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| Certification Vendor: | The Institute of Internal Auditors (IIA) |
|---|---|
| Exam Name: | Qualified Info Systems Auditor CIA Challenge Exam |
| Exam Number: | IIA-CHAL-QISA |
| Exam Duration: | 180 minutes |
| Exam Price: | $1,245 USD (approx) |
| Certificate Validity Period: | Lifetime (CIA certification validity subject to IIA CPE requirements) |
| Available Languages: | Other languages as available through local Pearson VUE test centres, English |
| Real Exam Qty: | 150 |
| Related Certifications: | Certified Information Systems Auditor (CISA) Certified Internal Auditor (CIA) |
| Exam Format: | Multiple choice |
| Passing Score: | 600 (scaled score) |
| Sample Questions: | IIA IIA-CHAL-QISA Sample Questions |
| Exam Way: | Delivered via Pearson VUE test centres computer-based; no online proctoring |
| Pre Condition: | Must be an active Certified Information Systems Auditor (CISA) holder and provide proof of good standing. |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/challenge-exam/information-systems/ |
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NEW QUESTION # 135
An organization does not have a formal risk management function. According to the Standards, which of the following are conditions where the internal audit activity may provide risk management consulting?
1.There is a clear strategy and timeline to migrate risk management responsibility back to management.
2.The internal audit activity has the final approval on any risk management decisions.
3.The internal audit activity gives objective assurance on all parts of the risk management framework for which it is responsible.
4.The nature of services provided to the organization is documented in the internal audit charter.
Answer: B
Explanation:
Conditions for Risk Management Consulting by Internal Audit:
* Strategy and Timeline for Migration: The internal audit activity can provide risk management consulting if there is a clear strategy and timeline to transfer risk management responsibilities back to management. This ensures a temporary arrangement with a defined end goal.
* Documentation in Internal Audit Charter: The nature of services provided, including risk management consulting, must be documented in the internal audit charter. This formalizes the internal audit activity's role and ensures transparency and alignment with organizational governance.
IIA Standards:
* Standard 1130 - Impairment to Independence or Objectivity: When internal auditors perform risk management roles, it must not impair their objectivity. Clear documentation and a transition strategy mitigate potential conflicts of interest.
* Standard 2050 - Coordination and Reliance: Internal auditors must coordinate with other assurance providers, ensuring roles are clear and documented.
Inappropriate Conditions:
* Final Approval on Risk Management Decisions: The internal audit activity should not have final approval on risk management decisions, as this impairs independence and objectivity.
* Objective Assurance on Own Work: Providing objective assurance on parts of the risk management framework for which the internal audit activity is responsible creates a conflict of interest.
References:
* The conditions under which internal audit can provide risk management consulting must include a clear strategy for migrating responsibilities back to management and documentation in the internal audit
* charter to ensure transparency and avoid conflicts of interest.
NEW QUESTION # 136
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?
Answer: B
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 # 137
Which of the following is essential for ensuring that the internal audit activity's findings and recommendations receive adequate consideration?
Answer: D
Explanation:
* Ensuring Compliance:To ensure that audit findings and recommendations are addressed, formal follow-up procedures are necessary.
* Follow-up Procedures:These procedures involve tracking the implementation of recommendations and verifying that management has taken appropriate action or has accepted the risks of not acting.
* Reporting to Management:Regular reporting on the status of follow-up actions helps maintain accountability and transparency.
* Standard Requirement:This aligns with the IIA's Standard 2500 - Monitoring Progress, which requires internal audit activities to establish and maintain a system to monitor the disposition of results communicated to management.
References:
* The IIA's International Standards for the Professional Practice of Internal Auditing, specifically Standard 2500 on Monitoring Progress.
NEW QUESTION # 138
The internal audit activity is responsible for which of the following actions related to an organization's internal controls?
Answer: C
Explanation:
Internal audit activities include evaluating the effectiveness and efficiency of internal controls, and part of this process involves analyzing and advising on the cost-benefit relationship of control activities.
This function helps ensure that the internal controls in place are not only effective in mitigating risks but are also economically justified.
NEW QUESTION # 139
Which of the following offers the best explanation of why the auditor in charge would assign a junior auditor to complete a complex part of the audit engagement?
Answer: A
Explanation:
Assigning a junior auditor to complete a complex part of an audit engagement can be a strategic decision aimed at providing the junior auditor with valuable experience. This exposure to complex tasks helps in their professional development, building their skills and knowledge for future responsibilities. Although tight deadlines or the unavailability of senior auditors might be factors, the primary reason is often to enhance the junior auditor's competence and career growth.
NEW QUESTION # 140
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