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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Section	Objectives
Practice of Internal Auditing	- Audit planning and risk assessment - Audit execution and evidence collection
Business Knowledge for Internal Auditing	- Information systems and IT auditing concepts - Financial and managerial accounting basics
Essentials of Internal Auditing	- Internal audit fundamentals and governance - Ethics and professional standards

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q87-Q92):

NEW QUESTION # 87
Which of the following best describes the guideline for preparing audit engagement workpapers?

A. Workpapers should be understandable to another internal auditor who was not involved in the engagement.
B. Workpapers should be understandable to the auditor in charge and the chief audit executive
C. Workpapers should be understandable to external auditors and regulatory agencies
D. Workpapers should be understandable to the audit client and the board.

Answer: A

Explanation:
The guidelines for preparing audit engagement workpapers emphasize clarity, completeness, and accuracy to ensure that they can be easily understood and used by others within the auditing function.
* Option A: Workpapers should be understandable to the auditor in charge and the chief audit executive.
* While workpapers must indeed be clear to the auditor in charge and the chief audit executive, this guideline does not fully capture the broader requirement for understandability to other auditors.
* Option B: Workpapers should be understandable to the audit client and the board.
* Although transparency with the audit client and the board is important, workpapers are primarily internal documents used to support the audit process and conclusions.
* Option C: Workpapers should be understandable to another internal auditor who was not involved in the engagement.
* This is the most comprehensive requirement, ensuring that any internal auditor, even if not originally involved, can review the workpapers, understand the procedures performed, and the conclusions reached. This is crucial for maintaining continuity, quality control, and facilitating reviews or future audits.
* Option D: Workpapers should be understandable to external auditors and regulatory agencies.
* While external auditors and regulatory agencies may review workpapers, the primary audience is internal auditors, who need to ensure the workpapers are detailed and clear enough for effective internal use and review.

NEW QUESTION # 88
The board of directors of a global organization has found an increased number of reported cases of unethical practices since last year. To assist the board in gaining a better understanding of the degree of ethics awareness within the organization, which of the following actions should be undertaken?

A. Offer in-house ethics-related training seminars for employees to attend
B. Request the internal audit activity to perform an ethics-related assurance engagement.
C. Reaffirm the importance of the organization's code of ethics to all employees
D. Conduct an organization wide employee survey on ethical practices.

Answer: D

Explanation:
To assist the board of directors in understanding the degree of ethics awareness within the organization, an organization-wide employee survey on ethical practices (option D) is the most effective action. Here's why:
* Direct Insight from Employees: Surveys can capture the perspectives of a broad employee base, providing direct insights into the awareness and attitudes towards ethics within the organization.
* Quantitative and Qualitative Data: A well-designed survey can gather both quantitative data (e.g., percentage of employees aware of the code of ethics) and qualitative data (e.g., specific instances of ethical dilemmas faced by employees).
* Identifying Areas of Improvement: Surveys can identify specific areas where employees feel the organization is lacking in terms of ethical practices, which can guide targeted improvements.
* Confidentiality and Anonymity: Surveys often ensure confidentiality and anonymity, encouraging more honest and comprehensive responses from employees, which might not be achievable through other means.
* Comprehensive Scope: Compared to internal audits or training, surveys can provide a comprehensive overview of the entire organization's ethical climate, from various departments and levels.
This approach aligns with the best practices in internal auditing and organizational assessments as outlined by the Institute of Internal Auditors (IIA) and other related guidance.

NEW QUESTION # 89
A bakery chain has a statistical model that can be used to predict daily sales at individual stores based on a direct relationship to the cost of ingredients used and an inverse relationship to rainy days What conditions would an auditor look for as an Indicator of employee theft of food from a specific store?

A. Both total sales and cost of ingredients used are greater than expected.
B. Both total sales and cost of ingredients used are less than expected.
C. On a rainy day. total sales are greater than expected when compared to the cost of ingredients used.
D. On a sunny day. total sales are less than expected when compared to the cost of ingredients used.

Answer: C

Explanation:
The statistical model indicates that daily sales have a direct relationship with the cost of ingredients used and an inverse relationship with rainy days.

NEW QUESTION # 90
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. The CAE previously undertook a consulting assignment in that area to improve processes.
C. Prior to becoming the CAE, the CAE was the payroll manager.
D. A couple of years ago, the CAE performed accounting functions for the payroll department.

Answer: C

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 # 91
Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?

A. The chief audit executive reports both functionally and administratively to the CEO
B. An independent third party has assessed the organization's system of internal controls to be adequate and effective.
C. The internal audit charter is drafted properly and approved by the appropriate parties.
D. The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives

Answer: C

Explanation:
The internal audit charter is a formal document that defines the internal audit activity's purpose, authority, and responsibility. It is crucial for establishing the internal audit function's independence and objectivity. When the internal audit charter is properly drafted and approved by the appropriate parties, it provides a clear mandate for the internal audit activity and sets the foundation for its operations. This ensures that the internal audit activity can function independently without undue influence from management.

NEW QUESTION # 92
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