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

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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: nylah
Question 132

Which of the following is true regarding the stakeholder theory of corporate social responsibility?

Options:

A.

An organization has a fiduciary duty to put shareholders' needs first

B.

Customers' needs are the primary responsibility of the organization

C.

Competitors are considered stakeholders of the organization

D.

Employees are the organization's best assets and primary responsibility

Discussion
Question 133

Which of the following is true regarding risk analysis?

Options:

A.

Impact and likelihood should be assessed together.

B.

Impact and likelihood should be given equal consideration by the internal auditor.

C.

Impact and likelihood should be measured using quantitative methods.

D.

Impact and likelihood should be used to determine risk response.

Discussion
Question 134

An internal auditor notes that inventory counts are conducted on Mondays only and that all documentation is on paper as there are no computers in the underground warehouses. Also she notices that the person responsible for receiving the goods is the same one who distributes materials and spare parts Finally, she sees that spare parts are written off and taken by the heads of mining units to different underground locations to wait for their turn to be installed. Which of the described findings requires more consideration from a fraud risk perspective?

Options:

A.

The job responsibilities of the warehouse employee compromise segregation of duties

B.

Spare parts are written off before their actual usage and installation

C.

Warehouse management is conducted on paper and requires further investigation

D.

The inventory counts take place on specific days of the week for no apparent reason

Discussion
Question 135

According to MA guidance, which of the following statements is true regarding an effective governance process?

Options:

A.

It stipulates that risk needs to be considered when making strategic decisions.

B.

It encourages strict segregation of the risk management and internal control processes.

C.

It relies on effective risk management when establishing the organization's risk appetite.

D.

It relies on the board to devise ways to communicate the effectiveness of internal controls.

Discussion
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