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IIA Updated IIA-CIA-Part1 Exam Questions and Answers by arvin

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IIA IIA-CIA-Part1 Exam Overview :

Exam Name: Essentials of Internal Auditing
Exam Code: IIA-CIA-Part1 Dumps
Vendor: IIA Certification: CIA
Questions: 721 Q&A's Shared By: arvin
Question 24

Anew internal auditor suspects fraud is taking place. Which action should the new auditor take?

Options:

A.

Collect relevant audit evidence and begin working with management of the area to investigate the fraud.

B.

Inform the chief audit executive and meet with the suspect to determine whether the person committed fraud.

C.

Document supporting information and recommend an investigation to the appropriate audit management.

D.

Evaluate existing controls and implement new procedures to mitigate the opportunity for fraud.

Discussion
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Question 25

An organization opened its warehouse to sell written-off surplus and outdated office furniture to the general public.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?

Options:

A.

Asset misappropriation.

B.

Bribery.

C.

Falsifying records.

D.

Skimming

Discussion
Question 26

A manufacturer of power tools is experiencing regular fluctuations in the price of electrical power which is having a serious impact on the bottom line. Which of the following would be the most effective risk strategy to reduce the impact of these fluctuations?

Options:

A.

Use an average cost for power to smooth the bottom line.

B.

Analyze the amount of power used to produce each power tool.

C.

Review the current process to identify opportunities to reduce power usage.

D.

Use a forward contract for bulk power purchases

Discussion
Question 27

Which of the following is true about a system of internal control?

Options:

A.

Internal control should be updated at least annually.

B.

Technology does not change the internal control landscape.

C.

Strategy should fit the system of internal control.

D.

Articulating measurable objectives is part of internal control.

Discussion
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