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IIA-CIA-Part1 Valid Mock Test | Latest Braindumps IIA-CIA-Part1 Ppt

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Passing the IIA-CIA-Part1 exam is a significant achievement for internal auditors, as it demonstrates their knowledge and expertise in the field. Essentials of Internal Auditing certification is also a valuable asset for professionals seeking career advancement or increased earning potential. Additionally, the IIA-CIA-Part1 certification is a prerequisite for the IIA's Certified Internal Auditor (CIA) designation, which is globally recognized as the standard for excellence in internal auditing.

IIA-CIA-Part1 exam is an essential exam for those who want to become certified internal auditors. It covers the fundamental concepts and principles of internal auditing and is a requirement for obtaining the CIA certification. Candidates can prepare for the exam by studying the IIA's Essential of Internal Auditing book, taking practice exams, and attending review courses. Passing IIA-CIA-Part1 Exam is the first step in obtaining the CIA certification, which is recognized worldwide as the standard for excellence in the internal audit profession.

IIA-CIA-Part1 exam consists of 125 multiple-choice questions that are designed to test candidates' knowledge of internal auditing principles and practices. IIA-CIA-Part1 exam is timed and candidates have four hours to complete it. IIA-CIA-Part1 exam is computer-based and is available at Pearson VUE testing centers worldwide.

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IIA Essentials of Internal Auditing Sample Questions (Q289-Q294):

NEW QUESTION # 289
Which of the following is a legitimate role for the internal audit activity in the organization's risk management process'?

A. Setting the risk appetite of the organization
B. Maintaining sole responsibility for risk management within the organization
C. Championing the establishment of a risk management framework
D. Creating and implementing new risk management processes

Answer: C

Explanation:
According to the Institute of Internal Auditors (IIA), the internal audit activity can play several roles in risk management, but its involvement should be advisory and facilitative in nature. The most appropriate role from the given options for the internal audit activity in an organization's risk management process is championing the establishment of a risk management framework. This includes advocating for risk management throughout the organization and helping management establish and improve the risk management framework without taking on management responsibilities, such as setting risk appetite or maintaining sole responsibility for risk management.References:
* IIA Position Paper: "The Role of Internal Auditing in Enterprise-wide Risk Management"

NEW QUESTION # 290
Which of the following statements is true about The IIA Global Internal Audit Competency Framework?

A. The core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.
B. The framework is designed to be used primarily by chief audit executives that are developing indicators to measure the performance of the internal audit activity for which they are responsible.
C. The framework lists the core competencies internal auditors should possess before attempting to attain The IIA's Certified Internal Auditor certification.
D. The framework describes competencies needed for individual internal auditors, but not those necessary at the chief audit executive level.

Answer: B

NEW QUESTION # 291
Which of the following most accurately describes the role of the board when it comes to organizational governance?

A. Responsibility for outcome of the process.
B. Responsibility to identify risks in the organization's business environment
C. Responsibility to be involved in management of the organization.
D. Responsibility to determine who is accountable for outcomes.

Answer: A

Explanation:
The role of the board in organizational governance most accurately involves the responsibility for the outcome of the process. This encompasses overseeing the strategic direction of the organization, ensuring that corporate objectives are met, and that the management's activities align with the overall strategic vision and risk appetite of the organization. The board's oversight role is crucial in ensuring effective governance and accountability throughout the organization.References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing

NEW QUESTION # 292
The board of a newly established organization was discussing the contents of the draft internal audit charter One board member suggested adding to the charter an obligation for the internal audit activity to develop controls in business procedures. The board member explained that the new organization needs professional-level developers, internal auditors have the necessary skills and competencies, and the internal audit activity is well positioned to assume this responsibility. Which of the following would be a potential concern if the board member's suggestion is adopted?

A. Due professional care.
B. Professional development.
C. Internal audit objectivity.
D. Risk management assurance.

Answer: C

Explanation:
According to the standards and practices of internal auditing, the internal audit function is primarily responsible for providing an independent and objective assurance and consulting service aimed at adding value and improving an organization's operations. If internal auditors were tasked with developing controls in business procedures, it could compromise their objectivity. Objectivity is crucial as it allows auditors to carry out audits impartially and without bias. Involvement in control creation could lead internal auditors to later audit their own work, which is a conflict of interest and undermines the principle of independence and objectivity as set by the Institute of Internal Auditors (IIA).References: The Institute of Internal Auditors (IIA)
- International Standards for the Professional Practice of Internal Auditing

NEW QUESTION # 293
Which of the following best describes a consulting engagement rather an assurance engagement?

A. An internal auditor is assigned to assess whether a proposed new initiative to convert a customer service system would be cost effective.
B. Senior management asks the internal audit activity to review compliance with customer data security regulations
C. The chief financial officer asks for the internal auditor's opinion regarding whether the new accounting pronouncements were properly and comprehensively adopted
D. Bank internal auditors review an activity checklist to determine that the loan officer followed proper procedures.

Answer: A

Explanation:
A consulting engagement, as opposed to an assurance engagement, is characterized by the auditor providing advice and recommendations upon request. In option C, an internal auditor assessing the cost-effectiveness of a new customer service system initiative represents a consulting role where the auditor provides expertise to aid decision-making, rather than verifying compliance or control effectiveness.References: Institute of Internal Auditors (IIA) Standards and Guidelines.

NEW QUESTION # 294
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