[2021.4] IIA IIA-CIA-PART1 exam dumps pdf and practice questions free

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IIA IIA-CIA-PART1 practice test questions 1-13 free

A company produces a product that consists of materials X, Y, and Z. The product is mixed so that:
The quantity of material X used is one-third more than that of material Y.
The quantity of material Y used is one-fourth less than that of material Z.
If the company used 24, 000 units of material Z during a period, what is a reasonable estimate of the amount of material
X used?
A. 8, 000
B. 18, 000
C. 24, 000
D. 32, 000
Correct Answer: C

An organization has implemented a software system that requires a supervisor to approve transactions that would
cause treasury dealers to exceed their authorized limit. This is an example of which of the following types of controls?
A. Preventive controls.
B. Detective controls.
C. Soft controls.
D. Directive controls.
Correct Answer: A

When an external auditor unknowingly fails to modify an opinion on financial statements that are materially misstated,
this is an example of:
A. An inherent risk.
B. A control risk.
C. An audit risk.
D. A residual risk.
Correct Answer: C

An internal audit manager of a furniture manufacturing organization is planning an audit of the procurement process for
kiln-dried wood. The procurement department maintains six procurement officers to manage 24 different suppliers used
by the organization.
Which of the following controls would best mitigate the risk of employees receiving kickbacks from suppliers?
A. The periodic rotation of procurement officers\\’ assignments to supplier accounts.
B. A pre-award financial capacity analysis of suppliers.
C. An automated computer report, organized by supplier, of any invoices for the same amount.
D. Periodic inventories of kiln-dried wood at the organization\\’s warehouse.
Correct Answer: A

Which of the following statements correctly describes how workpaper standards can improve the efficiency of internal
audit operations?
A. They require supervisors to provide written confirmation of the workpapers they review.
B. They grant external parties approved by management access to workpapers.
C. They mandate the wallpaper retention period.
D. They allow the design and content to vary depending on the nature of the engagement.
Correct Answer: D

Organizations that use a highly structured command-and-control management approach are at greater risk of:
A. Delayed response due to the inability to reach consensus among decision makers.
B. Negative consequences that result from lower-level staff\\’s unwillingness to confront errors by superiors.
C. Erosion of staff morale due to perceptions of ineffective leadership.
D. Waste and abuse of organizational resources resulting from management override of controls.
Correct Answer: B

Which of the following statements, if true, could justify an auditor\\’s decision not to report governance- related control
deficiencies to the audit committee?
A. Management plans to initiate corrective action.
B. The board of directors has a separate corporate governance committee.
C. The amounts and the potential risks associated with the deficiencies are not material to the overall organization.
D. Governance issues are complex and the auditor should rely on management\\’s analysis of the extent of the
Correct Answer: C

Which of the following actions indicates a lack of due professional care by an internal auditor performing an audit of a
store\\’s cash function?
A. The audit report included a well-supported recommendation for a reduction in staff even though such a reduction
might adversely impact morale.
B. The auditor tested samples of transactions to test the cash function\\’s process flows.
C. After determining that the cash function internal controls were strong, the audit report assured senior management
that fraud was not present.
D. The auditor discovered an instance of potential fraud and reported it immediately to management, but did not alert
authorities outside the organization.
Correct Answer: C

Which of the following is not one of the 10 core competencies identified in the IIA Competency Framework?
A. Governance, risk, and control.
B. Performance management.
C. Business acumen.
D. Internal audit delivery.
Correct Answer: B

To promote a positive image within an organization, a chief audit executive (CAE) adjusted the audit plan to focus on
assurance engagements that highlighted potential costs to be saved. Negative observations were to be omitted from
engagement final communications. Which action taken by the CAE would be considered a violation of the Standards?
I. The focus of the audit function was changed without modifying the audit charter or notifying the audit committee.
II. Negative observations were omitted from the engagement final communications.
Cost savings and recommendations were highlighted in the engagement final communications.
II only
I and II only
I and III only
I, II, and III.
Correct Answer: B

A charitable organization provides substantial grants for important medical research. Assuming marginal controls are in
place, which of the following possible frauds or misuses of organization assets should be considered the area of
greatest risk?
A. Senior executives are using company travel and entertainment funds for activities that might be considered
B. Purchases of office supplies are made from fictitious vendors.
C. Grants are made to organizations associated with senior executives.
D. A payroll clerk has added a fictitious employee.
Correct Answer: C

Which of the following statements is correct regarding risk analysis?
A. The extent to which management judgments are required in an area could serve as a risk factor in assisting the
auditor in making a comparative risk analysis.
B. The highest risk assessment should always be assigned to the area with the largest potential loss.
C. The highest risk assessment should always be assigned to the area with the highest probability of occurrence.
D. Risk analysis must be reduced to quantitative terms in order to provide meaningful comparisons across an
Correct Answer: A

Which of the following best describes how the increased use of computerization may impact an auditor\\’s assessment
of the risk of fraud?
A. Access to assets may be available to information systems personnel as well as to computer users.
B. Computer controls are generally less effective than human review.
C. Overrides of key controls may require less collaboration.
D. Audit trails are less effective.
Correct Answer: A


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