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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q123-Q128):

NEW QUESTION # 123
What would be the effect if an organization paid one of its liabilities twice during the year, in error?

A. Assets and liabilities would be understated.
B. Assets, liabilities, and owners' equity would be understated.
C. Assets, net income, and owners' equity would be understated, but liabilities would be overstated
D. Assets, net income, and owners' equity would be unaffected

Answer: C

Explanation:
If an organization pays one of its liabilities twice, its assets (cash) would be reduced more than necessary. This results in an understatement of net income and owners' equity because the additionalpayment is an expense that should not have been recorded. Liabilities would be overstated because the duplicate payment does not reduce the liability correctly.
References:
* "Financial Accounting Principles," which discusses the impact of errors on financial statements.

NEW QUESTION # 124
The internal audit activity is asked to review the effectiveness of controls around the disposal of chemical waste. However, the internal auditors on staff lack the necessary skills to conduct this review Which of the following would be the most appropriate approach?

A. A nonaudit employee from the chemical disposal area may share his expertise with the audit team, provided the internal audit manager conducts a detailed review of all engagement work performed.
B. A team of the most knowledgeable auditors could be assembled and use the engagement work program from the previous year to gather additional insight regarding recommended audit procedures
C. An internal auditor who recently attended a three-day workshop on chemical waste disposal, and therefore has the most knowledge on the topic, should lead the engagement.
D. A team of available internal auditors should be assembled and should consult with an external nonaudit expert on chemical waste disposal to plan and conduct the engagement.

Answer: D

Explanation:
Skill Gap Identification: Internal auditors lack the necessary expertise in chemical waste disposal.
Consulting Experts: Engaging an external nonaudit expert ensures that the internal audit team receives the necessary technical knowledge to conduct an effective review.
Team Assembly: By assembling a team of internal auditors and consulting an external expert, the organization leverages both internal audit capabilities and external technical expertise.
Ensuring Competence: This approach ensures that the internal audit activity complies with the IIA Standards, specifically Standard 1210 - Proficiency, which requires internal auditors to possess the knowledge, skills, and other competencies needed to perform their responsibilities.

NEW QUESTION # 125
Which of the following is most likely to be considered a control weakness?

A. Vendor invoice payment requests are accompanied by a purchase order and receiving report.
B. Buyers promptly update the official vendor listing as new supplier sources become known.
C. Purchase orders are typed by the purchasing department using prenumbered forms
D. Department managers initiate purchase requests that must be approved by the plant superintendent

Answer: B

Explanation:
A control weakness occurs when there is a deficiency in internal controls that could allow errors or fraud to occur. While the act of buyers promptly updating the vendor listing might seem efficient, it could bypass necessary oversight and approval processes. This could lead to unauthorized or inappropriate vendors being added, increasing the risk of fraud or favoritism.
Effective internal control requires that such updates be reviewed and approved by an independent party to ensure accuracy and appropriateness.

NEW QUESTION # 126
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 budget and 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 # 127
An internal auditor is performing testing to gather evidence regarding an organization's inventory account balance and is mindful of the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is The auditor's concern best describes which of the following risks?

A. Anticipated misstatement risk
B. Tolerable misstatement risk
C. Incorrect rejection risk.
D. Incorrect acceptance risk.

Answer: D

Explanation:
Introduction:
When performing audit testing, internal auditors must consider the risk that their sample may lead to incorrect conclusions about the accuracy of account balances.
Understanding Incorrect Acceptance Risk:
This risk refers to the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is. This is a type of sampling risk that auditors need to mitigate through proper sampling techniques and sufficient sample sizes.

NEW QUESTION # 128
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