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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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 (Q117-Q122):

NEW QUESTION # 117
Which of the following actions should the internal audit activity take during an audit engagement when examining the effectiveness of risk management processes?

A. Establish procedures for improving risk management processes.
B. Ensure risk responses are aligned with industry standards
C. Evaluate how the organization manages fraud risk.
D. Verify that organizational objectives are aligned with each departments objectives.

Answer: C

Explanation:
Risk Management Evaluation: During an audit engagement examining the effectiveness of risk management processes, the internal audit activity should focus on evaluating how the organization manages various types of risks, including fraud risk.
Fraud Risk Management: This involves assessing the organization's mechanisms for identifying, assessing, and responding to fraud risks. It also includes reviewing the effectiveness of controls in place to prevent and detect fraudulent activities.
IIA Standards: Standard 2120 Risk Management emphasizes that internal auditors must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk.
Comprehensive Approach:
Risk Assessment: Ensuring that the organization conducts thorough risk assessments to identify potential fraud risks.
Control Environment: Evaluating the control environment to ensure it supports ethical behavior and reduces opportunities for fraud.
Fraud Prevention and Detection: Reviewing the policies and procedures in place to prevent and detect fraud, including whistleblower mechanisms and fraud response plans.

NEW QUESTION # 118
When reviewing workpapers, engagement supervisors may ask for additional evidence or clarification via review notes. According to IIA guidance, which of the following statements is true regarding the engagement supervisors review notes?

A. Review notes provide documented proof that the engagement is supervised properly and must be retained for the quality assurance and improvement program
B. Management of the area under review must address the engagement supervisors review notes before the audit report can be finalized.
C. The chief audit executive must initial or sign the engagement supervisors review notes to provide evidence of appropriate engagement supervision.
D. The review notes may be cleared from the final documentation once the engagement supervisors concerns have been addressed

Answer: D

Explanation:
Introduction:
Review notes are comments or questions posed by engagement supervisors during the review of workpapers to ensure audit quality and completeness.
IIA Guidance on Review Notes:
According to the IIA, review notes serve as a tool for engagement supervisors to seek additional evidence or clarification.

NEW QUESTION # 119
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. Communicate with the CEO and present the revised audit plan to the board for approval
B. Present the revised audit plan directly to the CEO 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: A

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.

NEW QUESTION # 120
Which of the following should be included in a company's year-end inventory valuation?

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

Answer: B

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 # 121
A risk has a high likelihood and low impact.
Which response is MOST appropriate?

A. Escalate to the board.
B. Evaluate whether treatment is cost-effective.
C. Automatically avoid the risk.
D. Transfer immediately.

Answer: B

Explanation:
Risk response decisions should consider both impact and cost-benefit factors.

NEW QUESTION # 122
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