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CIA Part 1 Exam Questions and Answers | Practice Questions for Success

Preparing for the IIA CIA Part 1 exam requires dedication and access to quality study materials. Our comprehensive collection of CIA Part 1 exam questions and answers is designed to help you succeed in your journey towards IIA Certification. These practice questions closely mirror the format and difficulty level of the actual CIA Part 1 exam, ensuring you're well-prepared for the challenges ahead. By working through our extensive set of exam questions and answers, you'll gain familiarity with the types of questions asked and improve your time management skills. Our study materials cover all the key topics outlined in the IIA's exam syllabus, including internal control and risk concepts, fraud risks and controls, and information security. Each practice question is accompanied by detailed explanations, helping you understand the reasoning behind correct answers and identify areas where you may need additional focus. Regular practice with these questions will boost your confidence and increase your chances of passing the CIA Part 1 exam on your first attempt. Remember, success in the IIA CIA Part 1 exam is not just about memorization but about developing a deep understanding of internal auditing principles. Our practice questions are designed to challenge your critical thinking skills and apply your knowledge to real-world scenarios. By utilizing these high-quality study materials and dedicating time to consistent practice, you'll be well-equipped to tackle the CIA Part 1 exam and take a significant step towards advancing your career in internal auditing.

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Question #1
An internal audit activity is taking steps to promote professional development among the staff, and is in the process of implementing a mentorship program. According to IIA guidance which of the following is important for a successful mentorship program?
A. It is best if the mentor is the chief audit executive
B. Mentor meeting documentation should be retained in personnel files
C. It should target both new hires and highly experienced staff
D. Meetings with mentors should be formal and scheduled
View answer
Correct Answer: C

