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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 (Q121-Q126):

NEW QUESTION # 121
Which of the following statements is true regarding the management-by-objectives method?

A. Management by objectives helps organizations to keep employees motivated.
B. Management by objectives helps organizations to distinguish clearly strategic goals from operational goals
C. Management by objectives is most helpful in mechanistic organizations with rigidly defined tasks.
D. Management by objectives is most helpful in organizations that have rapid changes

Answer: A

NEW QUESTION # 122
Which of the following internal audit activity staffing models has the disadvantage that auditors are always new and in training?

A. Hybrid model
B. Center of competence model.
C. Rotational model.
D. Career model

Answer: C

Explanation:
Understanding Staffing Models: Internal audit activity staffing models vary in structure and approach, each with its advantages and disadvantages. The rotational model involves assigning employees from various departments to the internal audit activity for a fixed period before they rotate back to their original or new roles within the organization.
Rotational Model Disadvantages:
Continuous Training: A key disadvantage of the rotational model is that auditors are often new and in training. This model means that there is a constant influx of new staff who may lack extensive audit experience, requiring continuous training and development efforts.
Consistency and Expertise: This can impact the consistency and depth of audit expertise within the internal audit activity, as the auditors are frequently changing.

NEW QUESTION # 123
While reviewing the workpapers and draft report from an audit engagement, the chief audit executive (CAE) found that an Important compensating control had not been considered adequately by the audit team when it reported a major control weakness Therefore, the CAE returned the documentation to the auditor in charge for correction Based on this Information, which of the following sections of the workpapers most likely would require changes?
1. Effect of the control weakness.
2. Cause of the control weakness
3. Conclusion on the control weakness.
4. Recommendation for the control weakness.

A. 1, 2, and 3.
B. 1,3, and 4.
C. 1.2. and 4
D. 2, 3, and 4.

Answer: B

Explanation:
Introduction:
When a compensating control is not considered, it can affect various aspects of the audit findings and conclusions.
Impact on Workpapers:
Effect of the Control Weakness: The impact of the control weakness needs to be reassessed considering the compensating control.
Conclusion on the Control Weakness: The overall conclusion about the severity of the control weakness may change.
Recommendation for the Control Weakness: Recommendations may need to be adjusted based on the new assessment.

NEW QUESTION # 124
In the years after the mid-service point of a depreciable asset, which of the following depreciation methods will result in the highest depreciation expense?

A. Declining balance.
B. Straight line.
C. Sum of the years' digits.
D. Double-declining balance.

Answer: D

Explanation:
Depreciation methods allocate the cost of an asset over its useful life. Different methods impact the depreciation expense reported each year.

NEW QUESTION # 125
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. Proceed with the audit engagement, but do not include the relative's information.
B. Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.
C. Disclose in the engagement final communication that the relative Is a customer
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 # 126
......

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