FANTASTIC IIA-CIA-PART1 LEARNING MODE - WIN YOUR IIA CERTIFICATE WITH TOP SCORE

Fantastic IIA-CIA-Part1 Learning Mode - Win Your IIA Certificate with Top Score

Fantastic IIA-CIA-Part1 Learning Mode - Win Your IIA Certificate with Top Score

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IIA-CIA-Part1 exam is designed to test candidates' knowledge of the essential concepts and principles of internal auditing. It covers topics such as the role of internal auditing in governance, risk management, and control; the internal audit process; and the standards and code of ethics that guide internal auditors. IIA-CIA-Part1 Exam consists of 125 multiple-choice questions and has a time limit of 2.5 hours.

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IIA IIA-CIA-Part1 Valid Test Vce Free | Real IIA-CIA-Part1 Exam Dumps

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IIA Essentials of Internal Auditing Sample Questions (Q83-Q88):

NEW QUESTION # 83
Which of the following is an example of sharing risk?

  • A. An organization sold an unprofitable business unit to its competitor.
  • B. An organization redesigned a business process to change the risk pattern.
  • C. In order to spread total risk, an organization used multiple vendors for critical materials.
  • D. An organization outsourced a portion of its services to a third-party service provider.

Answer: D

Explanation:
Section: Volume A


NEW QUESTION # 84
Which of the following would be the least desirable criteria against which to judge current operations of a company's treasury function?

  • A. The operations of the treasury function as documented during the last audit engagement.
  • B. Finance textbook illustrations of generally accepted good treasury function practices.
  • C. Codification of best practices of the treasury function in relevant industries.
  • D. Company policies and procedures delegating authority and assigning responsibilities.

Answer: A


NEW QUESTION # 85
Which of the following actions best demonstrates that an internal auditor is exercising due professional care?

  • A. The auditor is alert to the possibility of fraud and activities where irregularities are most likely to occur.
  • B. The auditor is cognizant of reducing travel expenses by combining a personal vacation with a business trip.
  • C. The auditor performs thorough reviews and provides absolute assurance of regulatory compliance.
  • D. The auditor recommends improvements for all of the organization's procedures and practices.

Answer: A


NEW QUESTION # 86
An organization opened its warehouse to sell written-off surplus and outdated office furniture to the general public. Prices were negotiable, and customers could pay by cash, check, or credit card. Receipts were available upon request, and were issued by the inventory manager upon collection of payment. At the end of the day, the manager forwarded all of the funds he had collected to the finance department for deposit. Which of the following types of fraud is most likely to occur under these circumstances?

  • A. Bribery.
  • B. Asset misappropriation.
  • C. Falsifying records.
  • D. Skimming

Answer: D

Explanation:
Under the circumstances described, the type of fraud most likely to occur is skimming. Skimming involves stealing cash before it is recorded on the organization's books. Since receipts were issued only upon request and the inventory manager had control over collecting and depositing payments, there is an opportunity for undetected theft of cash payments.
Common types of fraud in cash handling environments, as outlined in fraud detection and prevention resources by the IIA.


NEW QUESTION # 87
In an assurance engagement focused on the adequacy of organizationwide risk management practices, which of the following best describes a primary area of interest for the engagement?

  • A. The alignment of management decisions with the level of risk the organization is willing to accept.
  • B. Conflicts of interest within the organizational structure of the senior management.
  • C. The actions of upper management in response to the internal audit activity's reporting
  • D. The effectiveness of process-level and transaction-level controls.

Answer: A

Explanation:
In an assurance engagement examining the adequacy of organization-wide risk management practices, a primary area of interest would be the alignment of management decisions with the level of risk the organization is willing to accept. This focus helps determine whether the risk management framework is effectively informing strategic decision-making and aligning with the business objectives and risk appetite of the organization. Effective risk management practices should guide management in making decisions that align with the entity's predefined risk thresholds.
The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing


NEW QUESTION # 88
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