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IIA-CIA-Part1 (Essentials of Internal Auditing) exam is an important step for internal auditors seeking to enhance their knowledge and skills. It covers a wide range of topics that are essential for internal auditors to understand and is a requirement for obtaining the highly regarded CIA certification. Passing IIA-CIA-Part1 Exam demonstrates a commitment to professionalism and ongoing professional development, and opens up new opportunities for career advancement in the field of internal auditing.

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IIA Essentials of Internal Auditing Sample Questions (Q342-Q347):

NEW QUESTION # 342
Which of the following describes a responsibility of operating management in an organization's corporate social responsibility (CSR) efforts?

A. Responsible for performing analysis and comparison of CSR reports and performance.
B. Responsible for ongoing CSR reporting and accomplishing of performance targets.
C. Responsible for implementing CSR principles and overseeing of CSR performance.
D. Responsible for performing periodic internal self-verifications of reported CSR results.

Answer: A

NEW QUESTION # 343
An internal auditor believes that the internal audit activity's independence is impaired. Which of the following actions should the internal auditor take first?

A. Report the impairment to senior management
B. Decide on the extent of impact of the impairment
C. Discuss the impairment with the audit manager
D. Ascertain the best approach to disclose the impairment.

Answer: C

Explanation:
If an internal auditor believes that the internal audit activity's independence is impaired, the first action to take should be to discuss the impairment with the audit manager. This step is crucial as the audit manager can provide guidance, support, and potentially escalate the issue appropriately within the governance framework.
It ensures that the concerns are addressed promptly and effectively within the internal audit function before reaching out to higher levels of management or the audit committee, maintaining a proper chain of communication and resolution.
The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing

NEW QUESTION # 344
Which of the following engagements would be considered an appropriate consulting service?

A. The internal audit activity participates in a cosourcing arrangement with an IT audit firm to test information systems security.
B. The internal audit activity of a commercial bank routinely performs branch audits for compliance with regulations.
C. The internal audit activity facilitates biannual training of the risk management team in risk identification methodologies.
D. The internal audit activity partners with external auditors annually to complete fieldwork required as a part of the external audit exercise.

Answer: D

NEW QUESTION # 345
After being terminated due to downsizing, an internal auditor finds a different job with an organization in the same industry. Which of the following actions would violate the IIA Code of Ethics?

A. At the new organization, the auditor is asked to develop forms to implement probability-proportional-to-size sampling. Although unsure of how to perform this type of sampling, the auditor proceeds without asking for assistance.
B. In the first week at the new organization, the auditor discovers a high fraud risk surrounding the organization's database and suggests that the information technology department implement a new password system to prevent fraudulent actions before they occur.
C. To determine audit priorities in the new job, the auditor uses the audit risk approach that the auditor's previous employer used, without receiving permission to do so.
D. In preparing for an audit at the previous organization, the auditor had conducted a great deal of research on the Internet at home to identify best practices for the management of a treasury function. The auditor has retained much of the research and uses it to conduct an audit of the new employer's treasury function.

Answer: A

Explanation:
Section: Volume E
Explanation/Reference:

NEW QUESTION # 346
Which of the following situations is most likely to threaten the independence of the internal audit activity?

A. The internal audit manager provides consulting services to the procurement department, where she worked during the prior year.
B. The internal audit activity is completely outsourced to an external service provider.
C. The chief audit executive reports functionally to the board and administratively to the CEO.
D. The annual budget for the internal audit activity is approved by the chief financial officer.

Answer: D

Explanation:
The independence of the internal audit activity can be threatened if the annual budget for the internal audit activity is approved by the chief financial officer (Option B). This situation creates a potential conflict of interest because the CFO has a significant influence over the internal audit activity's resources, which may impact its ability to operate independently and objectively. According to the IIA Standards, Standard 1110:
Organizational Independence, the internal audit activity must be free from interference in determining the scope of internal auditing, performing work, and communicating results. Functional reporting to the board and administrative reporting to the CEO (Option A) supports independence, while outsourcing and providing consulting services (Options C and D) do not inherently threaten independence as long as proper safeguards are in place.References:
* IIA Standards, Standard 1110: Organizational Independence
* IIA Practice Guide: Independence and Objectivity

NEW QUESTION # 347
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IIA Essentials of Internal Auditing Sample Questions (Q342-Q347):

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