New 2021 IIA-CIA-Part1 Dumps for Certified Internal Certified Exam Questions & Answer
Realistic Verified IIA-CIA-Part1 exam dumps Q&As - IIA-CIA-Part1 Free Update
NEW QUESTION 104
Which of the following examples best describes how an internal auditor should behave while listening to an engagement client talk about human resource process problems?
- A. The auditor should make an internal note of the client's gestures, demeanor, and body language, rather than paying close attention to the content of the discussion.
- B. The auditor should mentally plan the next steps of the audit engagement.
- C. The auditor should gather their thoughts in order to have a response immediately ready for the client.
- D. The auditor should integrate the information the client provides with the information that is already known.
Answer: D
NEW QUESTION 105
According to the International Professional Practices Framework, which of the following is the appropriate division of responsibilities for the coordination of internal and external audit efforts?
I. Oversight of Work Coordination of Activities Chief audit executive Senior management
II. Board Chief audit executive
III.
Chief financial officer
Chief audit executive
IV.
Board
Chief financial officer
- A. II.
- B. IV.
- C. I
- D. III.
Answer: A
NEW QUESTION 106
The results of an internal audit activity's (IAA) quality assurance and improvement program are favorable and an external assessment was completed within the last five years. Which of the following statements may the IAA use to describe its work?
- A. "Compliant with all domestic and international legal statutes, and certified quality assured for ten years."
- B. "Conforms with the International Standards for the Professional Practice of Internal Auditing."
- C. "Certified 100% accuracy, per the International Standards of External Assessment."
- D. "Completed with the advance certification of the External Assessors Association for Auditing Review."
Answer: B
NEW QUESTION 107
Which of the following best contributes to the effectiveness of the internal audit activity in an organization?
- A. Assurance of internal audit objectivity by the board.
- B. Appropriate compliance coverage in the annual audit plan.
- C. Regular review of the audit charter by management.
- D. Appropriate terms of internal audit scope and responsibility in the charter.
Answer: D
Explanation:
Section: Volume B
NEW QUESTION 108
Which of the following risk management activities is most appropriate for an internal auditor to undertake?
- A. Coordinate risk management activities.
- B. Review the management of key risks.
- C. Implement risk responses on management's behalf.
- D. Impose risk management processes.
Answer: B
NEW QUESTION 109
Within the internal audit process, which of the following is not a significant advantage of employing a control model?
- A. It recognizes the need to evaluate both hard and soft controls.
- B. It provides guidance on identifying control deficiencies for each internal audit engagement.
- C. It validates the findings and recommendations of the internal audit.
- D. It assists internal auditors in assessing the achievement of management's objectives.
Answer: C
NEW QUESTION 110
Which of the following controls would most likely prevent the input of an unreasonable number of labor hours into a costing system?
- A. Programmed limit tests of input fields.
- B. Recalculation tests during processing.
- C. Consistency checks of data in input fields.
- D. Reconciliation of input control totals.
Answer: A
NEW QUESTION 111
Which of the following methods is not valid for completing continuing professional education hours?
- A. Attending technical session meetings held by state auditing organizations.
- B. Completing all audit engagements in accordance with the Standards.
- C. Participating in a formal in-house training program.
- D. Publishing an article on the organization's internal audit department.
Answer: B
NEW QUESTION 112
If earnings on financial statements for internal use only have been manipulated in the past,an internal auditor is likely to focus on which of the following?
- A. Whether accounting estimates are reasonable given past actual results.
- B. The proper accrual of payables at the end of the interim period.
- C. Whether there have been changes in accounting principles that materially affect the
financial statements. - D. The timing of revenue recognition and the valuation of inventories.
Answer: D
NEW QUESTION 113
With regard To IT governance, which of the following is the most effective and appropriate role for the internal audit activity?
- A. Assist management in interpreting complex IT-related privacy and security risk exposures and evaluating potential mitigation strategies.
- B. Evaluate the organization's governance standards and assess IT-related activities to identify gaps and develop policies, ensuring alignment with the organization's risk appetite.
- C. Assess whether governance activities are aligned with the organization's risk appetite and take into consideration emerging risks.
- D. Independently evaluate the skills and experience of potential chief information officer candidates to assess the best fit based on the organization's risk appetite.
Answer: C
NEW QUESTION 114
Which of the following would not be a red flag for fraud?
- A. Several recent, large expenditures to a new vendor have not been documented.
- B. A weak control environment has been accepted by management to encourage creativity.
- C. A manager has bragged about multiple extravagant vacations taken within the last year, which are excessive relative to the manager's salary.
- D. New employees occasionally fail to meet established project deadlines due to staffing shortages.
Answer: D
NEW QUESTION 115
Which of the following audit activities is within the scope of assurance activities as stated in the International Professional Practices Framework?
- A. Assess financing alternatives for a new generator.
- B. Perform an evaluation of management's planning process.
- C. Review a make-or-buy decision and report a recommendation to management for approval.
- D. Participate in negotiations for a corporate acquisition.
Answer: B
NEW QUESTION 116
In preparing for an audit of the footwear division of a major retail organization, an internal auditor gathered the following information about the organization's stores:
In addition to labor costs, the other costs associated with each store are leasing and maintenance expenses. Which of the following is a valid conclusion?
- A. Cost of goods sold is directly related to the size of the store.
- B. Employees are less productive in larger stores.
- C. Gross margin is directly related to the size of the store.
- D. Sales per store are directly related to the size of the store.
Answer: D
NEW QUESTION 117
During a payroll audit of a large organization, an auditor noted that the assistant personnel director is responsible for many aspects of the computerized payroll system, including adding new employees in the system; entering direct-deposit information for employees; approving and entering all payroll changes; and providing training for system users. After discussions with the director of personnel, the auditor concluded that the director was not comfortable dealing with information technology issues and felt obliged to support all actions taken by the assistant director. The auditor should:
- A. Test a sample of payroll changes to ensure that they were approved by the assistant director before being processed.
- B. Continue to follow the engagement program because the engagement scope and objectives have already been discussed with management.
- C. Review the engagement program to ensure testing of direct deposits to employee bank accounts is adequately covered.
- D. Recommend to the chief audit executive that a fraud investigation be started.
Answer: C
Explanation:
Section: Volume A
NEW QUESTION 118
Which of the following is a key performance indicator for an internal audit function?
- A. Percent of required continuing education hours completed.
- B. Implementation of new audit computer software.
- C. Frequency of meetings with the board members.
- D. Audit expenditures compared to financial budgets.
Answer: A
NEW QUESTION 119
Which of the following definitions best describes enterprise risk management?
- A. Enterprise risk management is broader than internal control and focuses on risk identification and management, and assurance that business objectives will be met.
- B. Enterprise risk management is narrower than internal control and focuses on managing the risk of loss resulting from external events.
- C. Enterprise risk management is broader than governance and internal control, and focuses on activities designed to ensure that risks are contained at a level acceptable to the enterprise.
- D. Enterprise risk management is narrower than internal control and focuses on risk mitigation strategies across the enterprise.
Answer: A
NEW QUESTION 120
A manufacturing firm uses hazardous materials in the production of its products. An audit of the firm's processes related to hazardous materials should include:
I.Recommending an environmental management system as part of policies and procedures.
II.
Verifying the existence of tracking records for these materials from creation to destruction.
III.
Using consultants to avoid self-incrimination of the firm in the event illegalities were detected in an environmental audit.
IV.
Evaluating the cost provided for in an environmental liability accrual account.
- A. I, III, and IV only.
- B. III and IV only.
- C. II only.
- D. I, II, and IV only.
Answer: D
NEW QUESTION 121
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