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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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 (Q40-Q45):

NEW QUESTION # 40
Which of the following BEST describes the board's responsibility regarding risk management?

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

Answer: A

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

NEW QUESTION # 41
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. Suboptimal decision-making.
D. Operational decisions are inconsistent with organizational goals.

Answer: C

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 # 42
According to IIA guidance, which of the following statements is true regarding due professional care?

A. Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor.
B. Internal auditors must exercise due professional care to ensure that all significant risks will be identified.
C. Due professional care requires the internal auditor to conduct extensive examinations and verifications to ensure fraud does not exist.
D. Due professional care is displayed during a consulting engagement when the internal auditor focuses on potential benefits of the engagement rather than the cost

Answer: A

Explanation:
Due professional care is a critical concept in internal auditing, ensuring that auditors conduct their work with the necessary diligence and competence.
* Definition and Standards:According to the IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 1220 - Due Professional Care, internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor.

NEW QUESTION # 43
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. Purchase orders are typed by the purchasing department using prenumbered forms
C. Buyers promptly update the official vendor listing as new supplier sources become known.
D. Department managers initiate purchase requests that must be approved by the plant superintendent

Answer: C

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 # 44
According to ISO 31000, which of the following statements is correct?

A. The internal audit activity can give objective assurance on any part of the risk management framework for which it is responsible.
B. The framework is designed to be effective for organizations no matter how small.
C. The internal audit activity will provide assurance over operating effectiveness but not over the design of risk management activities
D. The board is responsible for setting the organizational attitude through tone at the top.

Answer: B

Explanation:
According to ISO 31000, the risk management framework is scalable and applicable to organizations of all sizes, including small entities. The framework's principles are designed to be flexible and adaptable, ensuring they can be effectively implemented regardless of the organization's size.
Scalability: The principles and guidelines of ISO 31000 can be tailored to fit the specific context, resources, and complexity of any organization, making it a universal standard.
Flexibility: The framework supports organizations in integrating risk management practices into their operations at a level that suits their size and complexity.
Effectiveness: Regardless of the organization's size, the framework aims to enhance risk management practices and support better decision-making.

NEW QUESTION # 45
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