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The IIA provides two main global certifications: Certified Internal Auditor (CIA) and Certification in Risk Management Assurance (CRMA). The CIA is the first accreditation and classification for internal auditors that the IIA suggests that all internal auditors pursue and have. The CIA not only shows your credibility as an internal audit expert, but it also gives you a competitive advantage over your peers. The CIA is a three-part exam that covers the understanding, skills, and abilities required by today’s internal listeners.
As a professional accountant or auditor seeking to energize your profession, you may have considered earning an audit certification. But you have several options for qualifying in accounting, so which one should you choose? if you intend to go down the path of an internal auditor, after that, Certified Internal Auditor (CIA) is the certification for you.
Prerequisites of IIA-CIA-Part1 Exam
if you don’t have a bachelor’s degree, you can still take the CIA, which offers you to meet BETWEEN the following standards:
- IIA Global will definitely need to see evidence of your training and learning when you enroll, such as duplicates of your A-level or GCSE certificates/achievements. If you cannot provide this proof later, you will not be able to register.
- 4 years of experience in internal audit (plus a second training and apprenticeship).
- 3 levels A or higher or comparable (plus two years of internal audit experience) ACCA credentials.
Before you can earn CIA classification, you must also have some internal audit experience or a relevant role. You must adhere to the following:
- A diploma and 2 years of experience.
- Seven years of experience (plus additional training).
- Level A or comparable and five years of experience.
NEW QUESTION 69
According to the Standards, which of the following statements best describes the required content of the chief audit executive's (CAE) report to senior management and the board on the internal audit activity (IAA)?
- A. The CAE must report on significant risk exposures, control issues, and governance issues.
- B. The CAE must report on auditors' continuing education activities, staffing changes, and
any outsourcing to external parties. - C. The CAE must report on quality assurance techniques, statistical analysis methods, and other analytical processes used.
- D. The CAE must report on policies, procedures, and best practices of the IAA.
Answer: A
NEW QUESTION 70
Which of the following would be considered a preventive control?
- A. A library control log.
- B. A review of exception reports.
- C. A software scan of financial records for irregularities.
- D. A password lock on a server.
Answer: D
NEW QUESTION 71
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. Make the trade because the company and the trader will both benefit.
- B. Defer the decision to management and risk the loss of the trading opportunity.
- C. Disclose the information to the risk oversight committee but proceed with the trade to capitalize on the opportunity.
- D. Have another trader on staff make the trade in order to avoid a conflict of interest.
Answer: B
NEW QUESTION 72
Which of the following are core responsibilities to be included in the internal audit charter?
1. Review reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information.
2. Determine the adequacy and effectiveness of the organization's systems of internal accounting and operating controls.
3. Participate in the planning and performance of audits of potential acquisitions with the organization's outside accountants and other members of the corporate staff.
4. Report to those members of management who should be informed of results of audit examinations, the audit opinions formed, and the recommendations made.
- A. 1 and 4.
- B. 2 and 4.
- C. 2 and 3.
- D. 1 and 2.
Answer: D
NEW QUESTION 73
Which of the following statements describes a control weakness?
- A. Purchasing procedures are well designed and are followed even when the purchasing supervisor wishes to direct otherwise.
- B. Pre-numbered blank purchase orders are secured within the purchasing department.
- C. Normal operational purchases fall in the range from $500 to $1, 000, with a single signature required for purchases over $1, 000.
- D. The purchasing agent in a personal capacity invests in a publicly-traded mutual fund that lists the stock of one of the company's suppliers in its portfolio.
Answer: C
Explanation:
Section: Volume D
NEW QUESTION 74
The chief audit executive (CAE) routinely provides activity reports to the board during quarterly board meetings. Senior management has asked to review the CAE's board presentation before each board meeting so that any issues or questions can be discussed beforehand. The CAE should:
- A. Provide information to senior management that pertains only to completed audit engagements and observations available in published engagement final communications.
- B. Disclose only those matters in the activity reports that pertain to expenditures and financial budgets of the internal audit activity.
- C. Not provide activity reports to senior management because such matters are the sole province of the board.
- D. Provide the activity reports to senior management as requested and discuss any issues that may require action to be taken.
Answer: D
NEW QUESTION 75
According to IIA guidance, which of the following is the best example of a system application control?
- A. A system development life cycle control.
- B. A physical security control over a data center.
