FREE PDF 2025 THE BEST IIA-CIA-PART1: ESSENTIALS OF INTERNAL AUDITING PDF DEMO DOWNLOAD

Free PDF 2025 The Best IIA-CIA-Part1: Essentials of Internal Auditing Pdf Demo Download

Free PDF 2025 The Best IIA-CIA-Part1: Essentials of Internal Auditing Pdf Demo Download

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IIA-CIA-Part1 exam covers the fundamental principles and concepts of internal auditing, including governance and risk management, as well as the tools and techniques of the internal auditor. IIA-CIA-Part1 Exam is divided into six domains, including mandatory guidance, internal control and risk, conducting internal audit engagements, fraud risks and controls, governance, risk management and control, and business acumen.

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IIA Essentials of Internal Auditing Sample Questions (Q391-Q396):

NEW QUESTION # 391
Which of the following statements best describes the difference between risk appetite and risk tolerance?

  • A. There is no significant difference between the two terms.
  • B. Risk appetite applies to specific objectives, while risk tolerance refers to an organization's general attitude toward risk,
  • C. Risk appetite refers to the degree of risk acceptance for a particular objective, while risk tolerance is one approach to risk management.
  • D. Risk appetite refers to an organization's general level of acceptance, while risk tolerance is a more specific and subordinate concept.

Answer: D

Explanation:
The statement that best describes the difference between risk appetite and risk tolerance is that risk appetite refers to an organization's general level of acceptance of risk, while risk tolerance is a more specific and subordinate concept. Risk appetite is the broad-based amount of risk an organization is willing to accept in pursuit of its mission, while risk tolerance defines the acceptable level of variation that management is willing to allow for any particular risk as it pursues its objectives.
The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing


NEW QUESTION # 392
A production division received 45 responses to a customer-service survey distributed to 100 purchasing departments randomly selected from all customers who made purchases in the prior 12 months. Which of the following is the most likely reason that the division manager would be concerned about nonresponse bias in this situation?

  • A. Confidence intervals are narrower.
  • B. Those who did not respond may be systematically different from those who did.
  • C. The sample size is too small.
  • D. The sample means and standard errors are more difficult to compute.

Answer: B


NEW QUESTION # 393
Which of the following actions would be considered a violation of the Standards?
I.Drafts of engagement communications were reviewed with the audit client to obtain input. The client's comments were considered when developing the engagement final communication.
II.
An auditor participated as part of a development team to review the control procedures to be incorporated into a major computer application under development.
III.
Given limited resources, the chief audit executive performed a risk analysis to determine which functions to audit.

  • A. I and III only.
  • B. II only.
  • C. I, II, and III.
  • D. None of the above.

Answer: D


NEW QUESTION # 394
How do assurance services and consulting services differ?

  • A. Consulting services do not have to be included in the internal audit charter
  • B. Assurance services are limited to financial events or actions, and consulting services are not limited in this way
  • C. Other employees in an organization can provide consulting services but only an internal audit activity can provide assurance services
  • D. There is less variety of consulting services that an internal audit activity might provide compared to assurance services

Answer: C

Explanation:
The key difference between assurance services and consulting services is that other employees in the organization can provide consulting services, but only an internal audit activity can provide assurance services. This distinction is important because assurance services require a level of independence and adherence to specific standards that are unique to the internal audit profession. References: IIA definitions and standards for assurance and consulting services, which delineate the roles and limitations of these services within internal audit practices.


NEW QUESTION # 395
The internal audit activity was asked to conduct an investigation for potential fraud in the treasury department and subsequently contracted with a forensic accountant to join the team for the engagement. Which of the following parties has the primary responsibility for resolving any fraud incidents found as a result of this investigation?

  • A. The legal department.
  • B. The forensic accountant.
  • C. Chief audit executive.
  • D. Senior management.

Answer: D

Explanation:
Senior management has the primary responsibility for resolving any fraud incidents found as a result of the investigation in the treasury department. While the internal audit activity may identify and report on fraud, and forensic accountants may assist in investigating it, the responsibility for addressing and resolving incidents of fraud, including implementing corrective actions and holding parties accountable, rests with senior management.
The IIA's guidance on the roles and responsibilities in fraud investigations, which places ultimate responsibility for management of fraud risks with senior management.


NEW QUESTION # 396
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