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CIA Part 1 Exam Questions and Answers: Ace Your IIA Certification with Practice Tests

Paragraph: Real Exam Questions and Answers to Help You Pass the Exam

Are you aiming to achieve the coveted IIA CIA Part 1 certification? Look no further! Our curated collection of practice questions and answers is designed to simulate the real exam experience and help you prepare effectively. By familiarizing yourself with the format, content, and difficulty level of the CIA Part 1 exam, you can boost your confidence and increase your chances of success.

Our study materials cover a wide range of topics, including internal auditing, governance, risk management, and assurance. With our practice questions, you'll have the opportunity to test your understanding of key concepts and identify areas where you may need further improvement. Our detailed explanations for each answer will help you grasp the underlying principles and reasoning behind the correct choices.

By diligently practicing with our exam questions and answers, you can enhance your problem-solving skills, improve your time management, and develop a deeper understanding of the IIA Certification requirements. Remember, consistent practice is key to success. So, start preparing today and take a significant step towards achieving your CIA Part 1 certification goals.

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Question #1
Which of the following actions would be most effective to help an internal auditor determine how successful the organization has been in communicating the existence of its ethics hotline?
A. Reviewing the number of anonymous hotline allegations against employee complaints
B. Surveying employees to determine whether they are aware of the hotline
C. Benchmarking the average time to investigate hotline complaints
D. Tracking the number of hotline allegations per total number of employees
View answer
Correct Answer: B
Question #2
Which of the following statements is accurate regarding internal auditors and planning engagements of governance processes?
A. Internal auditors, during the annual planning process, may replace an assurance engagement on governance practices, with consulting services for the same area
B. Internal auditors may provide consulting services to assess governance practices only as an addition to assurance engagements
C. Internal auditors must provide both assurance and consulting services to assess governance practices due to level of the area
D. Internal auditors cannot provide assurance services to governance processes, as these processes relate to senior management and board activities
View answer
Correct Answer: A
Question #3
As a result of a high-profile processing error, respective business unit managers are implementing new controls. The internal audit team was asked for their advice regarding the controls. The objective of this consulting engagement would be determined by which of the following?
A. The organization's board of directors
B. The chief audit executive
C. The business unit manager and the engagement supervisor
D. The compliance manager and the business unit manager
View answer
Correct Answer: C
Question #4
While preparing the audit plan for an automobile manufacturing company, the chief audit executive (CAE) noted that the company's engineering department received a high risk ranking. However, the internal audit activity is understaffed, and current staff do not possess the necessary skills to adequately assess the effectiveness of the engineering department. What is the most appropriate course of action for the CAE to take?
A. Include the engineering department on the audit plan, use the available internal audit resources to conduct the review, and exclude procedures that cannot be adequately assessed
B. Advise management to accept the assessed risk until the internal auditors are able to review the area adequately
C. Recruit internal auditors with the required competencies and wait until they are employed before including this audit on the internal audit plan
D. Proceed with a review of the engineering department but supplement the internal audit team with nonauditors from an external engineering company who have the required skills to assist
View answer
Correct Answer: D
Question #5
According to the IIA Code of Ethics, which of the following best describes the conduct of an internal auditor who demonstrates the principle of competency?
A. The auditor is prudent in the use and protection of information acquired in the course of his work
B. The auditor does not accept anything that may impair or be presumed to impair his professional judgment
C. The auditor does not perform services in a particular area when he lacks skills in that area
D. The auditor performs work with honesty, diligence, and responsibility
View answer
Correct Answer: C
Question #6
Which risk management activity would cause the internal auditor to assume a management responsibility?
A. Assessing management's acceptance of risk
B. Reviewing a cybersecurity risk report issued by management
C. Developing a list of emerging risks for management
D. Prioritizing risks for management
View answer
Correct Answer: D
Question #7
Which of the following is an indicator of ineffective third-party risk management
