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Exam Code: IIA-CIA-Part1
Exam Title: Certified Internal Auditor - Part 1, The Internal Audit Activitys Role in Governance, Risk, and Control
Vendor: IIA
Exam Questions: 227
Last Updated: September 28th,2024

Question 1

An internal audit charter, approved by the board, restricts the internal audit activity to providing assurance only on the reliability of financial information and the effectiveness of internal accounting controls. Which of the following statements is true regarding the extent to which the external auditor may rely on the internal audit activity's work?

A. The external auditor may make full use of the work, as the audit charter is very specific as to the work the internal audit activity may undertake.
B. The external auditor may use the work, as the board has approved the charter, thus taking responsibility for any deficiencies.
C. The external auditor must disregard the work, as the scope of the charter may introduce bias and result in a lack of due professional care.
D. The external auditor may use the work with caution, due to the internal audit activity's scope and responsibility restrictions.

Correct Answer:D

Question 2

According to IIA guidance, which of the following best describes internal auditors' responsibility regarding fraud?

A. Internal auditors should take a leading role in investigating all fraud-related cases.
B. Internal auditors must have sufficient knowledge to evaluate the risk of fraud.
C. Internal auditors should report all fraud cases to law enforcement agents, in accordance with the Code of Ethics.
D. Internal auditors are responsible for ensuring that fraud does not occur.

Correct Answer:B

Question 3

According to IIA guidance, which of the following should be formally documented in the internal audit charter?

A. The internal audit activity's responsibility for imposing risk management processes.
B. The internal audit activity's responsibility for the organization's governance framework.
C. The nature of consulting services provided by the internal audit activity.
D. The budgeting process for the internal audit activity.

Correct Answer:C

Question 4

Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?

A. Workshops.
B. Surveys.
C. Interviews.
D. Observation.

Correct Answer:B

Question 5

Management is developing and implementing a risk and control framework for use throughout the organization. Which of the following elements should be included in the organization's control framework?
* 1. Appropriate levels of authority and responsibility.
* 2. Supervision of staff and appropriate review of work.
* 3. The seniority of management in the organization.
* 4. The ability to trace each transaction to an accountable and responsible individual.

A. 1,2, and 3.
B. 1.2, and 4.
C. 1.3, and 4.
D. 2, 3, and 4.

Correct Answer:D