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IIA-CIA-Part1 Certification Exam is a computer-based exam with multiple-choice questions. IIA-CIA-Part1 Exam is divided into two parts, and candidates are given 2 hours and 45 minutes to complete each part. IIA-CIA-Part1 exam is offered in several languages and can be taken at any IIA-authorized testing center worldwide. Candidates who pass the exam earn the designation of Certified Internal Auditor (CIA) and become eligible to pursue the remaining parts of the CIA certification.

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IIA Essentials of Internal Auditing Sample Questions (Q621-Q626):

NEW QUESTION # 621
Which of the following best describes the procedures used by the representatives of an organization's stakeholders to provide oversight of the processes administered by management?

Answer: D


NEW QUESTION # 622
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?

Answer: A

Explanation:
A control weakness in the oversight of credit sales is evident when the sales department is responsible for determining the credit ratings of customers. This structure can lead to a conflict of interest, as the sales department may be motivated to approve higher credit limits or overlook credit standards to increase sales figures. This undermines the objectivity and effectiveness of the credit approval process, which should ideally be handled by an independent department such as credit control to ensure unbiased evaluation.
Internal control frameworks and auditing standards that emphasize segregation of duties and the independence of critical control activities.


NEW QUESTION # 623
The internal audit activity is performing an assessment of an organization's ethics program, and the engagement scope specifies a focus on the training program's design. According to IIA guidance, which of the following questions would be the most relevant?
1. Does the training include situations that require an ethical decision?
2. What percentage of employees have taken the training?
3. What are the results of the employee assessment of the organization's ethical climate?
4. Does the instructor provide feedback on the thought process to reach an ethical resolution?

Answer: B

Explanation:
In assessing the design of a training program for an organization's ethics program, the most relevant questions would be those that address the content of the training and the feedback mechanism used to foster ethical decision-making. Questions 1 and 4 directly relate to these aspects, examining if the training includes ethical decision-making scenarios and if there is feedback on the thought processes involved, which are critical for effective ethics training.
IIA guidance on auditing ethics programs, focusing on the effectiveness and design of training components.


NEW QUESTION # 624
During an audit of a foreign subsidiary an internal audit team discovered that products were sold to a prohibited country due to sanctions. What is the best course of action for the internal audit team?

Answer: A

Explanation:
When an internal audit team discovers that products were sold to a prohibited country due to sanctions, the best course of action is to consult with the legal department. This step ensures that the internal audit team receives expert advice on the legal implications and the appropriate course of action. Reporting to government regulators or external auditors without legal consultation may result in incorrect or premature actions. The legal department can guide the auditors on compliance with relevant laws and regulations, ensuring that the organization handles the violation appropriately.
The IIA Standards: Standard 2060 - Reporting to Senior Management and the Board: "The chief audit executive must report periodically to senior management and the board on the internal audit activity's purpose, authority, responsibility, and performance relative to its plan." The IIA Practice Guide: "Coordinating Risk Management and Assurance": Emphasizes the importance of consulting with legal experts on matters involving regulatory compliance.


NEW QUESTION # 625
Which of the following is a true statement regarding whistleblowing?

Answer: A


NEW QUESTION # 626
......

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