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

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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: norah
Question 160

According to NA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?

Options:

A.

CAE reviews and approves the annual audit plan,

B.

CAE meets privately with the CEO at least annually.

C.

CAE meets privately with the board at least annually,

D.

CAE reports to the board regarding audit staff performance evaluation and compensation.

Discussion
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Question 161

In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?

Options:

A.

The CAE previously undertook a consulting assignment in that area to improve processes,

B.

A couple of years ago, the CAE performed accounting functions for the payroll department.

C.

Prior to becoming the CAE, the CAE was the payroll manager.

D.

The assurance review was initiated following issues identified during a consulting assignment requested by management.

Discussion
Question 162

Which of the following best describes the Standards requirement for collective proficiency of the internal audit activity?

Options:

A.

The internal audit activity must have auditors on staff who collectively possess all of the competencies required to fulfill the internal audit plan,

B.

All internal auditors on staff should possess the knowledge, skills, and competencies needed to perform any assurance engagement on the audit plan.

C.

The internal audit activity must possess or obtain the competencies needed to carry out their professional responsibilities, including providing relevant advice and recommendations.

D.

Internal auditors collectively are responsible for ensuring that the internal audit activity has the competencies required to fulfill the internal audit plan.

Discussion
Question 163

An internal auditor is performing testing to gather evidence regarding an organization’s inventory account balance and is mindful of the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is. The auditor's concern best describes which of the following risks?

Options:

A.

incorrect rejection risk

B.

Incorrect acceptance risk.

C.

Tolerable misstatement risk.

D.

Anticipated misstatement risk

Discussion
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