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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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
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	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.

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q122-Q127):

NEW QUESTION # 122
Organizations that adopt just-in-time purchasing systems often experience which of the following?

A. An Increase in the number of suitable suppliers
B. A slight increase in carrying costs.
C. A greater need for linkage with a vendors computerized order entry system.
D. A greater need for inspection of goods as the goods arrive

Answer: C

Explanation:
Just-in-time (JIT) purchasing systems aim to minimize inventory levels by receiving goods only as they are needed in the production process, which requires tight integration with suppliers.
* Vendor Linkage: JIT systems demand a highly efficient and responsive supply chain. Linking with vendors' computerized order entry systems ensures that orders are processed quickly and accurately, supporting the JIT philosophy.
* Inspection: JIT systems often rely on high-quality suppliers to minimize the need for inspection upon arrival, focusing instead on preventive measures at the supplier's end.
* Carrying Costs: A JIT system typically reduces carrying costs by keeping inventory levels low.
* Supplier Base: The focus is often on a few reliable suppliers rather than increasing the number of suppliers.
References:
* "Supply Chain Management: Strategy, Planning, and Operation," which discusses the operational requirements and benefits of JIT systems.

NEW QUESTION # 123
Which of the following is the most appropriate way to ensure that a newly formed internal audit activity remains free from undue influence by management?

A. Ensure the chief audit executive reports administratively to the audit committee.
B. Adopt written policies and procedures for the internal audit activity, approved by the board.
C. Establish the internal audit activity's position within the organization in an audit charter
D. Appoint the chief audit executive as a member of the board.

Answer: C

Explanation:
The internal audit charter is a formal document that defines the internal audit activity's purpose, authority, and responsibility.
Establishing the internal audit activity's position within the organization in an audit charter ensures independence and objectivity by clearly stating the internal audit's role and its reporting lines. The charter should be approved by the board and senior management to reinforce its authority and protect the internal audit activity from undue influence by management

NEW QUESTION # 124
According to IIA guidance, which of the following is a limitation of a heat map?

A. Impact cannot be represented on a heat map unless it is quantified in financial terms
B. Qualitative factors cannot be incorporated into a heat map
C. Impact and likelihood at times cannot be differentiated as to which is more important.
D. A heat map cannot be used unless a risk and control matrix has been developed.

Answer: C

Explanation:
Introduction:
Heat maps are tools used in risk management to visualize the impact and likelihood of risks.
Limitations of Heat Maps:
Despite their usefulness, heat maps have several limitations, including difficulties in prioritizing risks when impact and likelihood are closely matched.

NEW QUESTION # 125
Which of the following is a true statement regarding whistleblowing?

A. Whistleblowers should inform the organization about actual criminal circumstances, not assumed allegations.
B. Whistleblowers are current or former employees who are disgruntled and looking to retaliate.
C. Whistleblowing programs help employees deal with ethical questions and instill ethical values into everyday behavior
D. Whistleblowing is one of several possible ethical structures an organization can undertake to encourage ethical behavior.

Answer: D

Explanation:
Purpose of Whistleblowing: Whistleblowing is a mechanism that allows employees to report unethical or illegal activities within the organization. It is a vital part of an organization's ethical framework, providing a structured way for concerns to be raised and addressed.
Encouraging Ethical Behavior: By having a whistleblowing program, an organization encourages employees to come forward with concerns, which helps in maintaining ethical standards and preventing misconduct.
Practical Example: Employees who notice financial discrepancies can report these through the whistleblowing system without fear of retaliation, supporting a culture of transparency and accountability.

NEW QUESTION # 126
Which of the following is the most appropriate reason for a chief audit executive to conduct an external assessment more frequently than five years?

A. A change in senior management or internal audit leadership may change expectations and commitment to conformance
B. The parent organization's internal audit activity agreed to perform biennial reciprocal external assessments to provide greater assurance at a reduced cost.
C. Significant changes in the organization's accounting policies or procedures would warrant timely analysis and feedback.
D. More frequent external assessments can serve as an equivalent substitute for internal assessments.

Answer: A

Explanation:
* Introduction:
* The frequency of external assessments for the internal audit activity (IAA) is typically every five years. However, certain circumstances may necessitate more frequent assessments.
* Reasons for More Frequent Assessments:
* Significant organizational changes or shifts in internal audit leadership can impact the effectiveness and alignment of the internal audit function with organizational goals.
* Options Analysis:
* Option A: While changes in accounting policies might warrant review, they do not specifically necessitate a more frequent external assessment.
* Option B: More frequent external assessments cannot substitute for ongoing internal assessments, which are continuous and serve different purposes.
* Option C: Reciprocal external assessments can be cost-effective but are not a primary reason for increased frequency.
* Option D: Changes in senior management or internal audit leadership can lead to shifts in expectations and commitment to compliance, thus justifying more frequent external assessments to ensure continued alignment and conformance with standards.
* Conclusion:
* The most appropriate reason for a chief audit executive (CAE) to conduct an external assessment more frequently than five years is when there is a change in senior management or internal audit leadership, as this may alter expectations and commitment to conformance.

NEW QUESTION # 127
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