CIA Part 1 Practice Questions and Answers 100% Verified and Updated

CIA Part 1 Practice Questions and
Answers 100% Verified and Updated
AccordingMtoMtheMStandards,MtheMnormalMcourseMofMworkMforManMinternalMauditMac
tivityMisMtoMdoMallMtheMfollowingMexcept:M-MAnswerMPreventMfraudulentMactivities



AccordingMtoMtheMStandards,MtheMnormalMcourseMofMworkMforManMinternalMauditMac
tivityMisMto:M-MAnswerM-ProvideManMindependentMappraisal

-ProvideManMexamination

-EvaluateManMorganization'sMactivitiesMasMaMserviceMtoMtheMorganization



AnMinternalMauditorMsuspectsMfraud.MWhichMofMtheMfollowingMsampleMplansMshouldM
beMusedMifMtheMpurposeMisMtoMselectMaMsampleMwithMaMgivenMprobabilityMofMcont
ainingMatMleastMoneMexampleMofMtheMirregularity?M-MAnswerMDiscovery



AfterMcompletingManMinvestigation,MinternalMauditingMhasMconcludedMthatManMemploye
eMhasMstolenMaMmaterialMamountMofMcashMreceipts.MAMdraftMofMtheMproposedMrep
ortMonMthisMfindingMshouldMbeMreviewedMby:M-MAnswerMLegalMcounsel



ToMproperlyMevaluateMtheMoperationsMofManMinternalMauditingMdepartment,MaMquality
MassuranceMprogramMshouldMinclude:M-
MAnswerMExternalMreviewsMatMlestMonceMeveryMfiveMyearsMbyMqualifiedMpersonsMwh
oMareMindependentMofMtheMorganization



UseMtheMfollowingMinformationMtoManswerMquestionsM5-6.M(ContinuationMquestions)



AMfraudMwasMperpetratedMinMaMmoderateMsizedMcompanyMwhenMtheMaccountingMcle
rkMwasMdelegatedMtooMmuchMresponsibility.MDuringMtheMyear,MtheMcompanyMswitched
MsuppliersMofMaMserviceMtoMaMnewMvendor.MTheMaccountingMclerkMcontinuedMtoMsu
bmitMfraudulentMinvoicesMfromMtheM"oldMsupplier".MBecauseMcontractingMforMservices
MandMapprovalMofMsupplierMinvoicesMhadMbeenMdelegatedMtoMtheMclerk,MitMwasMpo
ssibleMforMtheMclerkMtoMcontinueMbillingsMfromMtheMoldMsupplierMandMdepositMtheM
subsequentMchecks,MwhichMtheMclerkMwasMresponsibleMtoMmail,MintoMaMnewMaccount
MtheMclerkMopenedMinMtheMnameMofMtheMoldMsupplier.MTheMclerkMwasMconsidered
ManMexcellentMemployeeMandMeventuallyMwasMgivenMtheMaddedMresponsibilityMofMpre
paringMtheMdepartmentMbudgets.MThisMaddedMresponsibilityMallowedMtheMclerkMtoMact
uallyMbudgetMforMtheMamountMofMtheMfraudulentMpayments.M-MAnswerM

, 5.MWhichMofMtheMfollowingMcontrolsMwouldMbeMleastMlikelyMtoMpreventMorMdetectM
theMfraudMdescribedMabove?M-
MAnswerMMailingMofMcheckMbyMsomeoneMotherMthanMpersonsMresponsibleMforMcheck
MsigningMorMinvoiceMapproval


6.MWhichMofMtheMfollowingMauditMproceduresMwouldMmostMlikelyMleadMtoMtheMdete
ctionMofMtheMfraud?M-
MAnswerMTakeMaMsampleMofMpaidMinvoicesMandMverifyMreceiptMofMservicesMbyMdep
artmentsMinvolved



ConfirmationsMareMhighlyMregardedMformMofMevidence.MConfirmationMwouldMbeMmost
MeffectiveMinMaddressingMtheMexistenceMassertionMforMthe:M-
MAnswerMInventoryMheldMonMconsignment


AccordingMtoMtheMStandards,MauditMfindingsM(criteria,Mcondition,Mcause,MandMeffect)Ma
reMtheMresultMof:M-
MAnswerMComparingMwhatMshouldMbeMwithMwhatMisMandManalyzingMtheMimpact


OneMpurposeMofMtheMexitMconferenceMisMforMtheMinternalMauditorMto:M-
MAnswerMReviewMandMverifyMtheMappropriatenessMofMauditMreportMbasedMuponMaudi
teeMinput



WhichMofMtheMfollowingMisMtheMmostMappropriateMuseMofManMoralMauditMreport?M-
MAnswerMToMcommunicateMconditionsMthatMdemandMimmediateMactionMbeforeMaMwrit
tenMreportMcanMbeMprepared



TheMbestMdescriptionsMofMtheMpurposeMforMretainingMworkingMpapersMisMto:M-
MAnswerMProvideMaMsupportMforMtheMauditMreport


WhichMofMtheMfollowingMtestsMprovidesMtheMleastMsignificantMevidenceMwhenMtesting
MforMsuspectedMfraudulentMsales?M-
MAnswerMTracingMaMsampleMofMinventoryMremovalMslipsMfromMinventoryMthroughMbilli
ngMtoMtheMsalesMjournal