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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 (Q127-Q132):

NEW QUESTION # 127
Which of the following is the most appropriate reason for a chief audit executive to conduct an external assessment more frequently than five years?

A. The parent organization's internal audit activity agreed to perform biennial reciprocal external assessments to provide greater assurance at a reduced cost.
B. A change in senior management or internal audit leadership may change expectations and commitment to conformance
C. More frequent external assessments can serve as an equivalent substitute for internal assessments.
D. Significant changes in the organization's accounting policies or procedures would warrant timely analysis and feedback.

Answer: B

Explanation:
* Introduction:
* The frequency of external assessments for the internal audit activity (IAA) is typically every five years. However, certain circumstances may necessitate more frequent assessments.
* Reasons for More Frequent Assessments:
* Significant organizational changes or shifts in internal audit leadership can impact the effectiveness and alignment of the internal audit function with organizational goals.
* Options Analysis:
* Option A: While changes in accounting policies might warrant review, they do not specifically necessitate a more frequent external assessment.
* Option B: More frequent external assessments cannot substitute for ongoing internal assessments, which are continuous and serve different purposes.
* Option C: Reciprocal external assessments can be cost-effective but are not a primary reason for increased frequency.
* Option D: Changes in senior management or internal audit leadership can lead to shifts in expectations and commitment to compliance, thus justifying more frequent external assessments to ensure continued alignment and conformance with standards.
* Conclusion:
* The most appropriate reason for a chief audit executive (CAE) to conduct an external assessment more frequently than five years is when there is a change in senior management or internal audit leadership, as this may alter expectations and commitment to conformance.

NEW QUESTION # 128
According to IIA guidance, which of the following best describes the purpose of a planning memorandum for an audit engagement?

A. It documents events that could hinder the achievement of process objectives.
B. it documents preliminary information useful to the audit team.
C. It documents the audit steps and procedures to be performed.
D. It documents existing measures that manage risks in the area under review

Answer: C

Explanation:
The planning memorandum serves as a comprehensive blueprint for an audit engagement, outlining the specific steps, procedures, and strategies that will be employed to carry out the audit. According to IIA guidance, the purpose of this document is to ensure that the audit team is well-prepared and that the audit process is systematic and thorough.
Documentation of Audit Steps and Procedures: The primary purpose of a planning memorandum is to detail the steps and procedures that the audit team will follow. This ensures consistency and clarity throughout the audit process and provides a clear framework for team members to follow.
Preparation and Coordination: It serves as a preparatory document that helps in coordinating the activities of the audit team, ensuring that everyone is aware of their roles and responsibilities.
Practical Example: If an audit is being conducted on the financial reporting processes, the planning memorandum would include specific procedures for testing internal controls over financial reporting, timelines for each phase of the audit, and responsibilities assigned to each team member.
Risk Management: While it includes information on preliminary risks, its main focus is on documenting the audit steps rather than managing risks or existing measures, which would be covered in other documents or sections of the audit plan.

NEW QUESTION # 129
Which of the following statements is true regarding engagement planning?

A. The audit engagement objectives should be based on operational managements view of risk objectives
B. The planning phase of the engagement should be completed and approved before the fieldwork of the engagement begins.
C. The scope of the engagement should be planned according to the internal audit activity's budget and then aligned to the risk universe.
D. The main purpose of the engagement work program is to determine the nature and timing of procedures required to gather audit evidence

Answer: B

Explanation:
Proper engagement planning is essential to ensure that the internal audit engagement is conducted effectively and efficiently.
Completing and approving the planning phase before starting the fieldwork ensures that all objectives, scope, resources, and methodologies are well-defined and agreed upon. This preparation helps in aligning the engagement with the overall audit strategy and reduces the risk of scope changes or misalignments during fieldwork.

NEW QUESTION # 130
Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?

A. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
B. Provide the evidence that was discovered to local lav/ enforcement for possible prosecution of the suspected fraud
C. Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud
D. Immediately notify management of the area under review and the other internal auditors involved in the engagement

Answer: A

Explanation:
IIA Standards on Fraud:
Risk Management: Internal auditors must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk.
Immediate Response: When evidence of fraud is discovered, the internal auditor must ensure that appropriate actions are taken promptly.
Next Steps for Internal Auditor:
Consult with Supervisor: The internal auditor should discuss the findings with the engagement supervisor. This ensures that the situation is assessed by a more experienced individual who can determine the next steps, including the need for specialized fraud investigation resources.
Specialized Expertise: Determining whether fraud investigation experts are needed is crucial for handling the matter appropriately, as they possess the necessary skills to investigate complex fraud cases.

NEW QUESTION # 131
According to IIA guidance, which of the following objectives was most likely formulated for a non- assurance engagement?

A. The internal audit activity will ascertain whether the data center security arrangements are compliant with agreed terms
B. 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.
C. The internal audit activity will ensure equipment downtime risks have been managed in accordance with the internal policy.
D. The internal audit activity will assess the effects of changes in maintenance strategy on the availability of production equipment

Answer: B

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 # 132
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