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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 Exam IIA-CHAL-QISA Simulator Fee - Qualified Info Systems Auditor CIA Challenge Exam Realistic Question Explanations 100% Pass

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q152-Q157):

NEW QUESTION # 152
Which of the following statements is true regarding internal auditors and other assurance providers?

A. internal auditors can rely on the work of other assurance providers only if the other assurance providers report directly to the board
B. Assurance providers who report to management and/or are part of management cannot provide control self-assessments services
C. Internal auditors may rely on the work of internal compliance teams to expand their coverage of the organization without increasing direct audit hours.
D. Internal auditors should always reperform and validate audit work completed by external assurance providers.

Answer: C

Explanation:
Collaboration with Compliance Teams: Internal auditors often collaborate with internal compliance teams to leverage their work. This allows auditors to gain insights and expand their audit coverage efficiently.
IIA Standards: According to the Institute of Internal Auditors (IIA), internal auditors can rely on the work of other assurance providers, including internal compliance teams, as long as the auditors assess the adequacy and competency of the compliance team's work.
Efficiency in Audit Coverage: By relying on internal compliance teams, internal auditors can ensure comprehensive coverage of the organization without significantly increasing direct audit hours, thus enhancing efficiency.

NEW QUESTION # 153
Which of the following must be in existence as a precondition to developing an effective system of internal controls?

A. A risk assessment process.
B. An information and communication process
C. A monitoring process
D. A strategic objective-setting process.

Answer: A

Explanation:
* Risk Assessment Process: A risk assessment process is essential for identifying, analyzing, and managing risks that could prevent the achievement of objectives. It is a critical component in developing an effective system of internal controls.
* Importance: Without a risk assessment, organizations cannot effectively design controls that address relevant risks.
* COSO Framework: The Committee of Sponsoring Organizations (COSO) Internal Control Framework outlines risk assessment as a fundamental part of internal control systems.
* Components: The framework includes risk assessment, control activities, information and communication, monitoring activities, and the control environment.
* Other Preconditions:
* Monitoring Process: Important for evaluating the effectiveness of internal controls but not the initial step.
* Strategic Objective-Setting Process: Critical for overall organizational success but does not directly develop internal controls.
* Information and Communication Process: Supports internal controls by ensuring relevant information is communicated but follows the identification of risks.

NEW QUESTION # 154
According to IIA guidance, which of the following best describes the purpose of a planning memorandum for an audit engagement?

A. It documents existing measures that manage risks in the area under review
B. it documents preliminary information useful to the audit team.
C. It documents the audit steps and procedures to be performed.
D. It documents events that could hinder the achievement of process objectives.

Answer: C

Explanation:
The planning memorandum serves as a comprehensive blueprint for an audit engagement, outlining the specific steps, procedures, and strategies that will be employed to carry out the audit. According to IIA guidance, the purpose of this document is to ensure that the audit team is well-prepared and that the audit process is systematic and thorough.
* Documentation of Audit Steps and Procedures:The primary purpose of a planning memorandum is to detail the steps and procedures that the audit team will follow. This ensures consistency and clarity throughout the audit process and provides a clear framework for team members to follow.
*

NEW QUESTION # 155
An organization recently implemented a new enterprise resource planning (ERP) system. During a post-implementation review, internal auditors determine that user access rights were migrated from the legacy system without a formal review.
Which risk is MOST significant?

A. Segregation-of-duties conflicts may exist.
B. System availability risk.
C. Software licensing requirements may not be met.
D. Data backup procedures may be inadequate.

Answer: A

Explanation:
Migrating access rights without review frequently results in excessive privileges and segregation- of-duties conflicts. Such conflicts may enable unauthorized transactions and increase fraud risk.

NEW QUESTION # 156
For a new board chair who has not previously served on the organization's board, which of the following steps should first be undertaken to ensure effective leadership to the board*?

A. Chair should gain an understanding of the needs of key stakeholders.
B. Chair should learn the current organizational culture of the company.
C. Chair should determine the appropriateness of the current strategic risks.
D. Chair should learn the current risk management system of the company

Answer: B

Explanation:
For a new board chair who has not previously served on the organization's board, the first step should be to learn the current organizational culture of the company. Understanding the culture is crucial for effective leadership and decision-making.
Organizational Culture: It shapes the behavior, values, and practices within the company, and understanding it is essential for aligning the board's actions with the company's ethos.
Leadership: A deep understanding of the culture helps the chair to lead more effectively, fostering a positive environment and ensuring cohesive governance.
Strategic Alignment: Ensures that the board's strategies and policies are in sync with the organizational culture, promoting better implementation and acceptance.

NEW QUESTION # 157
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