CIA-Part1-2025

CIA-Part1-2025 practice questions, page 2 of 5, with answer review and explanations.

Question 6

Which of the following is the appropriate next step after management identifies and implements risk responses?

  1. Prioritize risks.
  2. Assess the severity of risks.
  3. Develop a portfolio view of risks.
  4. Measure the velocity of risks.

Question 7

Which responsibility is most appropriate for the internal audit function, according to the Global Internal Audit Standards?

  1. Reporting internal audit engagement findings to regulatory agencies.
  2. Providing risk-based advice to the organization’s stakeholders.
  3. Conducting accounting audit engagements as requested by the chief financial officer.
  4. Designing and implementing new organizational policies.

Question 8

Which of the following statements is true regarding assurance and advisory services provided by an internal audit function?

  1. When internal auditors are performing an advisory engagement, they always focus on the organization as a whole.
  2. When internal auditors are performing advisory engagements, they focus only on areas not covered by assurance engagements.
  3. Advisory services are mainly applicable during the planning stages of projects to assess relevant risks.
  4. The type of information required depends on whether the engagement is assurance or advisory.

Question 9

What should an internal audit function do when performing an advisory engagement for an organization?

  1. Document an understanding with management of the area under review regarding objectives, scope, respective responsibilities, and other expectations for all engagements.
  2. Agree with management of the area under review regarding the nature and scope of the engagement.
  3. Assume managerial responsibility when performing the advisory engagement.
  4. Develop an annual advisory plan per the results of a risk assessment by internal audit function.

Question 10

The organization discusses the need to change its accounting software. In which of the following stages would an internal auditor’s advisory review most benefit the organization?

  1. Pre-release stage.
  2. Implementation stage.
  3. Post-release stage.
  4. Conceptual stage.