NEW QUESTION # 19
Which of the following best demonstrates organizational independence of the internal audit activity?

A. The chief audit executive reports directly to the board
B. Internal auditors may not disclose personal data of the audit client
C. Internal auditors must observe the law and make required disclosures
D. Internal auditors may not accept gifts from management of the area under review

Answer: A

Explanation:
The organizational independence of the internal audit activity is best demonstrated when the Chief Audit Executive (CAE) reports directly to the board. This reporting relationship helps to maintain the independence of the internal audit function by providing a clear line of communication and accountability to the governing body that is separate from the management of the organization, thus avoiding potential conflicts of interest.References: IIA Standard on Organizational Independence.

NEW QUESTION # 20
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IIA-CIA-Part1 Quiz Braindumps - IIA-CIA-Part1 Test Guide & IIA-CIA-Part1 Test Bootcamp

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IIA Essentials of Internal Auditing Sample Questions (Q15-Q20):

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