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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	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 (Q22-Q27):

NEW QUESTION # 22
According to IIA guidance, which of the following objectives was most likely formulated for a non- assurance engagement?

A. The internal audit activity will ensure equipment downtime risks have been managed in accordance with the internal policy.
B. The internal audit activity will ascertain whether the data center security arrangements are compliant with agreed terms
C. The internal audit activity will assess the effects of changes in maintenance strategy on the availability of production equipment
D. The internal audit activity will inform management on the possible risks of moving the data warehouse to a cloud server maintained by a third party.

Answer: D

Explanation:
Non-Assurance Engagements: Non-assurance engagements focus on advisory and consulting services rather than providing an independent assessment. These engagements aim to add value by offering insights and recommendations to management.
Objective Characteristics:
Informing Management: Providing information on potential risks and advising on risk management strategies is typical for non-assurance engagements. This helps management make informed decisions and manage risks effectively.

NEW QUESTION # 23
Which of the following is most likely to impair the organizational independence of the internal audit activity?

A. The CAE reports functionally to the CEO.
B. The chief audit executive (CAE) reports administratively to the chief financial officer
C. The CAE oversees the effectiveness of the organization's risk management function.
D. The CAE managed the finance department for the past five years.

Answer: D

Explanation:
* Impairment of Independence: The organizational independence of the internal audit activity can be impaired if the CAE has had significant roles in management, such as managing the finance department.
This prior involvement may create a conflict of interest or perceived bias.
* IIA Standards on Independence: The IIA emphasizes the importance of independence and objectivity in internal auditing. Any prior management role, especially in the department being audited, can compromise the CAE's objectivity.
* Examples of Impairment:
* Administrative Reporting: While reporting administratively to the CFO (option A) or functionally to the CEO (option C) does not inherently impair independence, managing the finance department previously (option D) creates a direct conflict.
* Overseeing Risk Management: Overseeing the risk management function (option B) is part of the CAE's responsibilities and does not impair independence if handled properly.

NEW QUESTION # 24
Which of the following statements is true regarding managements use of judgement to design, implement, and conduct internal control?

A. It is inappropriate for management to exercise judgement in assessing whether components are present, functioning, and operating together
B. It is inappropriate for management to exercise judgement in areas such as specifying and using suitable accounting principles.
C. The use of judgment enhances managements ability to make better decisions about internal control, but cannot guarantee perfect outcomes.
D. introducing judgment generally diminishes managements ability to make good decisions about internal control

Answer: C

Explanation:
Management's use of judgment in designing, implementing, and conducting internal control is crucial for adapting to unique circumstances and complexities within an organization.
* Enhanced Decision-Making: Judgment allows management to tailor controls to the specific risks and operational realities of the organization, improving overall effectiveness.
* Limitations: While judgment improves decision-making, it cannot eliminate all risks or guarantee perfect outcomes due to inherent uncertainties and limitations in predicting all possible scenarios.
* Appropriate Use: It is appropriate for management to use judgment in applying accounting principles and assessing internal controls' presence and functioning.
* Inappropriateness: It would be incorrect to say that judgment diminishes decision-making capabilities or is inappropriate for assessing internal control components.
References:
* "Internal Control - Integrated Framework" by COSO, which highlights the importance and limitations of judgment in internal control processes.

NEW QUESTION # 25
With regard to project management, which of the following statements about project crashing is true?

A. It is an optimization technique where activities are performed in parallel rather than sequentially
B. It involves a revaluation of project requirements and/or scope.
C. It is a compression technique in which resources are added to the project
D. It leads to an increase in risk and often results in rework.

Answer: C

Explanation:
Project crashing is a schedule compression technique used in project management to shorten the project duration without changing the project scope. It involves adding additional resources to critical path activities to complete them faster. This method can lead to increased costs but aims to reduce the project timeline effectively. Crashing is often used when project deadlines are tight and time is more critical than budget.

NEW QUESTION # 26
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. Present the revised audit plan directly to the CEO for approval.
B. Communicate with the CEO and present the revised audit plan to the board for approval
C. Communicate with the chief financial officer and present the revised audit plan to the CEO for approval.
D. Present the revised audit plan directly to the board 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 # 27
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