Jan-2024 Realistic IIA-CIA-Part1 Exam Dumps with Accurate & Updated Questions
IIA-CIA-Part1 Exam Dumps - PDF Questions and Testing Engine
What are the topics covered in IIA-CIA-Part1 Exam
Candidates must know the topics before they start of preparation. Because it will really help them in hitting the core. Our IIA-CIA-Part1 Exam exam dumps will include the following topics:
- Quality Assurance and Improvement Program (7%)
- Independence and Objectivity (15%)
- Governance, Risk Management, and Control (35%)
- Proficiency and Due Professional Care (18%)
NEW QUESTION # 51
A medical insurance provider uses an electronic claims-submission process and suspects that a number of physicians have submitted claims for treatments that were not performed. Which of the following control procedures would be most effective to detect this type of fraud?
- A. Use computer software to identify abnormal claims based on the insured's age and medical history.
- B. Develop an integrated test facility and submit false claims to verify that the system is detecting such claims on a consistent basis.
- C. Send confirmations to the physicians, requesting them to verify the exact nature of the claims submitted to the insurance provider.
- D. Require the physician to submit a signed statement attesting that the treatments had been performed.
Answer: A
Explanation:
Section: Volume F
NEW QUESTION # 52
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant.
Which of the following tasks is appropriate for the CAE to undertake?
- A. Coordinate and facilitate risk workshops for management to attend.
- B. Set risk indicators and mitigation plans for management to implement.
- C. Determine the number of significant risks for management to report to the board.
- D. Establish the degree of risk appetite for management to accept.
Answer: C
NEW QUESTION # 53
Which of the following would be the best source of information for a chief audit executive to use in planning future audit staff requirements?
- A. Review of audit staff size and composition of similar-sized companies in the same industry.
- B. Discussions of audit needs with executive management and the audit committee.
- C. Review of audit staff education and training records.
- D. Interviews with existing audit staff.
Answer: B
NEW QUESTION # 54
Which of the following is true for consulting engagements'?
- A. The internal audit activity must ensure management actions have been effectively implemented or risk accepted
- B. Risks identified from the engagement must be considered when evaluating the organization's risk management processes
- C. A work program for the engagement is not required but may be developed
- D. The nature of consulting services does not have to be in the internal audit charter
Answer: B
NEW QUESTION # 55
Which of the following is ultimately responsible for the continuing professional development of internal audit activity staff?
- A. Chief audit executive.
- B. Individual internal auditors.
- C. CEO.
- D. Board of directors.
Answer: A
NEW QUESTION # 56
An objective for an audit of a medical research corporation is to evaluate management's controls to ensure that timely reports are submitted to sponsors of contracted research projects. In planning the audit to achieve this objective, the auditor should begin by:
- A. Interviewing a group of research managers.
- B. Sending a questionnaire to a sample of research sponsors.
- C. Observing report preparation in a number of laboratories.
- D. Reviewing policies and procedures.
Answer: D
NEW QUESTION # 57
Which of the following controls would best mitigate the risk of fraud in the bidding process?
- A. Allow the higher tenders to rebid.
- B. Have a bidding committee open the tender bids.
- C. Restrict the time to submit tender bids.
- D. Keep minutes of pre-bid meetings.
Answer: C
NEW QUESTION # 58
An internal auditor prepared a workpaper that consisted of a list of employee names and identification numbers as well as the following statement:
"A statistical sample of 40 employee personnel files was selected to verify that they contain all documents required by company policy 501 (copy attached). No exceptions were noted." The auditor did not place any audit verification symbols on this workpaper.
Which of the following changes would most improve the auditor's workpaper?
- A. Use of audit verification symbols to show that each file was examined.
- B. Listing of the actual documents examined for each employee.
- C. Justification for the sample size.
- D. Removal of the employee names to protect their confidentiality.
Answer: C
NEW QUESTION # 59
Which of the following is a strategic risk that internal auditors should consider when performing a third-party risk management engagement?
