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IIA IIA-CHAL-QISA Exam Overview:

Certification Vendor:	The Institute of Internal Auditors (IIA)
Exam Name:	Qualified Info Systems Auditor CIA Challenge Exam
Exam Number:	IIA-CHAL-QISA
Related Certifications:	Certified Information Systems Auditor (CISA)
Real Exam Qty:	150
Exam Duration:	180 minutes
Available Languages:	English
Passing Score:	600 (out of 750)
Certificate Validity Period:	3 years from program acceptance
Exam Format:	Multiple Choice
Exam Price:	$845 USD (Member) / $1,245 USD (Non-Member)
Recommended Training:	CIA Challenge Exam Study Guide
Exam Registration:	Pearson VUE Scheduling IIA Certification Candidate Management System
Sample Questions:	IIA IIA-CHAL-QISA Sample Questions
Exam Way:	Online remote proctored or Onsite at Pearson VUE test centers
Pre Condition:	Active holder of Certified Information Systems Auditor (CISA) designation; proof of good standing required
Official Syllabus URL:	https://www.theiia.org/en/certifications/cia/challenge-exam/information-systems/

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New IIA-CHAL-QISA Test Objectives & Detail IIA-CHAL-QISA Explanation

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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	Essentials of Internal Auditing: This domain has topics such as foundations of internal auditing, independence aconcept of governance and CSR.nd objectivity, Proficiency and Due Professional Care, QA, and Managing Risks. The domain covers describing the
Topic 2	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.
Topic 3	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.

IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q152-Q157):

NEW QUESTION # 152
An organization invests excess short-term cash in trading securities Which of the following actions should an internal auditor take to test the valuation of those securities'*

A. Use the equity method to recalculate the investment carrying value
B. Compare the carrying value with current market quotations
C. Perform a calculation of premium or discount amortization.
D. Confirm the securities held by the broker.

Answer: B

Explanation:
* Testing Valuation:The valuation of trading securities requires comparing their carrying value with current market prices to ensure accuracy.
* Market Quotations:Current market quotations provide the most reliable and up-to-date information on the fair value of securities.
* Accounting Standards:This approach is consistent with accounting standards that require securities to be reported at fair value, reflecting any unrealized gains or losses.
* Verification Process:Comparing the carrying value with market quotations helps verify that the securities are appropriately valued on the financial statements.
References:
* International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) regarding fair value measurement.

NEW QUESTION # 153
Which of the following is a true statement regarding whistleblowing?

A. Whistleblowers are current or former employees who are disgruntled and looking to retaliate.
B. Whistleblowing programs help employees deal with ethical questions and instill ethical values into everyday behavior
C. Whistleblowers should inform the organization about actual criminal circumstances, not assumed allegations.
D. Whistleblowing is one of several possible ethical structures an organization can undertake to encourage ethical behavior.

Answer: D

Explanation:
* Purpose of Whistleblowing:Whistleblowing is a mechanism that allows employees to report unethical or illegal activities within the organization. It is a vital part of an organization's ethical framework, providing a structured way for concerns to be raised and addressed.

NEW QUESTION # 154
While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditors relative. Which course of action should the auditor take?

A. Proceed with the audit engagement, but do not include the relative's information.
B. Immediately withdraw from the audit engagement
C. Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.
D. Disclose in the engagement final communication that the relative Is a customer

Answer: C

Explanation:
* Identify the Conflict of Interest:The internal auditor learns about a large loan made to another auditor's relative, which represents a conflict of interest.
* Refer to Professional Standards:According to the Institute of Internal Auditors' (IIA) standards, an internal auditor must maintain objectivity and avoid conflicts of interest (IIA Standard 1100 - Independence and Objectivity).
* Escalate the Issue:The appropriate course of action is to escalate this matter to the chief audit executive (CAE) and management, as they are responsible for determining the impact of the conflict and the appropriate response.
* Decision Making:The CAE and management will assess whether the conflict of interest could impair the auditor's objectivity and decide whether the auditor should be removed from the engagement or if additional oversight is needed.
* Documentation:It is important to document the conflict and the decision-making process in the audit documentation for transparency and accountability.
References:
* The IIA's International Standards for the Professional Practice of Internal Auditing, specifically Standard 1100 on Independence and Objectivity.

NEW QUESTION # 155
Which of the following best demonstrates internal auditors performing their work with proficiency?

A. Internal auditors work collaboratively with their engagement team.
B. Internal auditors complete a program of continuing professional development.
C. Internal auditors adhere to The IIA's Code of Ethics.
D. internal auditors meet with operational management at each phase of the audit process.

Answer: B

Explanation:
Proficiency in internal auditing is not only about technical skills but also involves continuous education and staying updated with the latest practices and standards in the field.
Option D reflects the commitment to ongoing professional development, ensuring that internal auditors maintain and enhance their proficiency over time.
The Institute of Internal Auditors (IIA) emphasizes the importance of continuing professional development as a means to ensure auditors remain competent in their roles

NEW QUESTION # 156
A risk has a high likelihood and low impact.
Which response is MOST appropriate?

A. Escalate to the board.
B. Transfer immediately.
C. Automatically avoid the risk.
D. Evaluate whether treatment is cost-effective.

Answer: D

Explanation:
Risk response decisions should consider both impact and cost-benefit factors.

NEW QUESTION # 157
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