IIA-CHAL-QISA Test Lab Questions | IIA-CHAL-QISA Certification Dump

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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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100% Pass IIA - IIA-CHAL-QISA - Latest Qualified Info Systems Auditor CIA Challenge Exam Test Lab Questions

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q87-Q92):

NEW QUESTION # 87
According to IIA guidance, which of the following statements about analytical procedures is true?

A. Analytical procedures are computer-assisted audit techniques
B. Analytical procedures begin after the engagements planning phase.
C. Analytical procedures provide internal auditors with explainable results.
D. Analytical procedures compare information against expectations

Answer: D

Explanation:
Analytical Procedures: These procedures involve evaluating financial information by studying plausible relationships among both financial and non-financial data. They help auditors form expectations about account balances or other financial data and then compare actual results to these expectations.
Purpose: To identify any unusual or unexpected results that might indicate potential misstatements.
IIA Guidance on Analytical Procedures:
Comparison Against Expectations: This is the core aspect of analytical procedures. Auditors develop expectations based on their knowledge of the business, industry trends, historical data, and other relevant factors.
Engagement Phases: Analytical procedures can be applied in various phases of an audit, not just after the planning phase.

NEW QUESTION # 88
An investor has acquired an organization that has a dominant position in a mature, slow-growth industry and consistently creates positive financial income Which of the following terms would the investor most likely label this investment in her portfolio?

A. A star.
B. A question mark.
C. A dog
D. A cash cow.

Answer: D

Explanation:
Investment Portfolio Terms:
* Cash Cow: A business unit with a dominant market position in a mature, slow-growth industry that generates consistent positive cash flow and profits. It requires little investment to maintain its market position and provides funds for other investments.
* Star: A business unit with a high market share in a fast-growing industry. It requires significant investment to maintain its position and support further growth.
* Question Mark: A business unit with a low market share in a high-growth industry. It requires substantial investment to increase market share.
* Dog: A business unit with a low market share in a slow-growth industry, generating minimal profit or loss.
Characteristics of a Cash Cow:
* Dominant Position: The acquired organization has a strong market position.
* Mature Industry: The industry is mature with slow growth.
* Positive Financial Income: Consistently generates positive cash flow and profits, requiring minimal investment.
Investment Strategy:
* Portfolio Management: Investors typically use cash cows to fund other investments, maintaining a balanced portfolio that supports growth while providing stable returns.
References:
* The term "cash cow" accurately describes an organization with a dominant position in a mature, slow-growth industry that consistently generates positive financial income, fitting the investor's description.

NEW QUESTION # 89
Which of the following statements is true regarding an organization's inventory valuation?

A. The valuation will be incorrect if the inventory includes goods in transit shipped free on board (FOB) destination to another organization.
B. The valuation will be correct if the inventory includes goods sent on consignment to another organization
C. The valuation will be incorrect if the inventory includes goods in transit shipped FOB shipping point from another organization.
D. The valuation will be correct if the inventory includes goods received on consignment from another organization.

Answer: C

Explanation:
Inventory Valuation Principles: Inventory valuation must accurately reflect the ownership of goods. The accounting treatment of inventory in transit depends on the shipping terms, specifically whether it is FOB (Free on Board) shipping point or FOB destination.
FOB Shipping Point:
Ownership Transfer: When goods are shipped FOB shipping point, ownership transfers to the buyer as soon as the goods leave the seller's premises.
Impact on Inventory Valuation: If goods shipped FOB shipping point are in transit at the end of the reporting period, they should be included in the buyer's inventory, not the seller's.
FOB Destination:
Ownership Transfer: When goods are shipped FOB destination, ownership transfers to the buyer only when the goods arrive at the buyer's premises.
Impact on Inventory Valuation: Goods in transit under FOB destination terms should remain in the seller's inventory until they reach the buyer.
Consignment:
Goods Received on Consignment: Goods held on consignment should not be included in the inventory of the consignee (the holder) but remain in the inventory of the consignor (the owner).
Goods Sent on Consignment: Goods sent out on consignment should still be included in the inventory of the consignor until they are sold by the consignee.

NEW QUESTION # 90
A rapidly expanding retail organization continues to be tightly controlled by its original small management team. Which of the following is a potential risk in this vertically centralized organization?

A. Lack of coordination among different business units
B. Duplication of business activities.
C. Operational decisions are inconsistent with organizational goals.
D. Suboptimal decision-making.

Answer: D

Explanation:
* Introduction:
* In a vertically centralized organization, decision-making is concentrated among a small management team, potentially leading to various risks.
* Risk Analysis:
* Option A: Lack of coordination among business units is less likely in a centralized structure as decisions are made by a central authority.
* Option B: Inconsistent operational decisions are less common as central management typically ensures alignment with organizational goals.
* Option C: Centralized decision-making can lead to suboptimal decisions due to a lack of diverse perspectives and delayed responses to local issues.
* Option D: Duplication of business activities is less relevant in a tightly controlled central structure.
* Conclusion:
* The primary risk in a vertically centralized organization is suboptimal decision-making, as the concentration of authority can result in a lack of responsiveness and consideration of all relevant factors.

NEW QUESTION # 91
Which of the following is an advantage of utilizing an external fraud specialist in a suspected fraud investigation?

A. increased access to the organization's software and proprietary data.
B. Increased ability to preserve evidence and the chain of command.
C. increased access to the organization's employees.
D. Increased ability to scrutinize the organization's key business processes.

Answer: B

Explanation:
* Introduction:
* Engaging an external fraud specialist brings several advantages to an investigation, particularly in preserving the integrity of evidence.
* Advantages of External Fraud Specialists:
* External specialists bring expertise, objectivity, and resources that may not be available internally.
* Options Analysis:
* Option A: Access to employees is not necessarily increased with external specialists.
* Option B: External fraud specialists have the skills and protocols to preserve evidence and maintain the chain of command, ensuring legal and procedural compliance.
* Option C: Scrutinizing business processes is part of their role, but the primary advantage lies in evidence preservation.
* Option D: Access to software and proprietary data is not the primary advantage; internal controls can provide this access as needed.
* Conclusion:
* The main advantage of utilizing an external fraud specialist is their increased ability to preserve evidence and maintain the chain of command, which is critical in legal and compliance contexts.

NEW QUESTION # 92
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