IIA IIA-CHAL-QISA New Questions: Qualified Info Systems Auditor CIA Challenge Exam - ExamsLabs Official Pass Certify

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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 (Q108-Q113):

NEW QUESTION # 108
If the skills and competencies are not present within the internal audit activity to complete an ad-hoc assurance engagement, which of the following is an acceptable resolution?

A. Change the scope of the testing to ensure that only available staff proficiencies are used
B. Politely decline the engagement due to a lack of qualified staff available at the time.
C. Consider using employees from other departments in the organization on the audit team.
D. Complete the engagement as requested, with the best of the current staff's abilities.

Answer: C

Explanation:
* Introduction:
* When the internal audit team lacks necessary skills for an ad-hoc assurance engagement, leveraging internal resources can be a practical solution.
* Resolving Skill Gaps:
* Using employees from other departments can provide the needed expertise while maintaining the engagement's integrity.
* Options Analysis:
* Option A: Declining the engagement may not be feasible and does not address the need.
* Option B: Completing the engagement without the required skills can compromise quality.
* Option C: Using employees from other departments brings in the necessary competencies and supports cross-functional collaboration.
* Option D: Changing the scope may limit the effectiveness of the engagement.
* Conclusion:
* The acceptable resolution is to consider using employees from other departments in the organization to bring in the required skills for the engagement.

NEW QUESTION # 109
Which of the following statements is true regarding corporate social responsibility (CSR)?

A. Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary.
B. Typically, operating management does not have a major role to play based on the public nature of reporting
C. Despite significant corporate resources spent on CSR reporting, investors generally do not rely on CSR information.
D. Many of the areas explored by CSR are normally included in an audit universe or annual audit plan

Answer: A

Explanation:
* Introduction:
* Corporate Social Responsibility (CSR) involves companies taking responsibility for their impact on society and the environment beyond statutory obligations.
* Nature of CSR Reporting:
* CSR reporting is generally voluntary, although some regions and industries may have mandatory requirements.
* Options Analysis:
* Option A: Many CSR areas may overlap with the audit universe or annual audit plan, but not all.
* Option B: Investors may increasingly rely on CSR information, particularly in ESG (Environmental, Social, Governance) investing.
* Option C: CSR reporting is largely voluntary, unlike financial or regulatory reporting which is often mandatory.
* Option D: Operating management typically plays a significant role in CSR efforts and reporting.
* Conclusion:
* The correct statement regarding CSR is that it is largely voluntary, unlike many other areas of reporting responsibilities that impact stakeholders.

NEW QUESTION # 110
The chief audit executive (CAE) has assigned an internal auditor to an upcoming engagement.
Which of the following requirements would most likely indicate that the Internal auditor was assigned to an assurance engagement?

A. The CAE must personally obtain the needed skills, knowledge, or other competencies if the internal auditor does not have them.
B. The assigned internal auditor must determine the objectives, scope, and techniques of the engagement.
C. The assigned internal auditor must not assume management responsibilities while performing the engagement.
D. The assigned internal auditor must maintain objectivity while performing the engagement

Answer: C

Explanation:
Introduction:
Assurance engagements require internal auditors to maintain objectivity and avoid conflicts of interest.
Role of Internal Auditors in Assurance Engagements:
They must remain independent and not take on roles that could compromise their impartiality.

NEW QUESTION # 111
Which of the following is an advantage of utilizing an external fraud specialist in a suspected fraud investigation?

A. increased access to the organization's software and proprietary data.
B. Increased ability to preserve evidence and the chain of command.
C. increased access to the organization's employees.
D. Increased ability to scrutinize the organization's key business processes.

Answer: B

Explanation:
* Introduction:
* Engaging an external fraud specialist brings several advantages to an investigation, particularly in preserving the integrity of evidence.
* Advantages of External Fraud Specialists:
* External specialists bring expertise, objectivity, and resources that may not be available internally.
* Options Analysis:
* Option A: Access to employees is not necessarily increased with external specialists.
* Option B: External fraud specialists have the skills and protocols to preserve evidence and maintain the chain of command, ensuring legal and procedural compliance.
* Option C: Scrutinizing business processes is part of their role, but the primary advantage lies in evidence preservation.
* Option D: Access to software and proprietary data is not the primary advantage; internal controls can provide this access as needed.
* Conclusion:
* The main advantage of utilizing an external fraud specialist is their increased ability to preserve evidence and maintain the chain of command, which is critical in legal and compliance contexts.

NEW QUESTION # 112
Which of the following methods is most closely associated to year over year trends?

A. Ratio analysis.
B. Vertical analysis.
C. Common-size analysis.
D. Horizontal analysts

Answer: D

Explanation:
* Introduction:
* Horizontal analysis involves comparing financial data across multiple periods to identify trends and patterns over time.
* Year-over-Year Trends:
* This method helps in understanding changes in financial performance and position year-over-year.
* Options Analysis:
* Option A: Horizontal analysis is directly related to comparing data year-over-year.
* Option B: Vertical analysis involves comparing items on a financial statement as a percentage of a base figure within the same period.
* Option C: Common-size analysis is a type of vertical analysis where all items are expressed as a percentage of a common base.
* Option D: Ratio analysis evaluates relationships between different financial statement items but is not primarily focused on year-over-year trends.
* Conclusion:
* Horizontal analysis is most closely associated with year-over-year trends as it involves reviewing financial data across periods.

NEW QUESTION # 113
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