Exam IIA-CIA-Part1 Tips, Exam Sample IIA-CIA-Part1 Questions

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What is IIA-CIA-Part1 Exam

The revised CIA Part 1 exam is well aligned with the IIA's International Specialized Practice Framework (IPPF) and also includes 6 areas that cover the fundamentals of internal accounting; autonomy and neutrality; efficacy and appropriate specialized treatment; quality assurance and renewal programs; governance, threat tracking and even control; and even the threat of fraud. The first part examines the understanding, skills and also the capabilities of the perspectives associated with the International Specifications for Household Accounting Specialized Technique, in particular the characteristic standards (1000, 1100, 1200 and 1300 series), as well as the criteria performance 2100.

Aspects of the IPPF are included such as the purpose of internal auditing and the basics of expert internal auditing technique. The program offers a higher rating with the IIA performance standards. The test covers the distinctions between obtaining and seeking advice from compromises. The review is about the appropriate disclosure of consistency with respect to non-conformance to specifications. The most important area is “Threat Governance, Management and Control”, which represents 35% of the audit. Part of the exam requires candidates to demonstrate a basic understanding of the concepts; another section requires candidates to demonstrate mastery of their knowledge, skills, and abilities.

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Exam Sample IIA-CIA-Part1 Questions - IIA-CIA-Part1 Valid Test Question

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IIA Essentials of Internal Auditing Sample Questions (Q526-Q531):

NEW QUESTION # 526
Which of the following statements is true regarding internal controls?

A. Robust internal controls ensure business success.
B. Internal controls eliminate process breakdowns caused by human errors.
C. Well-established internal controls cannot be overridden.
D. Strategic objectives are prerequisites to establishing internal controls.

Answer: D

Explanation:
Strategic objectives are prerequisites to establishing internal controls. This is because internal controls are designed to ensure that the actions taken by an organization align with its strategic objectives, helping to manage risks that could impede the organization from achieving these goals.
COSO Framework and IIA guidance on internal controls.

NEW QUESTION # 527
A fast-food company is developing a computer simu-lation involving arrival time at a drive-through restaurant. The distribution for arrival times is:
Time Single-Digit Random
Between Arrivals Probability Number Assigned
2 minutes
0.1 0
3 minutes
0.2 1,2
4 minutes
0.3 3,4,5
5 minutes
0.4 6,7,8,9
Six random numbers are selected to represent the arrival of six cars: 1,6,9,0,5,6. What is the mean time between arrivals in this run of the simu-lation model?

A. 2 minutes.
B. 5 minutes.
C. 4 minutes.
D. 3 minutes.

Answer: C

NEW QUESTION # 528
According to IIA guidance which of the following correctly describes the standard risk treatments outlined in the process element approach of the framework for risk management?

A. Risk identification risk assessment application of controls risk acceptance
B. Risk identification risk assessment risk avoidance risk monitoring
C. Risk avoidance risk sharing application of controls, risk application.
D. Risk avoidance risk identification application of controls risk acceptance.

Answer: A

Explanation:
According to IIA guidance, the standard risk treatments outlined in the process element approach of the framework for risk management include the following steps:
* Risk Identification: Identifying potential risks that could affect the achievement of objectives.
* Risk Assessment: Evaluating the identified risks in terms of their likelihood and impact.
* Application of Controls: Implementing measures to mitigate or manage the identified risks.
* Risk Acceptance: Deciding to accept the risk when it falls within the organization's risk appetite or tolerance levels.
These steps are part of a structured approach to managing risks, ensuring that risks are systematically identified, assessed, and managed through appropriate controls and that acceptance of residual risks is aligned with the organization's strategic objectives and risk appetite.
IIA Practice Guide: Assessing the Adequacy of Risk Management Using ISO 31000 COSO Enterprise Risk Management Framework

NEW QUESTION # 529
Which of the following would be the best example of a monitoring control for a chain of restaurants?

A. Each restaurant manager reconciles the cash received with the food orders recorded on the computer.
B. Proof of bank deposit is transmitted to corporate headquarters on a daily basis.
C. All food orders must be entered through the computer, and there is segregation of duties between the food servers and the cooks.
D. Corporate management prepares a detailed analysis of gross margin per restaurant and investigates those showing a significantly lower gross margin.

Answer: D

NEW QUESTION # 530
Which of the following describes two duties that should not be performed by the same person?

A. Posting bad debt write-offs and reconciling the accounts payable subsidiary ledger.
B. Distributing payroll checks and approving sales returns for credit.
C. Posting cash receipts and cash payments to the general ledger.
D. Recording cash receipts and preparing bank reconciliations.

Answer: D

Explanation:
The duties that should not be performed by the same person to ensure adequate segregation of duties include recording cash receipts and preparing bank reconciliations. Combining these duties in one individual can lead to potential fraud or errors not being detected within the cash management processes.References: Common principles of internal control regarding segregation of duties, aimed at preventing fraud and errors by ensuring no one individual has control over all aspects of a financial transaction.

NEW QUESTION # 531
......

The IIA IIA-CIA-Part1 certification exam is a crucial part of career development in the tech sector. Cracking the Essentials of Internal Auditing (IIA-CIA-Part1) exam strengthens your chances of landing high-paying jobs and promotions. Yet, preparing for the IIA-CIA-Part1 Exam can be challenging, and many working applicants struggle to find IIA-CIA-Part1 practice test questions they require to be successful in their pursuit.

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Exam IIA-CIA-Part1 Tips, Exam Sample IIA-CIA-Part1 Questions

What is IIA-CIA-Part1 Exam

Exam Sample IIA-CIA-Part1 Questions - IIA-CIA-Part1 Valid Test Question

IIA Essentials of Internal Auditing Sample Questions (Q526-Q531):

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