Most Recent IIA-CIA-Part1 Exam Questions & Answers

Prepare for the IIA Certified Internal Auditor Exam exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the IIA-CIA-Part1 exam and achieve success.

The questions for IIA-CIA-Part1 were last updated on Jan 17, 2025.

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Question No. 1

An internal auditor is reviewing the results of an employee survey at a mining company. Which of the following would alert the auditor to a potential ethics issue?

AWomen account for 20% of the total number of employees in the company.

BThirty percent of employees feel confident in raising concerns without a fear of retaliation.

CMost employees believe that transparent and fair decision-making forms the basis of business ethics.

DEmployees with longer work experience believe that they deserve more privileges than new hires.

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Correct Answer: B

A low percentage of employees feeling confident in raising concerns without fear of retaliation indicates a potential ethics issue within the organization. It suggests that the company might have a culture that does not adequately protect whistleblowers, which can lead to ethical lapses and noncompliance with laws and regulations. Reference:

IIA guidance on ethics and whistleblower protection.

COSO Framework on organizational culture and ethics.

Question No. 2

According to IIA guidance, which of the following is a required aspect of an internal audit charter?

AManagement approval

BIndependent review

CReporting relationships

DQuarterly assessment

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Correct Answer: C

The internal audit charter is a formal document that defines the internal audit activity's purpose, authority, and responsibility. According to IIA standards, the internal audit charter must define the reporting relationships within the organization, which facilitates the independence and objectivity of the internal audit function. The inclusion of reporting relationships ensures that there is clear communication and understanding regarding the internal audit activity's position within the organization. Reference:

IIA Standard 1000: 'Purpose, Authority, and Responsibility'

Question No. 3

Which of the following must be in existence as a precondition to developing an effective system of internal controls?

AA monitoring process,

BA risk assessment process.

CA strategic objective-setting process.

DAn information and communication process.

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Correct Answer: B

A risk assessment process is a crucial precondition for developing an effective system of internal controls. It helps identify and analyze risks relevant to achieving the organization's objectives, thereby informing the design and implementation of appropriate controls to mitigate those risks. This foundational step ensures that the internal controls are aligned with the specific risk landscape of the organization. Reference: COSO Framework on Internal Control, Principle Related to Risk Assessment

Topic 2, Exam Pool B

Question No. 4

Which of the following resources would be most effective for an organization that would like to improve how it informs stakeholders of its social responsibility performance?

AISO 26000.

BGlobal Reporting Initiative.

COpen Compliance and Ethics Group.

DCOSO's enterprise risk management framework

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Correct Answer: B

The Global Reporting Initiative (GRI) is the most effective resource for an organization looking to improve how it informs stakeholders of its social responsibility performance. The GRI provides a comprehensive set of standards for sustainability reporting, which includes guidelines on how to communicate social responsibility efforts transparently and effectively to stakeholders. Reference: Global Reporting Initiative (GRI) standards; literature on sustainability reporting.

Question No. 5

The internal audit activity plans to audit a supplier quality management process within the supply chain function. In what way is this assurance engagement similar to a typical consulting engagement?

AFor both types of engagements, internal auditors are solely responsible for deciding the goals and objectives.

BFor both types of engagements, internal auditors must obtain requisite skillsets for the areas where their team lacks competencies.

CFor both types of engagements, internal auditors should not be involved in the engagement if they previously managed the supply chain function.

DFor both types of engagements, internal auditors are prohibited from undertaking operational responsibilities.

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Correct Answer: B

Internal auditors must possess the knowledge, skills, and other competencies needed to perform their individual responsibilities and the internal audit activity's plan2.This applies to both assurance and consulting engagements, as they both require internal auditors to provide risk-based and objective assurance, advice, and insight to the organization3.If the internal audit team lacks the necessary competencies for a specific engagement, they should obtain them through training, coaching, or external assistance4.

1: CIA Exam Practice Questions - Certified Internal Auditor 20192: Standard 1210 -- Proficiency - The Institute of Internal Auditors or The IIA3: Mission of Internal Audit4: Standard 1210.A3 - The Institute of Internal Auditors or The IIA

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