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IIA-CIA-Part1 certification exam covers the fundamental principles of internal auditing. It includes topics such as risk management, governance, internal control, and fraud risk. IIA-CIA-Part1 Exam also focuses on the International Professional Practices Framework (IPPF), which is a comprehensive guide for internal auditors. The IPPF covers the mandatory guidance, recommended guidance, and supplements to the guidance.
IIA Essentials of Internal Auditing Sample Questions (Q116-Q121):
NEW QUESTION # 116
In which of the following ways can a whistleblower hotline serve as a prevent
- A. Better investigation protocols are triggered by the whistleblower hotline.
- B. Third parties who operate the hotline ensure anonymity for whistle blowers. D Whistleblower tips help discover wrongdoings and violations of the code of conduct.
Potential perpetrators of fraud know that their actions can be reported easily.
- C. ative control? 3
Answer: B
NEW QUESTION # 117
In order to save time, an audit manager no longer required that a standard internal control questionnaire be completed for each audit engagement. Does this represent a violation of the Standards?
- A. Yes, because internal control should be evaluated on every engagement and the internal control questionnaire is the mandated approach to evaluate controls.
- B. No, because auditors are not required to complete internal control questionnaires on every engagement.
- C. No, because auditors may omit necessary procedures if there is a time constraint, based on audit judgment.
- D. Yes, because internal control should be evaluated on every engagement and the internal control questionnaire is the most efficient method to do so.
Answer: B
Explanation:
Section: Volume A
NEW QUESTION # 118
A risk assessment showed that the cost of addressing a particular risk in the organization's human resources department is greater than the perceived benefit. Which risk response approach should the organization take in this scenario?
- A. Transfer the risk.
- B. Share the risk.
- C. Accept the risk.
- D. Reduce the risk.
Answer: C
Explanation:
When a risk assessment shows that the cost of addressing a particular risk is greater than the perceived benefit, the appropriate risk response approach is to accept the risk. Risk acceptance means acknowledging that the risk exists but deciding not to take any action to mitigate it, usually because the cost of mitigation is higher than the potential impact. This approach is a rational decision when the risk is deemed to have a low likelihood or impact, or when other controls are considered sufficient.
References:
* The IIA Standards: Standard 2120 - Risk Management: "The internal audit activity must evaluate the effectiveness and contribute to the improvement of risk management processes."
* COSO ERM Framework: Discusses risk response options including risk acceptance as a viable strategy when the cost-benefit analysis justifies it.
NEW QUESTION # 119
Which of the following actions best demonstrates that an internal auditor is exercising due professional care?
- A. The auditor recommends improvements for all of the organization's procedures and practices.
- B. The auditor performs thorough reviews and provides absolute assurance of regulatory compliance.
- C. The auditor is alert to the possibility of fraud and activities where irregularities are most likely to occur.
- D. The auditor is cognizant of reducing travel expenses by combining a personal vacation with a business trip.
Answer: C
NEW QUESTION # 120
Which of the following is most likely to function as a directive control?
- A. Cycle counts.
- B. Insurance claims.
- C. Alert employees.
- D. Security dogs.
Answer: C
NEW QUESTION # 121
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