IIA-CIA-Part1 Exam - Test IIA-CIA-Part1 Questions Fee
IIA-CIA-Part1 Exam - Test IIA-CIA-Part1 Questions Fee
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IIA Essentials of Internal Auditing Sample Questions (Q594-Q599):
NEW QUESTION # 594
According to IIA guidance, which of the following is true of the internal audit activity's quality assurance and improvement program?
1 Monitoring the internal audit activity's performance must be ongoing
2 All aspects of the internal audit activity should be evaluated
3 The requirement for external assessments can be satisfied through self-assessments that are validated by an independent external party
4 The review of assurance services should be the primary focus
- A. 1 3 and 4
- B. 2 and 3 only
- C. 1, 2 and 3
- D. 1 and 2 only
Answer: C
Explanation:
According to IIA guidance on the quality assurance and improvement program:
* Monitoring of the internal audit activity's performance must indeed be ongoing to ensure continuous improvement.
* All aspects of the internal audit activity should be evaluated, not just selected parts.
* The requirement for external assessments can be satisfied through self-assessments that are validated by an independent external party, providing a cost-effective way to meet external assessment requirements.
Thus, options 1, 2, and 3 are all correct, making C the best choice.References: IIA Standard 1300 - Quality Assurance and Improvement Program
NEW QUESTION # 595
According to The IIA's Code of Ethics, which of the following scenarios offers the best example of violating the principle of integrity?
- A. An internal audit manager collaborates with senior management to provide misleading information to government authorities.
- B. An internal audit manager provides sample audit reports and workpapers to a friend without obtaining prior approval
- C. An internal audit manager assigned to audit a sales process failed to reveal that the process owner is a relative
- D. An internal audit manager carries out a technical audit request without seeking expert opinion, despite a lack of the requisite skills.
Answer: C
Explanation:
The scenario where an internal audit manager fails to disclose a conflict of interest by not revealing that the process owner being audited is a relative is a clear violation of the integrity principle outlined in The IIA's Code of Ethics. Integrity demands that internal auditors disclose all material facts known to them that, if not disclosed, may distort the reporting of activities under review or conceal unlawful practices.
The IIA's Code of Ethics
NEW QUESTION # 596
Which of the following statements is true regarding corporate social responsibility (CSR)?
- A. Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary
- B. Many of the areas explored by CSR are normally included in an audit universe or annual audit plan
- C. Typically operating management does not have a major role to play based on the public nature of reporting
- D. Despite significant corporate resources spent on CSR reporting investors generally do not rely on CSR information
Answer: B
NEW QUESTION # 597
Which of the following statements is most accurate with respect to the required elements of the quality assurance and improvement program?
- A. In order to comply with the Standards, the internal audit activity must obtain an objective assessment of its processes and function at least once a year.
- B. Internal auditors completing internal assessments must demonstrate certification to perform quality assessments.
- C. Quality assessments focus on the internal audit activity's structure, relationships with stakeholders, compliance with the Standards, and internal audit staff proficiency.
- D. Internal assessments provide sufficient objectivity to provide evidence to the board that the internal audit activity understands the organization's control processes.
Answer: D
NEW QUESTION # 598
Which of the following audit findings would have the least impact (either positive or negative) on a department's control environment?
- A. The department manager sets and demonstrates a tone of honesty and integrity in all business dealings.
- B. Deficiencies were found in the appropriate authorization of transactions.
- C. The department makes long-term investment risk decisions to maximize return on investment.
- D. Many department functions are duplicated or verified by other department employees.
Answer: C
NEW QUESTION # 599
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