Free Online IIA IIA-CIA-Part1 Practice Test

Prepare Your IIA IIA-CIA-Part1 Exam Questions with Free online IIA-CIA-Part1 Practice Test. Get Brilliant Essentials of Internal Auditing Exam Results with Valid IIA CIA Part 1 Exam Dumps.

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Total 951 Questions | Updated On: May 14, 2024

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Question 1

Who has the ultimate responsibility of implementing the organization's governance system?

A : Stakeholders

B : The board.

C : The chief executive officer.

D : Internal auditors

Answer: B

Question 2

This chief audit executive (CAE) engaged an internal auditor to consult on an organization's complex information technology system. Shortly after beginning the engagement, the auditor unexpectedly resigned. Unfortunately, this auditor was the only available auditor with the necessary expertise. The CAE will not be able to hire someone with similar expertise in time to meet a regulatory deadline.

Which of the following would be the best course of action for the CAE to take?

A : Continue with the engagement in order to meet the regulatory deadline, but highlight areas in the final report that might need to be revised in the future.

B : Ask that a senior member of the organization's IT department with the required systems expertise join the audit team to assist in completing the engagement

C : Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement

D : Remove the planned engagement from the audit plan and explain to senior management the problems with moving forward without an auditor with the

Answer: C

Question 3

An internal auditor determined that the extrapolated error from a sample of transactions is greater than the tolerable error. To meet due professional care obligations, the auditor should do which of the following?

A : Select and test additional samples to identify other errors

B : Use the extrapolated error as the audited value from the testing.

C : Assess the risk that further errors may exist in the data set.

D : Base the final audit opinion on the extrapolated error.

Answer: A

Question 4

Which of the following is true regarding internal audit role's in The IIA's Three Lines Model?

A : As internal control is part of risk management, the internal audit role in risk management implies reduced emphasis on internal control.

B : Internal audit can blur the distinction between the second and the third lines as long as value is added.

C : Internal audit cannot rely on other assurance providers when opining on the effectiveness of risk management.

D : Internal audit should be aligned with first- and second-line functions through effective communication, cooperation, and collaboration.

Answer: D

Question 5

Which statement most accurately describes how criteria are established for use by internal auditors in determining whether goals and objectives have been accomplished?

A : Management is responsible for establishing the criteria.

B : Internal auditors should use professional standards or government regulations to establish the criteria.

C : The industry in which a company operates establishes criteria for each member company through benchmarks and best practices for that industry.

D : Appropriate accounting or auditing standards, including international standards, should be used as the criteria.

Answer: A

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Total 951 Questions | Updated On: May 14, 2024

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