The director of purchasing, a certified internal auditor (CIA), signs a contract to procure a large order from a supplier whose products provide the best price, quality, and performance. A few days after signing the contract, the supplier presents the CIA with $1, 000 as a gift. Which statement regarding acceptance of the money is correct?

Accepting the money would violate the IIA Code of Ethics.

Accepting the money would be prohibited only if it were non-customary.

Because the CIA is not acting as an internal auditor, accepting the money would be governed only by the organization's code of conduct.

Because the contract was signed before the money was offered, accepting the money would not violate the IIA Code of Ethics.

In which of the following functions would fraud be most likely to occur?

Collecting payments on accounts.

Maintaining custody of inventory records.

Approving changes to employee records.

According to IIA guidance, which of the following statements is true regarding the reporting of results from an external quality assessment of the internal audit activity?

The results of self-assessments with independent external validation are shared with the board upon completion, and monitoring of recommended improvements must be reported monthly.

The external assessment results are reported upon completion in confidence directly to the board, and senior management is advised only of the recommendations and improvement action plans.

The external assessment results are communicated upon completion to senior management and the board, but action plans for recommended improvements do not have to be reported.

The requirements for reporting quality assessment results are the same for external assessments and self-assessments with independent external validation.

Free IIA IIA-CRMA Exam Practice Questions & Explanations

Last updated on: Oct 29, 2026
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