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| Certification Vendor: | The Institute of Internal Auditors (IIA) |
|---|---|
| Exam Name: | Qualified Info Systems Auditor CIA Challenge Exam |
| Exam Number: | IIA-CHAL-QISA |
| Available Languages: | English |
| Certificate Validity Period: | 3 years from program acceptance |
| Exam Format: | Multiple Choice |
| Related Certifications: | Certified Information Systems Auditor (CISA) |
| Passing Score: | 600 (out of 750) |
| Exam Price: | $845 USD (Member) / $1,245 USD (Non-Member) |
| Exam Duration: | 180 minutes |
| Real Exam Qty: | 150 |
| Recommended Training: | CIA Challenge Exam Study Guide |
| Exam Registration: | Pearson VUE Scheduling IIA Certification Candidate Management System |
| Sample Questions: | IIA IIA-CHAL-QISA Sample Questions |
| Exam Way: | Online remote proctored or Onsite at Pearson VUE test centers |
| Pre Condition: | Active holder of Certified Information Systems Auditor (CISA) designation; proof of good standing required |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/challenge-exam/information-systems/ |
>> IIA-CHAL-QISA Question Explanations <<
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NEW QUESTION # 67
The organization's internal audit charter was last updated six years ago to update the charter, which of the following actions is most appropriate for the chief audit executive to take?
Answer: C
Explanation:
The chief audit executive should review the latest guidance from the Institute of Internal Auditors (IIA) to ensure the internal audit charter complies with current standards. This approach ensures the charter reflects up-to-date practices and mandatory elements, maintaining the integrity and effectiveness of the internal audit function.
NEW QUESTION # 68
A chief audit executive is developing the annual audit plan.
Which factor should receive the HIGHEST priority?
Answer: C
Explanation:
Risk-based planning focuses on areas presenting the highest residual risk to organizational objectives.
NEW QUESTION # 69
Which of the following statements is true regarding partnership liquidation?
Answer: A
Explanation:
Partnership liquidation refers to the process of dissolving a partnership, where all assets are sold, liabilities are paid off, and any remaining assets are distributed among the partners. This process marks the end of the partnership's legal existence and its economic activities.
* Legal and Economic Termination: Upon liquidation, the partnership ceases to exist legally and economically. This means that it can no longer operate or enter into new business transactions.
* Asset Distribution: The liquidation process ensures that all assets are sold, and the proceeds are used to pay off any outstanding debts. Any remaining funds are distributed to the partners according to the partnership agreement.
* Capital Deficiency: While capital deficiency might prompt liquidation, it is not a defining characteristic of the process.
* Creditors Payment: Creditors are paid from the partnership's assets, not directly by the partners unless agreed otherwise or if the assets are insufficient to cover the liabilities.
References:
* "Fundamentals of Partnership Accounting," which details the steps and consequences of partnership liquidation.
NEW QUESTION # 70
Which of the following statements is true regarding the management-by-objectives method?
Answer: A
Explanation:
Definition of Management by Objectives (MBO): Management by Objectives is a performance management approach where managers and employees work together to identify, plan, organize, and communicate objectives. This method involves setting clear, measurable goals with defined timelines.
Key Benefits:
Employee Motivation: MBO aligns individual goals with organizational objectives, fostering a sense of ownership and engagement among employees. By participating in goal-setting, employees are more motivated to achieve these objectives, as they see a direct link between their efforts and organizational success.
Performance Measurement: Clear objectives allow for effective performance measurement and provide a basis for performance appraisals and feedback.
NEW QUESTION # 71
Which of the following processes does the board manage to ensure adequate governance?
Answer: B
Explanation:
The board manages several key processes to ensure adequate governance within an organization, one of which is the development, approval, and execution of the strategic plan. This process is critical because it defines the organization's direction, goals, and the actions required to achieve these goals.
* Strategic Planning: The board plays a pivotal role in setting the organization's strategic direction, which includes establishing long-term goals and defining the means to achieve them.
* Performance Measurement: While the board may establish and measure performance objectives for the internal audit activity, this is part of a broader governance framework.
* Risk Management: The board also develops strategies to mitigate risks, ensuring that the organization
* can achieve its objectives effectively.
Thus, the most comprehensive governance-related process managed by the board involves strategic planning
NEW QUESTION # 72
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