Free IIA-CIA-Part1 Exam Braindumps

A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system. The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?

1. A. Coordinate and facilitate risk workshops for management to attend.
2. B. Establish the degree of risk appetite for management to accept.
3. C. Set risk indicators and mitigation plans for management to implement.
4. D. Determine the number of significant risks for management to report to the board.

Correct Answer: D

Reviewing prior audit reports and supporting workpapers before an engagement starts enables an internal auditor to do which of the following?
* 1. To understand better the activity and processes that will be audited.
* 2. To identify the audit procedures that will be used during the engagement.
* 3. To ensure that matters of greatest vulnerability will be addressed.
* 4. To use the information obtained as evidence in the current engagement.

1. A. 4 only
2. B. 1 and 3 only
3. C. 1 and 4 only
4. D. 2, 3, and 4 only

Correct Answer: B

Which of the following statements is true regarding assurance services provided to clients outside of the organization?

1. A. Assurance services for outside clients are not covered under the internal audit charter.
2. B. Assurance services for outside clients must be approved on a case-by-case basis by the board of directors.
3. C. The nature of assurance services for outside clients should be defined in the internal audit charter.
4. D. The nature of assurance services for outside clients is the same as for internal clients.

Correct Answer: C

According to the COSO internal control framework, which of the following best describes the use of continuous auditing programs by the internal audit activity?

1. A. Control environment.
2. B. Control activities.
3. C. Risk assessment.
4. D. Monitoring.

Correct Answer: D

According to IIA guidance, which of the following must internal auditors consider to conform with the requirements for due professional care during a consulting engagement?
* 1. The cost of the engagement, as it pertains to audit time and expenses in relation to the potential benefits.
* 2. The needs and expectation of clients, including the nature, timing, and communication of engagement results.
* 3. The application of technology-based audit and other data analysis techniques, where appropriate.
* 4. The relative complexity and extent of work needed to achieve the engagement's objectives.

1. A. 1, 2, and 3
2. B. 1, 2, and 4
3. C. 1, 3, and 4
4. D. 2, 3, and 4

Correct Answer: B