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IIA IIA-CIA-Part1 Dumps Questions Answers

Exam Code:
IIA-CIA-Part1
Last Update: Apr 25, 2024
227 Questions
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Essentials of Internal Auditing Questions and Answers

Questions 1

An internal auditor assessed the controls within his organization's payroll process and suspects that erroneous payments may have been made to a fraudulent bank account. What is the best course of action for the auditor to take?

Options:

A.

Speak to the payroll manager so he may investigate the auditor's observations.

B.

Continue to investigate the payments to confirm the accuracy of the observations, and determine whether further fraudulent payments have been made.

C.

Stop the audit and report the findings to senior management immediately.

D.

Escalate the concern to the engagement supervisor.

Questions 2

The internal auditor of a small manufacturer noted that the accounting department has insufficient staff to achieve proper segregation of duties. What type of controls would the auditor likely recommend to management to specifically address this problem?

Options:

A.

Entity-level.

B.

Preventive.

C.

Directive.

D.

Compensating.

Questions 3

According to IIA guidance, which of the following actions by the chief audit executive (CAE) best demonstrates the organizational independence of the internal audit activity?

Options:

A.

The CAE seeks senior management approval of the internal audit charter

B.

The CAE obtains senior management's approval to hire staff

C.

The CAE reports significant issues to the organization's CEO

D.

The CAE provides the board with an annual budget for approval

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