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

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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: malakai
Question 192

An investment advisory firm purchased professional liability insurance to offer protection from lawsuits brought by customers claiming they received poor or erroneous advice. Which of the following best describes this risk management technique?

Options:

A.

Mitigation.

B.

Acceptance

C.

Transfer.

D.

Avoidance

Discussion
Question 193

Which of the following conditions classifies an engagement as a consulting service provided by the internal audit activity?

Options:

A.

The internal auditor assigned to the engagement previously worked in the area under review and lacks objectivity.

B.

The internal audit engagement will involve providing an opinion on the effectiveness of controls.

C.

The internal auditor assigned to the engagement was specifically requested by management of the area under review.

D.

he internal audit engagement involves only two parties: the internal auditor and the engagement client.

Discussion
Question 194

The internal audit activity audited an organization's risk management function multiple times, and the recommendations that were made remain unaddressed by the head of risk management. Which of the following would be the next step for the internal audit activity?

Options:

A.

The internal audit activity should add value by implementing the recommendations on management's behalf.

B.

The chief audit executive (CAE) must discuss this matter with senior management and the board

C.

The CAE should determine which recommendations to implement based on the severity of the associated risks.

D.

The internal audit activity, led by the CAE. should assume responsibility for risk management function.

Discussion
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Question 195

According to IIA guidance, which of the following is necessary for internal auditors to comply with the requirements for proficiency?

1. Sufficient consideration of current activities, trends, and emerging issues to effectively carry out their professional responsibilities.

2. Ability to provide relevant advice and recommendations to management and the board.

3. Understanding of key IT risks and controls and the ability to identify fraud using technology-based audit techniques.

4. Knowledge, skills, and other competencies necessary to perform individual responsibilities during the engagement.

Options:

A.

1 and 4 only.

B.

1, 2, and 3 only.

C.

1, 2, and 4 only.

D.

2, 3. and 4 only

Discussion
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