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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 (Q50-Q55):

NEW QUESTION # 50
According to the IIA Code of Ethics, which of the following is required with regard to communicating results?

A. The internal auditor should present material information to appropriate personnel within the organization without revealing confidential matters that could be detrimental to the organization
B. The internal auditor should reveal material facts that could potentially distort the reporting of activities under review
C. The internal auditor should disclose all material information obtained by the date of the final engagement communication.
D. The internal auditor should obtain all material information within the established time and budget parameters.

Answer: B

Explanation:
The IIA Code of Ethics sets forth principles and expectations for ethical behavior in internal auditing, particularly regarding the communication of results.
Integrity and Transparency: According to the IIA Code of Ethics, internal auditors are expected to exhibit integrity and transparency in their reporting, ensuring that material facts are disclosed accurately to avoid misrepresentation.
Reference: IIA Code of Ethics, Principle 4 Integrity, which emphasizes the need for internal auditors to disclose all material facts known to them that, if not disclosed, could distort the reporting of activities under review.
Revealing Material Facts: The principle of integrity mandates that internal auditors must reveal material facts necessary to avoid any misrepresentation of the activities being reviewed. This ensures that stakeholders receive a truthful and complete picture of the audit findings.
Practical Example: If an auditor discovers significant control weaknesses that could impact financial reporting, these must be disclosed in the audit report to provide a true representation of the entity's control environment.
Confidentiality and Appropriateness: While confidentiality is important, it does not supersede the need to report material facts that are essential for accurate reporting. Confidential matters that are not material or do not distort the reporting can be withheld to protect sensitive information.

NEW QUESTION # 51
According to IIA guidance, which of the following statements is true regarding audit workpapers?

A. Audit workpaper preparation contributes to the professional development of the internal audit staff.
B. Management of the department being audited should review the prepared workpapers for accuracy.
C. Audit workpaper documentation policies are reviewed and approved by the audit committee.
D. Review notes on audit workpapers must be retained to provide a record of questions raised by the reviewer.

Answer: A

Explanation:
Audit workpapers are essential documents that provide evidence of the audit work performed and the conclusions reached.
* Option A: While review notes can be useful, they do not need to be retained if they do not add value to the audit evidence.
* Option B: Audit workpaper documentation policies are typically established by the internal audit department, not reviewed or approved by the audit committee.
* Option C: Management should not review the workpapers for accuracy as this could compromise the independence of the audit.
* Option D: Preparing workpapers helps auditors document their work thoroughly, facilitating learning and professional development.

NEW QUESTION # 52
Applying ISO 31000; which of the following is part of the external context for risk management?

A. The regulatory and competitive environment.
B. The method of determining the risk level
C. Organizational culture, objectives, and processes.
D. Risk treatment method based on risk evaluation.

Answer: A

Explanation:
* ISO 31000 Context:ISO 31000 provides guidelines on risk management, emphasizing the importance of understanding the external context.
* External Context:This includes external factors such as regulatory and competitive environments that can impact the organization's risk profile.
* Regulatory Environment:Understanding regulations helps the organization ensure compliance and avoid legal risks.
* Competitive Environment:Analyzing the competitive environment allows the organization to anticipate market changes and manage competitive risks.
References:
* ISO 31000 Risk Management Guidelines.

NEW QUESTION # 53
A newly appointed chief audit executive (CAE) started analyzing the organization's policies in an attempt to customize them to address internal audit specifics. Which of the following organizationwide practices is most likely to be acceptable to the CAE?

A. Hiring practices include requiring potential auditors to disclose any significant stock ownership in the organization.
B. Standard training for each employee, including internal auditors, is 10 hours per year.
C. Internal auditors' performance evaluation is primarily based on both client satisfaction surveys and cost savings identified from the audits
D. To enhance efficiency, Internal auditors should not be rotated regularly among engagements

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 # 54
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care?

A. A non-disclosure agreement
B. An annual declaration of commitment to The HAs Code of Ethics.
C. A description of their job responsibilities.
D. The internal audit charter

Answer: B

Explanation:
* Professional Responsibility:Internal auditors are expected to demonstrate their commitment to professional standards and ethics.
* Code of Ethics:The IIA's Code of Ethics outlines principles that internal auditors must follow, including integrity, objectivity, confidentiality, and competency.
* Annual Declaration:Signing an annual declaration reinforces the auditor's commitment to these principles and ensures ongoing adherence to the professional standards.
* Demonstration of Due Care:By signing this declaration, auditors formally acknowledge their responsibility to uphold ethical standards, which is a demonstration of due professional care.
References:
* The IIA's Code of Ethics.
* The IIA's International Standards for the Professional Practice of Internal Auditing.

NEW QUESTION # 55
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