- C. A program change management control.
- D. An input control over data integrity.
Answer: D
NEW QUESTION 76
Which of the following is the responsibility of an internal auditor?
1. Assist operating management in implementing audit recommendations.
2. Provide management with value-added analysis to improve operations.
3. Become an advocate for changes to the internal audit activity charter.
4. Disclose non-financial risks that may be identified during the course of an engagement.
- A. 1, 2, 3, and 4
- B. 2 and 4 only
- C. 1 and 3 only
- D. 1, 2, and 4 only
Answer: B
Explanation:
Section: Volume D
NEW QUESTION 77
Which of the following factors should be considered when determining the appropriate combination of manual techniques and computer-assisted audit techniques (CAATs) to be used during an audit?
1.Acceptance of CAATs findings by entity management.
2.Computer knowledge and expertise of the auditor.
3.Time constraints.
4.Level of audit risk.
- A. 1,2,and 3
- B. 1 and 4
- C. 2 and 3 only
- D. 2,3,and 4
Answer: D
NEW QUESTION 78
Which of the following is true regarding the purpose of the COSO enterprise risk
management framework?
1.It is a process that is ongoing and flows throughout the organization.
2.It contributes to the formulation of the organization's mission and vision.
3.It enables internal audit to provide reasonable assurance to an organization's
management and the board.
4.It enables the management of risks within an organization's risk appetite.
- A. 1,2,and 3 only
- B. 1,2,and 4 only
- C. 2,3,and 4 only
- D. 1,3,and 4 only
Answer: D
NEW QUESTION 79
An auditor for a large wholesaler is evaluating the controls over the approval and oversight of credit sales.
Which of the following procedures would be a control weakness?
- A. The finance committee of the board of directors periodically reviews credit standards.
- B. Customers who fail to meet credit requirements must pay cash for shipments upon delivery.
- C. The credit department is responsible for approving shipments to all customers.
- D. The sales department is responsible for determining the credit ratings of customers.
Answer: D
Explanation:
Section: Volume A
NEW QUESTION 80
An internal audit activity's work schedule should always provide sufficient information to the audit committee to enable it to determine whether the proposed engagements:
- A. Are likely to detect control deficiencies.
- B. Support the organization's objectives.
- C. Include sufficient fraud awareness.
- D. Will likely result in the detection of any major risk exposures.
Answer: B
Explanation:
Section: Volume B
NEW QUESTION 81
According to IIA guidance, which of the following statements is false regarding continuing professional education for the internal audit activity (IAA)?
- A. Specialized education that meets unique organizational needs cannot qualify as IAA professional development.
- B. Continuing professional education can be obtained through IAA involvement in research projects.
- C. Employers are responsible for ensuring that the continuing professional education needs of the IAA are met.
- D. Completion of self-study courses fulfills IAA continuing professional education requirements.
Answer: C
Explanation:
Section: Volume E
NEW QUESTION 82
An internal auditor is preparing a draft observation based on her assessment of an accounts payable process.
Which of the following is a process recommendation?
- A. Because of non-compliance with authorization policy, inappropriate payments may be made for payments above $10, 000.
- B. Authorization policy requires two levels of approval for all payments above $10, 000.
- C. The accounts payable authorization actions for all payments should be automated.
- D. Authorization policy for accounts payable was not followed for payments above $10, 000.
Answer: C
Explanation:
Section: Volume D
NEW QUESTION 83
In an audit engagement, a group of internal auditors used an integrated test facility to test payroll processing. The auditors identified the key controls and processing steps in the computer software, and then developed test data. Over the course of 24 months, they submitted test transactions on a regular basis but did not find any differences between payroll processing and integrated test facility results. Based on the data, what can the auditors conclude?
- A. Employees are properly submitting their hours to payroll.
- B. The computer application and its control procedures correctly processed payroll over the 24-month period.
- C. Payments to employees during the 24-month period were all correct.
- D. The computer software is flawed.
Answer: B
NEW QUESTION 84
An internal auditor has been engaged to assess fraud risks associated with a new financial software system.
Which competency would best help the auditor complete the task?
- A. A thorough understanding of organizational governance principles.
- B. Expertise in identifying information technology risks.
- C. Knowledge of key management and business principles.
- D. Proficiency in creating and utilizing process maps.
Answer: B
Explanation:
Section: Volume D
NEW QUESTION 85
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