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IIA-CIA-Part1 exam covers a broad range of topics that are essential for internal auditors to understand. IIA-CIA-Part1 exam consists of 125 multiple-choice questions that are divided into three sections. The first section covers the foundations of internal auditing, including the role and responsibilities of internal auditors, risk management, and governance. The second section covers the tools and techniques used in internal auditing, such as sampling, data analysis, and documentation. The third section covers the business environment, including business processes, financial accounting, and information technology.

IIA-CIA-Part1: Essentials of Internal Auditing Exam is designed to test the knowledge, skills and abilities of candidates in various areas related to internal auditing. These areas include governance, risk management, internal control, audit engagement, fraud risks and controls, audit tools and techniques, and communication. IIA-CIA-Part1 Exam is divided into three sections, with each section containing multiple-choice questions.

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IIA Essentials of Internal Auditing Sample Questions (Q593-Q598):

NEW QUESTION # 593
Which of the following controls is not appropriate for sales in a manufacturing organization?

A. Customers' orders are recorded promptly.
B. Goods returned are inspected for damage by the receiving department for proper disposition.
C. Sales department approval is required for credit sales transactions.
D. Goods shipped are matched with valid customer orders.

Answer: C

NEW QUESTION # 594
Which of the following would be an important aspect of an internal auditor's role in fraud management?

A. Implementing fraud prevention controls to minimize and mitigate the risk of fraud
B. Conducting fraud based audits to ensure that fraud will be detected during engagements
C. Utilizing analytical techniques to actively discover instances of potential fraud
D. Reporting instances of fraud discovered during engagements to regulatory bodies

Answer: C

Explanation:
An important aspect of an internal auditor's role in fraud management is utilizing analytical techniques to actively discover instances of potential fraud. Internal auditors play a critical role in fraud detection by employing data analysis and other analytical methods to identify unusual patterns, anomalies, or red flags that could indicate fraudulent activities. By proactively using these techniques, auditors can help uncover fraud early and provide valuable insights to management for timely intervention.
References:
* The IIA Standards: Standard 1220 - Due Professional Care: "Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor."
* IIA Practice Guide: "Fraud Prevention and Detection in an Automated World": Emphasizes the use of analytical techniques for identifying potential fraud.

NEW QUESTION # 595
Which of the following should an internal auditor possess in order to fulfill the responsibilities of the internal audit activity?

A. Proficiency in accounting principles in order to conduct fraud investigations.
B. An understanding of management principles in order to evaluate deviations from good practices.
C. Proficiency in applying management principles in order to stand in for the chief financial officer.
D. An appreciation of internal audit standards in order to recognize problems.

Answer: B

NEW QUESTION # 596
An internal auditor is reviewing a new automated human resources system. The system contains a table of pay rates which are matched to the employee job classifications.
The best control to ensure that the table is updated correctly for only valid pay changes would be to:

A. Limit access to the data table to management and line supervisors who have the authority to determine pay rates.
B. Require that all pay changes be signed by the employee to verify that the change goes to a bona fide employee.
C. Ensure that adequate edit and reasonableness checks are built into the automated system.
D. Require a supervisor in the department, who does not have the ability to change the table, to compare the changes to a signed management authorization.

Answer: D

NEW QUESTION # 597
The chief commodity trader for a large energy company learns from a friend that a competitor will likely fail its upcoming regulatory audit and will be forced to temporarily decrease production. If the information is true, the trader has short-term opportunities to make trades that will financially benefit the trader's company and will lead to a substantial increase in the trader's performance bonus. However, if the information is not true, making the trades will significantly increase the company's risk of being caught in a long position. From an ethical perspective, which of the following would be the most appropriate course of action for the trader to take?

A. Defer the decision to management and risk the loss of the trading opportunity.
B. Have another trader on staff make the trade in order to avoid a conflict of interest.
C. Make the trade because the company and the trader will both benefit.
D. Disclose the information to the risk oversight committee but proceed with the trade to capitalize on the opportunity.

Answer: A

Explanation:
Section: Volume B
Explanation/Reference:

NEW QUESTION # 598
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IIA Essentials of Internal Auditing Sample Questions (Q593-Q598):

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