STANDARD IIA-CIA-PART1 ANSWERS - IIA-CIA-PART1 VALID EXAM TOPICS

Standard IIA-CIA-Part1 Answers - IIA-CIA-Part1 Valid Exam Topics

Standard IIA-CIA-Part1 Answers - IIA-CIA-Part1 Valid Exam Topics

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Tags: Standard IIA-CIA-Part1 Answers, IIA-CIA-Part1 Valid Exam Topics, Valid IIA-CIA-Part1 Test Topics, VCE IIA-CIA-Part1 Exam Simulator, Test IIA-CIA-Part1 Dates

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IIA IIA-CIA-Part1 Valid Exam Topics - Valid IIA-CIA-Part1 Test Topics

The IIA-CIA-Part1 dumps of VCE4Dumps include valid IIA-CIA-Part1 questions PDF and customizable Essentials of Internal Auditing (IIA-CIA-Part1) practice tests. Our 24/7 customer support provides assistance to help IIA-CIA-Part1 Dumps users solve their technical hitches during their test preparation. The IIA-CIA-Part1 exam questions of VCE4Dumps come with up to 365 days of free updates and a free demo.

IIA-CIA-Part1: Essentials of Internal Auditing Exam is one of the three exams required to obtain the Certified Internal Auditor (CIA) certification. IIA-CIA-Part1 exam is designed to test the candidate's knowledge of the fundamental principles of internal auditing, including the role of internal auditors, the internal audit process, risk management, governance, and internal control. IIA-CIA-Part1 Exam is suitable for individuals who are new to the internal audit profession, students studying internal auditing, and professionals seeking to enhance their knowledge and skills in this field.

IIA Essentials of Internal Auditing Sample Questions (Q553-Q558):

NEW QUESTION # 553
Internal control processes in an organization require that all investments exceeding $20, 000 receive authorization from both the president and treasurer. After conducting a sample of these transactions, an auditor determined that 10 of the 500 investments in the sample had not included both required authorizations. The sample has a five percent acceptable error rate. Based on this sample, which of the following actions should the auditor take?

  • A. Confirm all of the investments with the organization's internal finance department.
  • B. Complete a comprehensive review of the organization's investment activity and compare variations over prior years.
  • C. Determine that no further testing of investment authorizations is required.
  • D. Contact the organization's investment broker and confirm all investments.

Answer: C


NEW QUESTION # 554
Which of the following is an indicator that an organization's risk management processes are effective?

  • A. Department heads have the autonomy to determine risk responses that fall outside of the organizations risk appetite
  • B. Organization wide mechanisms exist to enable the identification and assessment of all significant risks.
  • C. Departmental objectives are managed by department heads and are independent of the organization's mission.
  • D. Relevant risk information is captured and communicated primarily between management and the board

Answer: B


NEW QUESTION # 555
Which of the following tools would be most useful to an internal auditor performing an assessment of the effectiveness of the organization's risk responses?

  • A. Heat map.
  • B. Process map.
  • C. Risk register.
  • D. Risk and control matrix.

Answer: C

Explanation:
A risk register would be most useful for an internal auditor assessing the effectiveness of the organization's risk responses. This tool lists all identified risks along with their severity, ownership, and the actions taken to mitigate them, making it a key resource for evaluating whether the responses have been effective and align with the organization's risk appetite and management strategies.References: IIA guidance on risk assessment and management


NEW QUESTION # 556
Which of the following statements is correct regarding corporate compensation systems and related bonuses?
I.A bonus system should be considered part of the control environment of an organization and should be considered in formulating a report on internal control.
II.Compensation systems are not part of an organization's control system and should not be reported as such.
III.An audit of an organization's compensation system should be performed independently of an audit of the control system over other functions that impact corporate bonuses.

  • A. I only.
  • B. III only.
  • C. II only.
  • D. II and III only.

Answer: A


NEW QUESTION # 557
Which of the following internal control weaknesses would an auditor most likely detect
while reviewing a flowchart that depicts the purchasing function of an organization?

  • A. The organization is not taking advantage of quantity discounts available from its suppliers.
  • B. Purchasing policies have not been updated.
  • C. Payments for goods received have not been authorized at the appropriate level.
  • D. Payments to suppliers are made before goods are received.

Answer: D


NEW QUESTION # 558
......

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