RELIABLE IIA-CHAL-QISA TEST SYLLABUS | EFFICIENT IIA IIA-CHAL-QISA: QUALIFIED INFO SYSTEMS AUDITOR CIA CHALLENGE EXAM

Reliable IIA-CHAL-QISA Test Syllabus | Efficient IIA IIA-CHAL-QISA: Qualified Info Systems Auditor CIA Challenge Exam

Reliable IIA-CHAL-QISA Test Syllabus | Efficient IIA IIA-CHAL-QISA: Qualified Info Systems Auditor CIA Challenge Exam

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IIA IIA-CHAL-QISA Exam Syllabus Topics:

TopicDetails
Topic 1
  • Essentials of Internal Auditing: This domain has topics such as foundations of internal auditing, independence and objectivity, Proficiency and Due Professional Care, QA, and Managing Risks. The domain covers describing the concept of governance and CSR.
Topic 2
  • Business Knowledge for Internal Auditing: This domain covers the vital planning phases and efforts and common performance measures. It also includes ways for management to effectively lead and counsel people to increase their commitment. Also, the domain covers financial accounting and managerial accounting fundamentals and the treatment of various costs.
Topic 3
  • Practice of Internal Auditing: This domain covers strategies and policies related to planning, organizing, controlling of internal audit processes, and understanding administrative activities such as resourcing, recruiting, and staffing. Moreover, this domain covers goals of engagement and assessment criteria in addition to planning the engagement to ensure the identification of key risks and controls.

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q86-Q91):

NEW QUESTION # 86
According to IIA guidance, which of the following statements is true regarding reporting the results of the quality assurance and improvement program?

  • A. Deficiencies within the internal audit activity must be reported to the board as soon as they are noted
  • B. Results of ongoing monitoring of the internal audit activity's performance must be reported to senior management and the board at least annually
  • C. Results of internal assessments need to be reported to the board at least once every five years.
  • D. The external assessor must present the findings from the external assessment to senior management and the board upon completion.

Answer: B

Explanation:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards) provide guidance on the reporting requirements of the quality assurance and improvement program. According to Standard 1320, "The chief audit executive must communicate the results of the quality assurance and improvement program to senior management and the board." This communication must include the results of both internal and external assessments and ongoing monitoring. Specifically, the results of ongoing monitoring of the internal audit activity's performance should be reported to senior management and the board at least annually. This ensures that the internal audit activity maintains its proficiency, enhances its effectiveness, and complies with the Standards.


NEW QUESTION # 87
A corporate merger decision prompts the chief audit executive (CAE) to propose interm changes to the existing annual audit plan to account for emerging risks Which of the following Is the most appropriate action for the CAE to take regarding the changes made to the audit plan?

  • A. Communicate with the chief financial officer and present the revised audit plan to the CEO for approval.
  • B. Communicate with the CEO and present the revised audit plan to the board for approval
  • C. Present the revised audit plan directly to the board for approval
  • D. Present the revised audit plan directly to the CEO for approval.

Answer: B

Explanation:
Role of the CAE: The Chief Audit Executive (CAE) is responsible for developing a risk-based audit plan and ensuring it is aligned with the organization's goals and emerging risks. Significant changes to the audit plan must be communicated appropriately within the organization.
IIA Standards:
* Standard 2020 - Communication and Approval: The CAE must communicate the internal audit plan and resource requirements, including significant interim changes, to senior management and the board for review and approval.
* Risk Assessment: Any changes to the audit plan due to emerging risks, such as a corporate merger, must be documented and approved at the highest levels to ensure comprehensive risk coverage.
Most Appropriate Action:
* Communication with the CEO: The CAE should first discuss the revised audit plan with the CEO to ensure alignment with executive management's perspective on emerging risks.
* Board Approval: After discussing with the CEO, the CAE should present the revised audit plan to the board for formal approval, ensuring transparency and governance.
References:
* Presenting the revised audit plan to the board after discussing with the CEO ensures that all relevant stakeholders are informed and that the revised plan is formally approved, maintaining alignment with IIA standards.


NEW QUESTION # 88
While conducting an engagement in the procurement department, the internal auditor noticed that the department head's travel reports showed minor travel expenses, and there were no charges for hotels, meals, or transportation However, the auditor knew that the department head frequently traveled worldwide to meet with suppliers and visit their production sites. Which of the following would be the most appropriate next step for the auditor?

  • A. The auditor should analyze the list of destinations the department head visited to estimate typical costs
  • B. The auditor should analyze trends and changes among the organization's suppliers over the past few years.
  • C. The auditor should make a note of the issue for follow-up when employee travel expenses are audited.
  • D. The auditor should investigate whether there are any special arrangements regarding senior management travel.

Answer: D

Explanation:
* Identifying the Anomaly:The internal auditor has identified a discrepancy in the travel expenses of the department head, who frequently travels yet reports minimal expenses. This raises a red flag that needs further investigation.
* Understanding the Context:It is important to determine if there are legitimate reasons for the discrepancy, such as special arrangements made for senior management travel, which could explain the absence of typical travel expenses like hotels, meals, and transportation.
* Appropriate Next Step:Investigating whether there are any special arrangements for senior management travel (Option C) is the most logical next step. This helps in understanding the context and validating whether the discrepancy is justified or indicative of potential issues such as fraud or misreporting.


NEW QUESTION # 89
Which of the following best demonstrates that the internal audit activity is using due professional care?

  • A. Internal auditors consider the use of technology-based audit and other data analysis techniques
  • B. The internal audit activity reports directly to the board on the engagements it performs.
  • C. Internal auditors undertake the necessary training to complete their audit work.
  • D. The completion of engagements is based on the assumption that fraudulent activities may exist.

Answer: A

Explanation:
Demonstrating due professional care involves using appropriate technology and data analysis techniques to enhance the audit's effectiveness and efficiency. These tools help auditors identify anomalies, trends, and potential areas of risk more accurately and timely, reflecting a higher standard of care in their audit activities.
References:
* "Auditing Standards and Guidelines," which emphasize the importance of using advanced techniques in audit processes.


NEW QUESTION # 90
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?

  • A. Establish the degree of risk appetite for management to accept.
  • B. Coordinate and facilitate risk workshops for management to attend
  • C. Set risk Indicators and mitigation plans for management to Implement.
  • D. Determine the number of significant risks for management to report to the board

Answer: B

Explanation:
Role of CAE as Consultant: The chief audit executive (CAE) can act as a consultant to help management establish a risk management system. Their role should be facilitative rather than directive, ensuring that management owns the risk management process.
Appropriate Tasks:
* Risk Workshops: Coordinating and facilitating risk workshops (option A) helps management identify and assess risks, allowing them to develop appropriate responses. This is a suitable task for the CAE.
* Risk Appetite and Indicators: Establishing risk appetite (option B) and setting risk indicators and mitigation plans (option C) are management's responsibilities.
* Reporting Risks: Determining the number of significant risks to report (option D) should also be a management function.


NEW QUESTION # 91
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