CIA Part 1 Exam Study Guide with Complete Solutions

CIA Part 1 Exam Study Guide with Complete Solutions Mission of Internal Audit - Correct Answer To enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight. Core Principles for the Professional Practice of Internal Auditing - Correct Answer Demonstrates integrity. Demonstrates competence and due professional care. Is objective and free from undue influence (independent). Aligns with the strategies, objectives, and risks of the organization. Is appropriately positioned and adequately resourced. Demonstrates quality and continuous improvement. Communicates effectively. Provides risk-based assurance. Is insightful, proactive, and future-focused. Promotes organizational improvement. Risk Categories - Correct Answer 1. Business Disruption and System Failures 2. Clients, Products, & Business Practices 3. Credit 4. Damage to Physical Assets 5. External Fraud 6. Employment Practices and Workplace Safety 7. Execution, Delivery & Process Management 8. Internal Fraud 9. Insurance 10. Market Types of Controls - Correct Answer 1. Analytical Procedures 2. Approvals and Authorizations 3. Confirmations 4. Exception Reporting and Tracking 5. Ongoing Monitoring 6. Physical Security 7. Reconciliations