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IIA CIA Challenge Exam: Conquer with Real Questions & Answers

Real Exam Questions and Answers to Help You Pass the Exam

Are you aiming to achieve the prestigious IIA CIA Challenge certification? Look no further! Our comprehensive collection of real exam questions and answers is designed to provide you with the most effective preparation for your CIA Challenge exam. By studying these authentic questions, you'll gain a deep understanding of the exam format, content, and difficulty level. Our practice materials cover a wide range of topics, including internal auditing standards, governance, risk management, and performance evaluation. With our expert-crafted questions and detailed explanations, you'll be well-equipped to tackle any challenge that comes your way on exam day. Our goal is to help you achieve your CIA Challenge certification with confidence and success.

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Question #1
Which of the following is an example of an entity-level control pertaining to the finance area of an organization?
A. Key account reconciliation, such as bank reconciliation
B. Segregation of duties between posting and reviewing journal entries
C. A signing authority matrix for spending approvals
D. The establishment of a finance and audit committee
View answer
Correct Answer: D
Question #2
The management team of an agricultural organization has prioritized corporate social responsibility (CSR) initiatives. Which of the following would be considered a CSR activity?
A. Offering a one-off donation to an environmental charity for its expansion efforts
B. Organizing organization volunteers to provide periodic plantation skill sharing to farmers
C. Providing special year-end monetary bonuses to the organization's employees at all levels
D. Arranging a free-of-charge picnic for all of the organization's employees and their family members
View answer
Correct Answer: B
Question #3
According to IIA guidance, which of the following steps should precede the development of audit engagement objectives?
A. Identification of controls
B. Scope establishment
C. Risk assessment
D. Review of resources
View answer
Correct Answer: C
Question #4
Which of the following IS an example of an impairment to an internal auditor's independence?
A. An internal auditor delays reporting material financial statement audit findings until after his parents sell all of their stock in the company
B. Following the restructuring of the organization, the internal audit activity now reports functionally to the chief financial officer
C. A new member of the internal audit activity, who was the accounts payable supervisor for two years, is asked to consult on the implementation of a new accounts payable system
D. Believing there must be errors in a given balance sheet account, the internal auditor decides to expand his testing
View answer
Correct Answer: A
Question #5
In which of the following scenarios is the internal auditor in conformance with The IlA's Code of Ethics and the Standards?
A. The auditor testifies in front of a jury about an organization's fraudulent financial practices after receiving a subpoena
B. Management has agreed a to remedy a significant control deficiency, so the auditor excludes the deficiency from the engagement report
C. The chief audit executive declines an assurance engagement in IT because the internal audit activity is not proficient in IT
D. The auditor communicates an audit opinion on fraud risk during an audit engagement's preliminary fraud risk assessment
View answer
Correct Answer: A
Question #6
An internal auditor is reviewing the organization's performance appraisal process. Which of the following methods would be most effective to identify stereotyping?
A. Use a behaviorally anchored rating scale to break down jobs into their components
B. Analyze and compare the ratings for different classes or groupings of employees
C. Compare the ratings of selective employees with their previous appraisals
D. Analyze the number and percentages of employee appraisals that fall into each rating category
View answer
Correct Answer: B
Question #7
A chief audit executive (CAE) following up on action plans from previously cx eted audits identifies that management has determined that certain action plans are no longer necessary. If the CAE disagrees with management's decision, which of the following is the most appropriate next step for the CAE to take?
A. The CAE must discuss the matter with senior management
B. The CAE must discuss the matter with key shareholders
C. The CAE must discuss the matter with legal counsel
D. The CAE must discuss the matter with the board
View answer
Correct Answer: D
Question #8
An organization made a large, one-time purchase of carbon dioxide quotas because management expected the carbon dioxide quota price to rise. However, the price unexpectedly plummeted, and management decided to re-evaluate the quotas and write them down to their market value. Which of the following accounting concepts has the organization applied?
A. Transparency
B. Consistency
C. Conservatism
D. Amortization
View answer
Correct Answer: C
Question #9
Considering the five-attribute approach to documenting deficiencies in an area under review, which of the following answers the QUESTION, "What should be in place?"
A. Action plan
B. Recommendation
C. Condition
D. Criteria
View answer
Correct Answer: D
Question #10
Which of the following is the most important determinant of the objectives and scope of assuranceengagements?
A. The organizational chart, business objectives, and policies and procedures of the area to be reviewed
B. The most recent risk assessment conducted by management of the area to be reviewed
C. The requests of operational and senior management throughout the organization
D. The preliminary risk assessment performed by internal auditors planning the engagement
View answer
Correct Answer: D
Question #11
During the preliminary survey of the procurement department, an internal auditor noted a major control weakness in the organization's ordering and receiving process. According to IIA guidance, which of the following is the most appropriate action the internal auditor should take?
A. Issue a final report on the control weakness to senior management
B. Bring the control weakness to the attention of the process owner for resolution
C. Note the control weakness for discussion during the exit meeting
D. Carry out an investigation of the control weakness for disciplinary action
View answer
Correct Answer: B
Question #12
Which of the following is an example of a risk reduction strategy?
A. Outsourcing the payroll function
B. Absorbing the cost of losses
C. Insuring fixed assets
D. Installing cameras around the plant
View answer
Correct Answer: D
Question #13
Which of the following best describes the board's role in establishing effective organizational governance?
A. The board is involved in approving operational policy
B. The board monitors key processes and procedures
C. The board has oversight responsibility for organizational resources
D. The board approves management's detailed plans and objectives
View answer
Correct Answer: C
Question #14
Which of the following statements is true regarding the usefulness of static budget reports versus flexible budget reports in evaluating performance of budgetary control activities?
A. Neither static nor flexible budget reports are effective tools to evaluate budgetary control activities
B. A flexible budget report is more suitable for evaluating performance in controlling variable costs
C. A flexible budget report is more useful for evaluating performance in controlling both fixed and variable costs
D. A static budget report is more suitable for evaluating performance in controlling variable costs
View answer
Correct Answer: B
Question #15
Which of the following is the best way for an internal auditor to demonstrate due professional care?
A. Conduct an audit to the same extent that another prudent auditor would under similar circumstances
B. Seek feedback from the engagement supervisor during the engagement
C. Execute internal audit work in such a manner as to provide absolute assurance of compliance
D. Request and receive client feedback surveys during the engagement
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Correct Answer: A
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