IIA IIA-CHAL-QISA Dump, IIA-CHAL-QISA Test Answers

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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q132-Q137):

NEW QUESTION # 132
Which of the following should be included in a company's year-end inventory valuation?

A. Goods purchased by the company, free on board destination, that have not yet been received.
B. Goods on consignment, which the company is trying to sell for its customers.
C. Company goods that were sold during the year, free on board shipping point, that have been shipped but not yet received by the customer
D. Company goods for sale on consignment at a consignment shop

Answer: D

Explanation:
Year-end inventory valuation should include all goods owned by the company, regardless of their location.
This includes goods for sale on consignment at a consignment shop, as these items remain the property of the company until sold. Goods sold FOB shipping point and goods purchased FOB destination that have not yet been received are not included, as ownership has transferred or not yet been acquired respectively. Goods on consignment that the company is trying to sell for others are also excluded because the company does not own them

NEW QUESTION # 133
Which of the following statements is most accurate with respect to the required elements of the quality assurance and improvement program?

A. Quality assessments focus on the internal audit activity's structure, relationships with stakeholders, compliance with the Standards, and internal audit staff proficiency.
B. in order to comply with the Standards, the internal audit activity must obtain an objective assessment of its processes and function at least once a year
C. Internal auditors completing internal assessments must demonstrate certification to perform quality assessments
D. Internal assessments provide sufficient objectivity to provide evidence to the board that the internal audit activity understands the organization's control processes.

Answer: A

Explanation:
Understanding Quality Assessments: Quality assessments in internal audit activities are designed to evaluate various aspects such as the structure of the internal audit activity, relationships with stakeholders, compliance with the IIA Standards, and the proficiency of internal audit staff.
Internal Assessments: These include ongoing monitoring of the performance of the internal audit activity and periodic self-assessments or assessments by other persons within the organization with sufficient knowledge of internal audit practices.
External Assessments: External assessments should be conducted at least once every five years by a qualified, independent assessor or assessment team from outside the organization to ensure objectivity and comprehensiveness.
Focus Areas: Quality assessments should focus on compliance with the IIA Standards, the effectiveness of the internal audit activity's structure, the quality of relationships with stakeholders, and the proficiency and continuous professional development of internal audit staff.
Continuous Improvement: The quality assurance and improvement program (QAIP) should be designed to enable the internal audit activity to add value and improve an organization's operations. It helps ensure that the internal audit activity is in compliance with the IIA Standards and Code of Ethics and continuously improves.

NEW QUESTION # 134
Which of the following is true of matrix organizations?

A. A unity-of-command concept requires employees to report technically, functionally, and administratively to the same manager.
B. it is best suited for firms with scattered locations or for multi-line, large-scale firms.
C. A combination of product and functional departments allows management to utilize personnel from various functions.
D. Authority, responsibility, and accountability of the units involved may vary based on the projects life, or the organization's culture.

Answer: C

Explanation:
Matrix Organization Structure: In matrix organizations, employees report to both functional and product managers. This dual reporting structure allows the organization to efficiently use its personnel across different projects and functions.
Advantages of Matrix Structure:
Resource Utilization: Personnel from various functions can be utilized effectively across multiple projects, improving resource allocation and flexibility.
Coordination and Communication: This structure enhances coordination and communication across different functional areas and projects.

NEW QUESTION # 135
Which of the following would most likely form part of the engagement scope?

A. The probability of significant errors will be considered via risk assessment.
B. Potential legislation on privacy topics will be employed as a compliance target O Wire transfers that exceeded $10,000 in the last 12 months will be analyzed.
C. Both random and judgmental samplings will be used during the engagement

Answer: C

Explanation:
Introduction:
The engagement scope outlines the boundaries of the audit activities, specifying the methods and techniques to be employed during the engagement.
Scope Definition:
The scope includes the areas to be reviewed, the nature and extent of testing, and the specific objectives and criteria to be used.

NEW QUESTION # 136
In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?

A. The assurance review was initiated following issues identified during a consulting assignment requested by management.
B. Prior to becoming the CAE, the CAE was the payroll manager.
C. The CAE previously undertook a consulting assignment in that area to improve processes.
D. A couple of years ago, the CAE performed accounting functions for the payroll department.

Answer: B

Explanation:
* Introduction:
* The independence and objectivity of the internal audit function are paramount, especially when the CAE has had prior involvement in the area under review.
* Scenario Analysis:
* Option A: Previous consulting assignments may raise concerns but do not inherently impair independence if managed correctly.
* Option B: A historical role in accounting functions is less problematic if sufficient time has passed and there is no ongoing influence.
* Option C: Having been the payroll manager presents a direct conflict of interest, compromising the CAE's objectivity.
* Option D: Reviews following consulting assignments are common practice and do not necessarily indicate a conflict.
* Conclusion:
* It is problematic for the CAE to provide assurance over payroll functions if they were previously the payroll manager, as this creates a clear conflict of interest and threatens audit objectivity.

NEW QUESTION # 137
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