IIA-CHAL-QISA Exam Torrent: Qualified Info Systems Auditor CIA Challenge Exam & IIA-CHAL-QISA Practice Test

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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 (Q108-Q113):

NEW QUESTION # 108
While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditors relative. Which course of action should the auditor take?

A. Disclose in the engagement final communication that the relative Is a customer
B. Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.
C. Proceed with the audit engagement, but do not include the relative's information.
D. Immediately withdraw from the audit engagement

Answer: B

Explanation:
* Identify the Conflict of Interest:The internal auditor learns about a large loan made to another auditor's relative, which represents a conflict of interest.
* Refer to Professional Standards:According to the Institute of Internal Auditors' (IIA) standards, an internal auditor must maintain objectivity and avoid conflicts of interest (IIA Standard 1100 - Independence and Objectivity).
* Escalate the Issue:The appropriate course of action is to escalate this matter to the chief audit executive (CAE) and management, as they are responsible for determining the impact of the conflict and the appropriate response.
* Decision Making:The CAE and management will assess whether the conflict of interest could impair the auditor's objectivity and decide whether the auditor should be removed from the engagement or if additional oversight is needed.
* Documentation:It is important to document the conflict and the decision-making process in the audit documentation for transparency and accountability.
References:
* The IIA's International Standards for the Professional Practice of Internal Auditing, specifically Standard 1100 on Independence and Objectivity.

NEW QUESTION # 109
Internal auditors map a process by documenting the steps in the process, which provides a framework for understanding Which of the following is a reason to use narrative memoranda?

A. To document which outputs support other activities.
B. To identify individuals who perform key roles
C. To explain a simple process.
D. To create a detailed risk assessment

Answer: C

Explanation:
Introduction:
Internal auditors use process mapping to document and understand the steps involved in a process.
Purpose of Narrative Memoranda:
Narrative memoranda are written descriptions that outline the steps of a process, often used when the process is straightforward.

NEW QUESTION # 110
Which action would MOST likely impair internal audit objectivity?

A. Approving management's risk responses.
B. Facilitating risk workshops.
C. Reviewing a process before implementation.
D. Providing advice regarding control design.

Answer: A

Explanation:
Approving risk responses is a management responsibility. Internal audit may advise but should not make management decisions.

NEW QUESTION # 111
The internal audit activity is currently working on several engagements, including a consulting engagement on the management process in the human resources department. Which of the following actions should the chief audit executive take to most efficiently and effectively ensure the quality of the engagement?

A. Employ fieldwork peer review to enhance the work quality.
B. Require internal auditors to follow a standardized work program.
C. Assign an experienced manager to monitor the whole engagement process.
D. Personally supervise the engagement

Answer: A

Explanation:
Ensuring Quality: To ensure the quality of the consulting engagement in the human resources department, the chief audit executive (CAE) can implement a fieldwork peer review process. This involves having experienced auditors review the work of their colleagues to ensure adherence to audit standards and procedures.

NEW QUESTION # 112
Which of the following is most likely to be considered a control weakness?

A. Purchase orders are typed by the purchasing department using prenumbered forms
B. Buyers promptly update the official vendor listing as new supplier sources become known.
C. Department managers initiate purchase requests that must be approved by the plant superintendent
D. Vendor invoice payment requests are accompanied by a purchase order and receiving report.

Answer: B

Explanation:
A control weakness occurs when there is a deficiency in internal controls that could allow errors or fraud to occur. While the act of buyers promptly updating the vendor listing might seem efficient, it could bypass necessary oversight and approval processes. This could lead to unauthorized or inappropriate vendors being added, increasing the risk of fraud or favoritism. Effective internal control requires that such updates be reviewed and approved by an independent party to ensure accuracy and appropriateness.

NEW QUESTION # 113
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