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What are the topics covered in IIA-CIA-Part1 Exam

Candidates must know the topics before they start of preparation. Because it will really help them in hitting the core. Our IIA-CIA-Part1 Exam exam dumps will include the following topics:

  • Quality Assurance and Improvement Program (7%)
  • Independence and Objectivity (15%)
  • Foundations of Internal Auditing (15%)
  • Proficiency and Due Professional Care (18%)
  • Governance, Risk Management, and Control (35%)
  • Fraud Risks (10%)

Reference: https://na.theiia.org/certification/CIA-Certification/Pages/CIA-2013-Exam-Syllabus-Part-1.aspx

Prerequisites of IIA-CIA-Part1 Exam

if you don't have a bachelor's degree, you can still take the CIA, which offers you to meet BETWEEN the following standards:

  • 3 levels A or higher or comparable (plus two years of internal audit experience) ACCA credentials.
  • IIA Global will definitely need to see evidence of your training and learning when you enroll, such as duplicates of your A-level or GCSE certificates/achievements. If you cannot provide this proof later, you will not be able to register.
  • 4 years of experience in internal audit (plus a second training and apprenticeship).

Before you can earn CIA classification, you must also have some internal audit experience or a relevant role. You must adhere to the following:

  • Seven years of experience (plus additional training).
  • Level A or comparable and five years of experience.
  • A diploma and 2 years of experience.

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The average Salary of a IIA-CIA-Part1

  • India - 5170273 INR
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IIA IIA-CIA-Part1 Exam Syllabus Topics:

SectionWeightObjectives
II. Independence and Objectivity (15%)15%- Interpret organizational independence
- Determine the type of impairment to independence and objectivity
- Demonstrate individual objectivity
- Assess and maintain individual objectivity
VI. Fraud Risks (10%)10%- Explain the types of fraud
- Describe fraud risk and fraud prevention
- Explain the auditor's role in fraud prevention and detection
III. Proficiency and Due Professional Care (18%)18%- Explain the importance of due professional care
- Demonstrate proficiency and due professional care
- Explain the level of knowledge, skills, and competencies required
- Explain the requirement for continuing professional development
I. Foundations of Internal Auditing (15%)15%- Demonstrate conformance with the IIA Code of Ethics
- Explain the requirements of an internal audit charter
- Interpret the difference between assurance and consulting services
- Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles
IV. Quality Assurance and Improvement Program (7%)7%- Explain the requirements of the internal and external assessments
- Describe the mandatory elements of the QAIP
V. Governance, Risk Management, and Control (35%)35%- Describe corporate social responsibility
- Describe the concept of organizational governance
- Recognize and interpret ethics and compliance-related issues
- Examine the effectiveness of risk management
- Interpret fundamental concepts of risk and the risk management process
- Describe globally accepted risk management frameworks (COSO ERM, ISO 31000)
- Describe the components of the internal control system
- Recognize the impact of organizational culture on the control environment
- Examine the effectiveness of the internal control system

IIA Internal Audit Fundamentals Sample Questions:

Which of the following best describes why a chief audit executive might obtain the services of a fraud specialist to assist in a major fraud investigation ' ?

  • A. Fraud specialists are better at using computer-assisted audit techniques
  • B. Fraud specialists are better at using crime scene investigation techniques
  • C. Fraud specialists are better able to properly apply due professional care
  • D. Fraud specialists are better equipped to act as an expert witness in court
Reveal Solution  Discussion  0

Correct Answer: D  πŸ—³οΈ

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What should be the first step for a newly hired chief audit executive to build and maintain the proficiency of the internal audit activity ' ?

  • A. Develop a competency or skill assessment tool.
  • B. Complete a periodic skills assessment of the internal audit activity
  • C. Perform benchmarking with competitors to learn what other firms are doing related to this topic
  • D. Incorporate the basic criteria of internal audit competency into job descriptions
Reveal Solution  Discussion  0

Correct Answer: D  πŸ—³οΈ

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A manufacturer of power tools is experiencing regular fluctuations in the price of electrical power which is having a serious impact on the bottom line. Which of the following would be the most effective risk strategy to reduce the impact of these fluctuations?

  • A. Use a forward contract for bulk power purchases
  • B. Review the current process to identify opportunities to reduce power usage.
  • C. Analyze the amount of power used to produce each power tool.
  • D. Use an average cost for power to smooth the bottom line.
Reveal Solution  Discussion  0

Correct Answer: A  πŸ—³οΈ

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Which of the following describes an advisory service?

  • A. The parties involved in the engagement process are the internal auditor, the owner of the assessed activity, and the user of the engagement results.
  • B. Internal auditors determine engagement objectives, scope, and the assessment techniques to be used.
  • C. Internal auditors provided the assessment services requested by the engagement client.
  • D. Engagement results include conclusions, recommendations, and independent opinion based on an objective assessment of evidence.
Reveal Solution  Discussion  0

Correct Answer: C  πŸ—³οΈ

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The largest risks facing an organization should be mitigated by which type of controls?

  • A. Transaction-level
  • B. Process-level
  • C. Entity-level
  • D. Activity-level
Reveal Solution  Discussion  0

Correct Answer: C  πŸ—³οΈ

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