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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 (Q145-Q150):

NEW QUESTION # 145
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 # 146
Which requirement should the chief audit executive consider when communicating results of the quality assurance and improvement program to the board of a large organization?

A. The results of the external assessment should be discussed every seven years.
B. The qualifications and independence of the internal assessment team should be discussed
C. The rating conclusions and the impact from results of the external assessment should be explained
D. The internal assessment results should be discussed once every five years

Answer: C

Explanation:
When communicating the results of the quality assurance and improvement program (QAIP) to the board of a large organization, the chief audit executive (CAE) should explain the rating conclusions and the impact of the results from the external assessment. This ensures transparency and helps the board understand the effectiveness and areas for improvement in the internal audit function.
Rating Conclusions: These provide a summary of the overall quality and performance of the internal audit function.
Impact Explanation: Discussing the impact helps the board understand how the results affect the internal audit's ability to fulfill its responsibilities and improve its processes.
Transparency: Clear communication of these aspects helps build trust and provides a basis for informed decision-making by the board.

NEW QUESTION # 147
The internal audit activity is asked to review the effectiveness of controls around the disposal of chemical waste. However, the internal auditors on staff lack the necessary skills to conduct this review Which of the following would be the most appropriate approach?

A. An internal auditor who recently attended a three-day workshop on chemical waste disposal, and therefore has the most knowledge on the topic, should lead the engagement.
B. A team of the most knowledgeable auditors could be assembled and use the engagement work program from the previous year to gather additional insight regarding recommended audit procedures
C. A nonaudit employee from the chemical disposal area may share his expertise with the audit team, provided the internal audit manager conducts a detailed review of all engagement work performed.
D. A team of available internal auditors should be assembled and should consult with an external nonaudit expert on chemical waste disposal to plan and conduct the engagement.

Answer: D

Explanation:
Skill Gap Identification: Internal auditors lack the necessary expertise in chemical waste disposal.
Consulting Experts: Engaging an external nonaudit expert ensures that the internal audit team receives the necessary technical knowledge to conduct an effective review.
Team Assembly: By assembling a team of internal auditors and consulting an external expert, the organization leverages both internal audit capabilities and external technical expertise.
Ensuring Competence: This approach ensures that the internal audit activity complies with the IIA Standards, specifically Standard 1210 - Proficiency, which requires internal auditors to possess the knowledge, skills, and other competencies needed to perform their responsibilities.

NEW QUESTION # 148
In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?

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

Answer: A

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.

NEW QUESTION # 149
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. More frequent external assessments can serve as an equivalent substitute for internal assessments.
B. The parent organization's internal audit activity agreed to perform biennial reciprocal external assessments to provide greater assurance at a reduced cost.
C. Significant changes in the organization's accounting policies or procedures would warrant timely analysis and feedback.
D. A change in senior management or internal audit leadership may change expectations and commitment to conformance

Answer: D

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 # 150
......

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