- A. Physical security
- B. Conflict of interest
- C. Cost overruns
- D. Loss of intellectual property
Answer: B
NEW QUESTION # 60
Which of the following statements is true regarding organizational culture and an audit of the control environment?
- A. For multinational organizations it is important to ensure that the organizational culture is consistent at all locations
- B. Because the chief audit executive (CAE) is part of the organizational culture, external auditors should be engaged to evaluate the control environment
- C. Because it will create a conflict of interest relating to the control environment, senior management should not be consulted during the audit
- D. If there are unresolved scope restrictions, the CAE should consider whether to pursue the audit and note the scope restrictions in the audit report
Answer: D
NEW QUESTION # 61
Which of the following would be a preventive control for helping to manage fraud in an organization?
- A. Bank reconciliations performed on a monthly basis by the accounting department.
- B. A code of conduct and whistleblower policy that must be signed by all employees annually.
- C. A monthly review of new vendors performed by management for reasonableness.
- D. Reviews of reports to determine which issued payments lack evidence of supervisory review.
Answer: C
NEW QUESTION # 62
Which of the following is a responsibility of the internal audit activity as it relates to risk and risk management?
- A. Evaluating and suggesting improvements to the risk management process.
- B. Ensuring an adequate risk management system is in place.
- C. Determining whether the risk attitude is aligned with shareholder interests.
- D. Establishing the organization's risk appetite.
Answer: B
NEW QUESTION # 63
Which requirement should the chief audit executive consider when communicating results of the quality assurance and improvement program to the board of a large
organization?
- A. The results of the external assessment should be discussed every seven years,
- B. The rating conclusions and the impact from results of the external assessment should be explained,
- C. The qualifications and independence of the internal assessment team should be discussed
- D. The internal assessment results should be discussed once every five years,
Answer: B
NEW QUESTION # 64
Which of the following is a true statement regarding whistleblowing?
- A. Whistleblowers should inform the organization about actual criminal circumstances, not assumed allegations
- B. Whistleblowing programs help employees deal with ethical questions and instill ethical values into everyday behavior
- C. Whistleblowing is one of several possible ethical structures an organization can undertake to encourage ethical behavior.
- D. Whistleblowers are current or former employees who are disgruntled and looking to retaliate.
Answer: C
NEW QUESTION # 65
During a routine audit of a customer service hotline, an internal auditor noticed that an unusually high number of customer complaints pertained to payments not being applied to the customers' accounts. Which of the following would most likely be the reason for the high volume of complaints?
- A. An ineffective customer service department.
- B. Check tampering by an employee.
- C. Poor controls in the invoice approval processes.
- D. Submission of fraudulent expense reports.
Answer: B
NEW QUESTION # 66
A chief audit executive (CAE) of a major retailer has engaged an independent firm of information security specialists to perform specialized internal audit activities. The CAE can rely on the specialists' work only if it is:
- A. Performed under the supervision of the information technology department.
- B. Carried out using standard review procedures for retailers.
- C. Carried out in accordance with the Standards.
- D. Performed in accordance with the terms of the contract.
Answer: C
NEW QUESTION # 67
Some of a company's payroll transactions were batch posted to the payroll file but were not uploaded correctly to the general ledger file on the mainframe. The best control to detect this type of error would be.
- A. Validation of hash totals.
- B. Edit controls on the payroll file.
- C. Reconciliation of paychecks to the bank account.
- D. Appropriate segregation of duties for batch approval.
Answer: A
Explanation:
Section: Volume B
NEW QUESTION # 68
Which of the following situations allows for the most objectivity on the part of an internal auditor?
- A. Comparing current environmental activities against legislation.
- B. Drawing conclusions from a sample of financial transactions.
- C. Performing a risk assessment of a new financial instrument.
- D. Assessing testing procedures in a new computer system.
Answer: A
NEW QUESTION # 69
Which of the following is a common type of payroll fraud?
- A. Skimming.
- B. Unearned bonuses or commissions.
- C. Unauthorized overtime.
- D. Fictitious employees.
Answer: D
NEW QUESTION # 70
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