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Question #2
Which of the following is true about corporate social responsibility (CSR)?
A. Social and environmental considerations are required parts of an organization's decision making
B. The Global Reporting Initiative provides standards on required disclosures of CSR
C. CSR activities are overseen and managed by operational management
D. Internal auditors can provide assurance on reported sustainability results
View answer
Correct Answer: D
Question #3
Senior management is eager to assess the organization’s risks with regard to electrify sales processes, but the senior management team does not know where to start How can the internal audit activity assist?
A. Outsource the identification of best practices for risk management to an external third party
B. Perform an audit engagement to identify risk management practices deployed in electricity sales processes
C. Recommend reporting the lack of risk management to government authorities and request guidance
D. Facilitate a self-assessment workshop with the employees responsible for process execution
View answer
Correct Answer: D
Question #4
According to IA guidance, a new internal auditor is expected to possess which of the following competencies?
A. echnical industry-specific expertise
B. xpertise in cybersecurity, an area of increasing risk
C. Knowledge of IT risks and controls
D. Knowledge of forensic accounting
View answer
Correct Answer: C
Question #5
Internal controls belong to which risk response category?
A. Reduction
B. Avoidance
C. Sharing
D. Acceptance
View answer
Correct Answer: A
Question #6
Which of the following is true regarding the auditing of soft controls?
A. Soft controls should not be audited due to subjectivity issues
B. There are no effective tools to use for audits of soft controls
C. Traditional testing is less suitable for soft controls assessment
D. Management input is the best source for assessment of soft controls
View answer
Correct Answer: C
Question #7
Which of the following controls would most likely prevent fraud related to the overpayment of vendors?
A. Require supervisory review of all invoices and cash disbursements exceeding a stated threshold
B. Require the matching of a purchase order, receiving report, and invoice before payment
C. Require all checks to be signed by more than one person
D. Require all invoices to be paid within 30 days by check only
View answer
Correct Answer: B
Question #8
Which of the following Is an area that an organization would most likely include as part of its corporate social responsibility reporting?
A. The profitability impact of its products in developing markets
B. The amount of political donations to local government races
C. The number of complaints related to traffic from its new factory
D. The compensation packages awarded to senior management
View answer
Correct Answer: C
Question #9
The chief audit executive (CAE) annually develops a budget and resource plan and submits it to the board for approval. This action best fulfills which of the following responsibilities of the CAE?
A. The responsibility to maintain organizational independence
B. The responsibility to perform engagements with due professional care
C. The responsibility to communicate corrective action plans to the board
D. The responsibility to define the purpose of the internal audit activity
View answer
Correct Answer: A
Question #10
With regard to governance, which of the following is a board-level responsibility rather than a management responsibility?
A. Obtaining assurance on external financial, regulatory, and internal audits
B. Complying with laws, regulations, and codes
C. Assigning authority and responsibilities organization wide
D. Monitoring and measuring performance
View answer
Correct Answer: A
Question #11
A financial services organization's board is assessing increased regulations and its effect on current industry lending practices. Which of the following committees would help the board identify and assess the effects of the increased regulations?
A. uality committee
B. udit committee
C. Risk committee
D. Governance committee
View answer
Correct Answer: C
Question #12
An internal auditor is compiling statistics of vendors. She notices a few vendors with no tax and phone numbers. What should the auditor do with her finding?
A. Blacklist those vendors and forbid further transactions with them
B. Report those vendors to anti-money laundering authorities
C. Scrutinize those vendors by running a check in a trade registry
D. Label those vendors as front companies and notify accounting clerks
View answer
Correct Answer: C
Question #13
Which of the following actions would best help the internal audit activity promote continuous improvement in control effectiveness within the organization?
A. Determining whether management measures and monitors the costs and benefits of controls
B. Providing training on controls and ongoing self-monitoring processes
C. Developing flowcharts to obtain information about control design adequacy
D. Identifying objectives and the risks involved in achieving them
View answer
Correct Answer: B
Question #14
Which of the following strategies by a new chief audit executive would best help ensure that the internal audit activity aligns with The IIA's Mission of Internal Audit?
A. Read prior audit reports and board communications to identify any key outstanding issues
B. Identify all stakeholders for the organization and the associated audit plan for adequate coverage
C. Examine the organization's current risk and control framework for effectiveness
D. Learn the organization's priorities and objectives through discussions with senior management and the board
View answer
Correct Answer: D
Question #15
An internal auditor reviews a draft audit report in preparation for an exit meeting. The auditor notices the inclusion of an observation that was clarified by the process owner. The process owner had provided sufficient documentation to support that the relevant control is being performed effectively. The auditor discusses with the engagement supervisor to remove the observation from the report Which of the following competencies does this demonstrate?
A. Courage
B. Persistence
C. Communication
D. Persuasion
View answer
Correct Answer: A
Question #16
A company is being investigated for inflating its sales with the help of third-party service providers who are family relatives of the chief operating officer. Which of the following internal audit services would have in been most effective in detecting this situation?
A. A forensic examination of sales transactions
B. An independent review of financial statements
C. A review of vendor onboarding controls
D. Participation in approval of transactions with related parties
View answer
Correct Answer: D
Question #17
An organization is considering purchasing a new banking software system and has asked the internal audit activity to evaluate the system. An internal auditor assigned to perform the engagement worked at the software company two years ago and is familiar with the system's design strengths and weaknesses. Which of the following is true regarding impairment to the auditor's objectivity?
A. This situation does not necessitate any action related to the auditor's objectivity
B. The auditor should decline to perform the audit because personal conflicts of interest are likely
C. The auditor must disclose to the chief audit executive that this situation may impair her objectivity
D. The auditor can provide only consulting services, not assurance
View answer
Correct Answer: C
Question #18
An organization is conducting a fraud risk assessment as part of its risk management program. Which of the following steps is the organization most likely to perform first?
A. Identify relevant fraud risk factors
B. Identify potential fraud schemes
C. Identify existing controls for preventing and detecting fraud
D. Identify red flags by conducting data analysis
View answer
Correct Answer: A
Question #19
During a review of the procurement function, an internal auditor identified an existing control for adding new vendors into the vendor contract system. Which of the following would best help the auditor determine the adequacy of the control's design?
A. Flowchart of the vendor addition process
B. Independent confirmations sent to vendors
C. Analysis of the control's costs and benefits
D. Interview with management of the procurement function
View answer
Correct Answer: A
Question #20
Which of the is following statements is the most appropriate for a chief audit executive to include in the internal audit policy manual in order to promote objectivity?
A. Internal auditors may conduct a financial effectiveness engagement in a business unit at any point after being transferred from that area
B. Internal auditors may conclude that a business unit's current control environment is adequate and effective if the review of the prior year's workpapers and audit report supports that conclusion
C. Internal auditors may conduct an engagement in a business unit at any point after providing a training workshop in that area
D. Internal auditors should limit the scope of an engagement if they become aware of a potential impairment of their objectivity in order to reduce the potential impact of the impairment on the engagement results
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Correct Answer: C
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