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

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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: brielle
Question 80

A risk assessment showed that the cost of addressing a particular risk in the organization's human resources department is greater than the perceived benefit. Which risk response approach should the organization take in this scenario?

Options:

A.

Reduce the risk.

B.

Transfer the risk.

C.

Accept the risk.

D.

Share the risk.

Discussion
Question 81

The internal audit activity is responsible for conducting fraud investigations. A potential fraud instance was identified during an audit engagement. The chief audit executive appoints a lead investigator. Which of the following would most likely be the next step?

Options:

A.

Ask internal auditors to gather all relevant information and evidence.

B.

Identify and interview witnesses first and potential suspects later.

C.

Conduct a fraud risk assessment to identify the most vulnerable areas.

D.

Determine the competencies needed and assess whether team members have a conflict of Interest.

Discussion
Question 82

Once an organization's risks are identified, what would be the next step to ensure resources are properly allocated to manage those risks?

Options:

A.

Risk responses must be selected.

B.

Risks must be assessed.

C.

The risk universe must be established.

D.

Risk responses must be aligned.

Discussion
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Question 83

What is the main difference between a consulting engagement versus an assurance engagement?

Options:

A.

The nature of services provided are defined in the internal audit charter.

B.

Internal auditors must maintain objectivity while performing their work.

C.

The objectives and scope of the engagement typically are directed by management.

D.

Internal auditors may assume management responsibilities.

Discussion
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