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Exam Number/Code: IIA-CIA-Part1
Exam name: Certified Internal Auditor - Part 1, The Internal Audit Activitys Role in Governance, Risk, and Control
n questions with full explanations
Certification: IIA Certification
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Approved of IIA-CIA-Part1 free practice test materials and preparation for IIA certification for IT specialist, Real Success Guaranteed with Updated IIA-CIA-Part1 pdf dumps vce Materials. 100% PASS Certified Internal Auditor - Part 1, The Internal Audit Activitys Role in Governance, Risk, and Control exam Today!

Q291. If management has not established a risk management process, the internal audit activity could. 

A. Take a proactive role that supplements traditional assurance activities. 

B. Identify and mitigate risks to the organization. 

C. Assume responsibility for the management of identified risks. 

D. Assume primary responsibility for determining if adequate and effective processes are in place. 


Q292. An auditor in charge was reviewing the workpapers submitted by a newly hired internal auditor. She noted that the new auditor's analytical work did not include any rating or quantification of the risk assessment results, and she returned the workpapers for correction. Which section of the workpapers will the new auditor need to modify? 

A. Condition section. 

B. Criteria section. 

C. Effect section. 

D. Cause section. 


Q293. It would be appropriate for an internal audit activity to use consultants with expertise in health-care benefits when the internal audit activity is: 

I. Conducting an audit of the organization's estimate of its liability for post retirement benefits, which include health care benefits. 

II. Comparing the cost of the organization's health care program with that of other programs offered in the industry. 


 Training its staff to conduct an audit of health care costs in a major division of the organization. 




I and IIIonly 


II and IIIonly 


I,II,and III. 


Q294. Which of the following best ensures the independence of the internal audit activity? 


 The CEO and audit committee review and endorse any changes to the approved audit plan on an annual basis. 


 The audit committee reviews the performance of the chief audit executive (CAE) periodically. 


 The internal audit charter requires the CAE to report functionally to the audit committee. 

A. 3 only 

B. 1 and 2 only 

C. 2 and 3 only 

D. 1,2,and 3 


Q295. What is audit risk? 

A. Internal and external risk factors that exist when there are no controls implemented. 

B. The amount of risk that is reduced through risk management operations. 

C. An incorrect conclusion based on evidence uncovered during an audit. 

D. The risk that remains after management has executed risk management activities. 


Q296. An internal audit activity (IAA) provided assurance services for an activity it was responsible for during the preceding year. 

As a result, which IIA Code of Ethics principle is presumed to be impaired? 

A. Competence. 

B. Flexibility. 

C. Objectivity. 

D. Independence. 


Q297. Which of the following actions by the internal audit activity provides strong evidence that it is organizationally independent? 

A. It reviews engagement results for evidence of undue influence before releasing the final report. 

B. It requires all internal audit staff to sign annual non-disclosure and potential conflict of interest statements. 

C. It maintains direct interactions with the audit committee or board. 

D. It releases an approved internal audit charter stating that the internal audit activity is independent. 


Q298. Which of the following statements is correct regarding risk analysis? 

A. The extent to which management judgments are required in an area could serve as a risk factor in assisting the auditor in making a comparative risk analysis. 

B. The highest risk assessment should always be assigned to the area with the largest potential loss. 

C. The highest risk assessment should always be assigned to the area with the highest probability of occurrence. 

D. Risk analysis must be reduced to quantitative terms in order to provide meaningful comparisons across an organization. 


113. During an audit of financial contracts, an auditor learns that a relative has a substantial loan with the organization. The auditor should: 

A. Exclude the relative's information from the audited work and proceed with the audit engagement. 

B. Proceed with the audit engagement but disclose in the engagement final communication that the relative is a customer. 

C. Immediately withdraw from the audit engagement. 

D. Notify management and the chief audit executive (CAE) and have the CAE determine whether the auditor should continue with the audit engagement. 


Q299. An internal auditor for a large bank is reviewing the collectability of a loan that is secured by real property. The best evidence of the loan's collectability would be: 

A. A recent independent appraisal of the value of the real property. 

B. A document showing the loan committee's approval of the loan. 

C. The borrower's confirmation of the loan balance. 

D. A properly completed and signed loan application form. 


Q300. Which of the following is a second line of defense in effective risk management and control? 

A. Purchasing department. 

B. Compliance department. 

C. Credit department. 

D. Internal audit department.