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IIA-CIA-Part1 (Essentials of Internal Auditing) Exam is a challenging but rewarding certification exam for individuals seeking to establish themselves as competent and professional internal auditors. With the knowledge and skills gained from the exam, certified internal auditors can make informed decisions, add value to their organizations, and contribute to the overall success of their company.

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To prepare for the IIA-CIA-Part1 Exam, candidates should have a strong foundation in accounting, finance, and business law. They should also have experience in internal auditing or related fields. Candidates can prepare for the exam by studying the IIA's Essential of Internal Auditing book, which is the primary reference for the exam. They can also take practice exams and attend review courses offered by the IIA or other training providers.

IIA Essentials of Internal Auditing Sample Questions (Q758-Q763):

NEW QUESTION # 758
In which of the following ways can a chief audit executive demonstrate to the board that the internal audit activity collectively possesses all of the skills needed to complete its annual goals?

A. Require all internal audit staff to complete the same training course on a general audit subject,
B. Involve board members in hiring activities and request advice.
C. Provide a competency assessment of the internal audit staff.
D. Require senior auditors to obtain a professional certification.

Answer: C

Explanation:
The most effective way a chief audit executive (CAE) can demonstrate to the board that the internal audit team has the necessary skills to achieve its annual goals is through a competency assessment. This assessment measures and documents the collective skills and knowledge within the internal audit activity, ensuring they align with the requirements of the audit plan and the organization's objectives. Competency assessments can identify gaps and provide a basis for training and development, making it an essential tool for demonstrating capability.References:
* The Institute of Internal Auditors (IIA) - International Professional Practices Framework (IPPF)

NEW QUESTION # 759
Which of the following best describes the internal audit activity's responsibility within a risk and control framework?

A. The internal audit activity implements the internal control framework and advises management regarding best practices.
B. The internal audit activity constitutes the first line of defense in effective risk management.
C. The internal audit activity provides direction regarding internal controls implementation.
D. The internal audit activity verifies that management has met its responsibility for implementing effective controls.

Answer: D

Explanation:
The primary responsibility of the internal audit activity within a risk and control framework is to verify that management has met its responsibility for implementing effective controls. This aligns with the IIA's definition of the internal audit function's role, which is to provide independent and objective assurance that an organization's risk management, governance, and internal control processes are operating effectively.
References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.

NEW QUESTION # 760
An electric company hires several independent contractors to trim trees that are in close proximity to electricity lines. Which of the following would be the most effective control to mitigate the risk of contractors submitting fraudulent invoices regarding work completed?

A. Compare actual payments to contractors with budgeted values and analyze discrepancies
B. Reconcile invoices and work acceptance sheets submitted by contractors
C. Utilize unmanned drones to conduct regular flights and photo shoots over the areas where work is performed
D. Require contractors to submit completed and signed work acceptance sheets

Answer: D

Explanation:
Requiring contractors to submit completed and signed work acceptance sheets is an effective control to mitigate the risk of fraudulent invoices. This control provides direct evidence that the work was completed as agreed, and it offers a verifiable document that can be checked against invoices submitted. This step also ensures that any claims made by contractors can be cross-referenced easily, enhancing transparency and accountability in the billing process.References: Best practices in contractor management and invoice verification.

NEW QUESTION # 761
An auditor plans to analyze customer satisfaction,including. (1) customer complaints recorded by the customer service department during the last three months; (2) merchandise returned in the last three months; and (3) responses to a survey of customers who made purchases in the last three months.
Which of the following statements regarding this audit approach is correct?

A. The survey would not consider customers who did not make purchases in the last three months.
B. Steps 1 and 2 of the analysis are not necessary or cost-effective if the customer survey is comprehensive.
C. Although useful,such an analysis does not address any risk factors.
D. Analysis of three months' activity would not evaluate customer satisfaction.

Answer: A

NEW QUESTION # 762
According to MA guidance, which of the following best describes how often the chief audit executive should review the quality assurance and improvement program of the internal audit activity?

A. Progressively on a day-to-day basis
B. Just prior to an external assessment of the internal audit activity
C. At the completion of each engagement.
D. Whenever the business objectives of the organization change

Answer: A

Explanation:
According to IIA guidance, the chief audit executive should review the quality assurance and improvement program of the internal audit activity progressively on a day-to-day basis. This continual review ensures that the internal audit activity remains effective and aligned with the organization's objectives and adheres to professional standards, thereby maintaining and enhancing the value provided by the audit function.
IIA standards related to the quality assurance and improvement program, which advocate for ongoing monitoring to ensure the effectiveness of the internal audit activity.

NEW QUESTION # 763
......

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