CIA Part 1 Exam Questions & Answers 2023/2024

CIA Part 1 Exam Questions & Answers 2023/2024 Assessing individual objectivity of internal auditors is the responsibility of A. The chief executive officer. B. The board. C. The audit committee. D. The chief audit executive. - ANSWER-D An internal auditor working for a chemical manufacturer believed that toxic waste was being dumped in violation of the law. Out of loyalty to the organization, no information regarding the dumping was collected. The internal auditor A. Did not violate the Code of Ethics. Loyalty to the employer in all matters in required. B. Did not violate the Code of Ethics. Conclusive information about wrongdoing was not gathered. C. Violated the Code of Ethics by knowingly becoming a party to an illegal act. D. Violated the Code of Ethics by failing to protect thee well-being of the general public. - ANSWER-C. A person with a duty to act who doess not act violated an ethical, if not a legal, obligation. An internal auditing team has made observations and recommendations that should significantly improve a division's operating efficiency. Out of appreciation of this work, and because it is the holiday season, the division manager present to in-charge internal auditor with a gift of moderate value. Which of the following best describes the action prescribed by The IIA's Code of Ethics? A. Accept it, regardless of other circumstances, because its value is insignificant. B. Not accept it prior to submission of the final engagement communication. C. Not accept it if he is presumed to impair the internal auditor's judgment. D. Not accept it, regardless of other circumstances, because its value is significant. - ANSWER-C. According to Rule of Conduct 2.2, the decision whether to accept a gift should be based on the potentional impairment of the auditor's judgement.