Iia certkiller iia-cia-part1 Exam Questions Tutorials by Natan q136 vce pdf

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Exam Name:	Essentials of Internal Auditing
Exam Code:	IIA-CIA-Part1 Dumps
Vendor:	IIA	Certification:	CIA
Questions:	691 Q&A's	Shared By:	natan

Question 60

An internal audit activity maintains a quality assurance and improvement program that includes annual self-assessments. The internal audit activity includes in each engagement report a clause that the engagement is conducted in conformance with the International

Standards for the Professional Practice of Internal Auditing ( Standards) Which of the following justifies inclusion of this clause in the reports?

Options:

Internal audit activity policies and engagement records provide relevant, sufficient, and competent evidence that the statement is correct

The audit committee has reviewed the annual self-assessment results and approved the use of the clause

The self-assessment results were validated by a qualified external review team three years prior

The internal audit charter, approved by the audit committee requires conformance with the Standards

Discussion

Question 61

According to IIA guidance, which of the following is most critical to ensuring that an organization's risk management program remains effective over time?

Options:

Ensuring a fully executed assurance role for the internal audit activity.

Conducting risk evaluations that include ranking the relative importance of each risk.

Establishing a risk management function and appointing a chief risk officer.

Conducting a combination of ongoing risk reviews and individual evaluations.

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Question 62

The chief audit executive of a large national retailer is reviewing the purpose and objectives of the organization's internal audit activity

Which of the following objectives is best aligned with The IIA's Mission of Internal Audit?

Options:

To implement a quality assurance and improvement program

To assess the effectiveness of internal controls over organizational assets

To ensure internal auditors possess the competencies needed to perform their responsibilities

To operate within the budget established by the board of directors

Discussion

Question 63

Which of the following scenarios best illustrates due professional care?

Options:

An internal auditor who previously worked in the payroll department within the last year was intentionally excluded by the chief audit executive from the audit team assigned to a payroll audit

While performing a payroll audit an auditor became skeptical about significant payments made to a manager. The auditor sought to determine whether these payments were reasonable through discussion with a manager in a different department in the organization

The head of the payroll department being audited is a business partner of the engagement supervisor During the audit the engagement supervisor sought to maintain his objectivity by not participating in fieldwork

An auditor assigned to a payroll audit was unable to reperform some complex payroll computations for a small number of employees The sum of these payments was below the materiality thresholds provided so the auditor did not perform further tests