Essentials of Internal Auditing
Last Update 4 days ago
Total Questions : 227
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Which of the following is an indicator that the organization s risk management process is effective?
According to The IIA’s Code of Ethics, which of the following best describes the principle of integrity?
Which of the following describes a responsibility of operating management in an organization's corporate social responsibility (CSR) efforts?
To comply with the proficiency standard which of the following would the chief audit executive likely consider as the primary hiring criterion when choosing a new internal auditor?
In which of the following ways can a whistleblower hotline serve as a prevent
According to MA guidance, which of the following is an appropriate role for the internal audit activity?
Which of the following organizational practices is likely to be a part of a corporate social responsibility program?
Prior to commencing a financial compliance engagement, the engagement supervisor reads the business plan for the finance department and meets informally with the director to learn more about any key issues. Which of the following competencies is the engagement supervisor demonstrating?
Which of the following would best serve to deter unethical behavior and encourage internal auditors to be objective in their work?
What is the main difference between a consulting engagement versus an assurance engagement?
The internal audit activity conducted an organization wide risk assessment. One of the most significant risks identified is associated with the oil price market. The chief audit executive (CAE) is considering including in the annual aud
it plan an assessment of the effectiveness of oil price risk management. The manager responsible commented that the assessment was not needed, as market risks were regularly addressed by the financial risk committee. If the CAE decides to include this activity in the annual audit plan anyway, how should it be recorded?
During a monthly internal audit staff meeting, the chief audit executive (CAE) decided to reinforce the importance of internal audit staff being objective in their work. Which of the following examples would be most appropriate for the CAE to include as part of the meeting presentation?
Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?
According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?
Which of the following would a chief audit executive most likely use to identify a need for improvement in a staff internal auditor's business acumen?
Senior management asks the chief audit executive to review the organization's compliance with recently introduced legislation on international transfer pricing. The review requires an internal auditor who thoroughly understands the legislation and pricing methods. The internal audit activity does not have an auditor with those skills. Which of the following is the most appropriate course of action?
Which of the following would best describe a control implemented to detect cash register disbursement fraud in a large retail store?
The results of an assessment of the adequacy of controls would be considered incomplete or misleading unless the internal auditor considers which of the following?
With regard to the internal audit activity's quality assurance and improvement program, which of the following must be reported to the board?
Which of the following situations undermines the independence of the internal audit activity?
During an audit of company expenses, the internal auditor performed a test using data analytics and identified a violation of the company's expenses policy. The auditor who discovered the issue considered it a potential fraudulent transaction and informed the chief financial officer (CFO). The CFO dismissed the concern because he did not understand the data analytics test that was performed and the transaction was of a low value. Given this situation, which skills or competencies should this internal auditor seek to improve?
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization’s social responsibility program is effective?
According to The IIA's Code of Ethics, an internal auditor who has a romantic relationship with an audit client violates which of the following rules of conduct?
When an organization purchases a derivative contract in the stock market to limit the potential loss in the value of a security, the organization is applying which of the following risk management techniques?
Which of the following practices, applied by the chief audit executive {CAE), most likely indicates an effective continuing professional educational program for the internal audit activity?
Which of the following is an appropriate roe fa the internal audit activity?
A multinational organization has asked the internal audit activity to assist in setting up the organization’s risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?
According to IIA guidance, which of the following statements is true with regard to the chief audit executive's (CAE's) responsibility for conducting a self-assessment of the internal audit activity?
1 The CAE should select an independent reviewer or review team to perform sufficient tests of the self-assessment to validate the results
2 The CAE should validate results by engaging experienced audit professionals from a separate internal audit activity outside of the organization to reperform all of the tests conducted for the assessment
3. The CAE should select independent, nonaudit professionals who are knowledgeable about the organization and the industry in which it operates to assist with performing the self-assessment
4. The CAE may consider performing a self-assessment with independent external validation in Iieu of performing a full external assessment
When performing an audit of the risk management process an auditor makes the observations listed below. Which poses the greatest risk to the organization?
Which of the following fundamental principles of The IIA's Code of Ethics is best described as performing work honestly diligently and responsibly?
A chief audit executive (CAE) has been asked by the board to evaluate the effectiveness of ethical programs created by management. Which of the following would be the most appropriate action for the CAE to take?
The chief audit executive (CAE) decided to conduct a self-assessment with independent validation. Which of the following is the most likely reason the CAE selected this course of action?
An internal auditor discovered that a former colleague from the internal audit activity now works in a junior position in a department scheduled for an upcoming audit. How can the auditor best ensure his objectivity for this engagement?
An internal auditor has documented several instances in which management asked employees to ad against the policies and procedures. Which of the following is the most appropriate next step?
TESTED 04 May 2024
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