A. Sourcing of third parties does not follow public procurement law
B. Violations of service conditions trigger either fines or termination
C. Due diligence of third parties is conducted only after contract signing
D. The right-to-audit clause is limited by personal data protection regulations
View answer
Correct Answer: C
Question #8
Which of the following models is most appropriate for assessing the effectiveness of business processes?
A. The Capability Maturity Model
B. The Three Lines Model
C. COSO's Internal Control - Integrated Framework
D. COSO's ERM - Integrating Strategy with Performance
View answer
Correct Answer: A
Question #9
An internal auditor found that his organization did not make a disclosure that is required by law. However, the auditor decided not to raise an audit finding. Which of the following Code of Ethics principles was violated?
A. Objectivity
B. Integrity
C. Proficiency
D. Confidentiality
View answer
Correct Answer: A
Question #10
During an assurance engagement, an internal auditor reviews a tender inviting vendors to submit bids to supply financial services software to the organization. she suspects that the tender was tailored for the bidder who eventually won the contract. What should the auditor do next?
A. Review payments made for the financial services software
B. Confront a procurement specialist with the suspicion
C. Submit an anonymous tip to the whistleblower hotline
D. Analyze technical terms and conditions of the tender
View answer
Correct Answer: D
Question #11
A chief audit executive (CAE) was asked by senior management to establish and manage a risk management function. A new chief risk officer was hired a year later to assume these responsibilities. As this function was included in the current annual audit plan- the CAE engaged an external resource for a risk management engagement Which of the following potential threats to objectivity was the CAE likely addressing?
A. Self-review threat
B. Advocacy threat
C. Familiarity threat
D. Personal relationship threat
View answer
Correct Answer: A
Question #12
Which of the following is an example of risk monitoring to ensure a system is performing as intended?
A. Checking the progress of risk treatment plans
B. Considering the consequence and likelihood of risks
C. Documenting the risks and their areas of impact
D. Communicating to management about risks
View answer
Correct Answer: A
Question #13
The internal audit policies and procedures handbook. According to IIA guidance, the nature and scope of assurance and consulting services to be offered must be clearly delineated in which of the following internal audit documents?
A. The internal audit policies and procedures handbook
B. The internal audit charter
C. The internal audit mission statement
D. Each internal audit engagement letter
View answer
Correct Answer: B
Question #14
Which of the following is an indicator that the internal audit activity does not fully conform with the Standards?
A. The quality assurance and improvement program identified several opportunities for the internal audit activity to make improvements
B. In lieu of an external assessment, the internal audit activity performed a self-assessment with independent external validation
C. During an internal quality assessment
D. External assessments are performed every five years by a competent internal audit team from the organization's parent company
View answer
Correct Answer: C
Question #15
When an organization purchases a derivative contract in the stock market to limit the potential loss in the value of a security, the organization is applying which of the following isk management techniques?
A. Avoiding the risk altogether
B. Transferring the risk
C. Introducing a control feature
D. Accepting the risk
View answer
Correct Answer: B
Question #16
An organizations hoard of directors has decided that the internal audit activity must have greater access to different pars of the organization in order to perform their assurance work effectively. Which of the following areas is the board seeking to improve by making this change?
A. Internal audit authority
B. Internal audit reporting structure
C. Internal audit independence and objectivity
D. Internal audit interaction with the board
View answer
Correct Answer: C
Question #17
The internal auditor of a small manufacturer noted that the accounting department has insufficient staff to achieve proper segregation of duties. What type of controls would the auditor likely recommend to management to specifically address this problem?
A. Entity-level
B. Preventive
C. Directive
D. Compensating
View answer
Correct Answer: D
Question #18
Coordinate control activities. Which of the following actions should the organization's governing body perform to provide the most effective governance over the organization's culture?
A. Coordinate control activities
B. Provide direction
C. Design key controls
D. Deliver assurance
View answer
Correct Answer: B
Question #19
Once an organization's risks are identified. what would be the next step to ensure resources are properly allocated to manage those risks?
A. Risk responses must be selected
C. The risk universe must be established
D. Risk responses must be aligned
View answer
Correct Answer: B
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