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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	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	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.

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q17-Q22):

NEW QUESTION # 17
Which of the following statements is true regarding engagement planning?

A. The planning phase of the engagement should be completed and approved before the fieldwork of the engagement begins.
B. The scope of the engagement should be planned according to the internal audit activity's budgetand then aligned to the risk universe.
C. The audit engagement objectives should be based on operational managements view of risk objectives
D. The main purpose of the engagement work program is to determine the nature and timing of procedures required to gather audit evidence

Answer: A

Explanation:
Proper engagement planning is essential to ensure that the internal audit engagement is conducted effectively and efficiently.
Completing and approving the planning phase before starting the fieldwork ensures that all objectives, scope, resources, and methodologies are well-defined and agreed upon.
This preparation helps in aligning the engagement with the overall audit strategy and reduces the risk of scope changes or misalignments during fieldwork

NEW QUESTION # 18
Which of the following BEST describes the board's responsibility regarding risk management?

A. Implementing risk mitigation controls.
B. Conducting detailed risk assessments.
C. Providing oversight of risk management processes.
D. Identifying operational risks.

Answer: C

Explanation:
Management owns and manages risk. The board provides governance and oversight to ensure risk management processes are effective.

NEW QUESTION # 19
Which of the following methods is most closely associated to year over year trends?

A. Horizontal analysts
B. Ratio analysis.
C. Common-size analysis.
D. Vertical analysis.

Answer: A

Explanation:
* Introduction:
* Horizontal analysis involves comparing financial data across multiple periods to identify trends and patterns over time.
* Year-over-Year Trends:
* This method helps in understanding changes in financial performance and position year-over-year.
* Options Analysis:
* Option A: Horizontal analysis is directly related to comparing data year-over-year.
* Option B: Vertical analysis involves comparing items on a financial statement as a percentage of a base figure within the same period.
* Option C: Common-size analysis is a type of vertical analysis where all items are expressed as a percentage of a common base.
* Option D: Ratio analysis evaluates relationships between different financial statement items but is not primarily focused on year-over-year trends.
* Conclusion:
* Horizontal analysis is most closely associated with year-over-year trends as it involves reviewing financial data across periods.

NEW QUESTION # 20
Following an IT systems audit, management agreed to implement a specific control in one of the IT systems.
After a period, the internal auditor followed up and learned that management had not implemented the agreed management action due to the decision to move to another IT system that has built-in controls, which may address this risks highlighted by the Internal audit Which of the following Is the most appropriate action to address the outstanding audit recommendation?

A. The auditor examines the system documentation of the new system to verify that the risk has been addressed in the new system, then reports to senior management the closure of the issue.
B. The auditor requires management to provide details regarding the process for selecting the new IT system and whether other systems were evaluated, and closure of the issue would depend on the new information provided.
C. The auditor accepts managements explanation that the previously identified issue is adequately addressed by the new IT system, as management understands the concern and is most knowledgeable about the new system, and closes the outstanding issue.
D. The auditor advises management that replacing the IT system does not dismiss the prior obligation to implement the agreed action plan, and escalates the issue to senior management and the board.

Answer: A

Explanation:
Verification of Controls: The auditor should verify that the new IT system addresses the previously identified risks. This involves reviewing the system documentation and ensuring that the controls in the new system effectively mitigate the risks.

NEW QUESTION # 21
Which of the following activities would an internal auditor perform as a consulting engagement for an organization?

A. Advising new internal auditors working for the organization on how to develop strategies on planning audits for the upcoming fiscal year
B. Communicating with senior management to better understand how new purchasing controls will minimize payment processing time
C. Briefing the organization's department managers on how to implement risk management processes into their daily operations.
D. Assessing whether the organization's corporate social responsibility program is meeting its yearly goals to reduce carbon emissions.

Answer: C

Explanation:
* Consulting Engagements:Consulting engagements are advisory in nature and are intended to add value and improve an organization's governance, risk management, and control processes.
* Role of Internal Auditor:In a consulting role, an internal auditor provides advice, facilitates risk management, and helps enhance the efficiency and effectiveness of operations.
* Briefing Managers:By briefing department managers on how to implement risk management processes into their daily operations, the internal auditor is providing valuable advice that can help improve the organization's risk management framework.
* IIA Standards:The IIA's standards emphasize that consulting activities should aim at improving governance, risk management, and control processes without taking on management responsibilities.
References:
* IIA Standard 2010 - Planning .

NEW QUESTION # 22
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