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| Certification Vendor: | The Institute of Internal Auditors (IIA) |
|---|---|
| Exam Name: | Qualified Info Systems Auditor CIA Challenge Exam |
| Exam Number: | IIA-CHAL-QISA |
| Passing Score: | 600 (scaled score) |
| Available Languages: | Other languages as available through local Pearson VUE test centres, English |
| Exam Duration: | 180 minutes |
| Real Exam Qty: | 150 |
| Exam Price: | $1,245 USD (approx) |
| Certificate Validity Period: | Lifetime (CIA certification validity subject to IIA CPE requirements) |
| Exam Format: | Multiple choice |
| Related Certifications: | Certified Information Systems Auditor (CISA) Certified Internal Auditor (CIA) |
| Sample Questions: | IIA IIA-CHAL-QISA Sample Questions |
| Exam Way: | Delivered via Pearson VUE test centres computer-based; no online proctoring |
| Pre Condition: | Must be an active Certified Information Systems Auditor (CISA) holder and provide proof of good standing. |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/challenge-exam/information-systems/ |
>> New IIA-CHAL-QISA Test Objectives <<
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NEW QUESTION # 171
Which of the following statements is most accurate with respect to the required elements of the quality assurance and improvement program?
Answer: D
Explanation:
Understanding Quality Assessments: Quality assessments in internal audit activities are designed to evaluate various aspects such as the structure of the internal audit activity, relationships with stakeholders, compliance with the IIA Standards, and the proficiency of internal audit staff.
Internal Assessments: These include ongoing monitoring of the performance of the internal audit activity and periodic self-assessments or assessments by other persons within the organization with sufficient knowledge of internal audit practices.
External Assessments: External assessments should be conducted at least once every five years by a qualified, independent assessor or assessment team from outside the organization to ensure objectivity and comprehensiveness.
Focus Areas: Quality assessments should focus on compliance with the IIA Standards, the effectiveness of the internal audit activity's structure, the quality of relationships with stakeholders, and the proficiency and continuous professional development of internal audit staff.
Continuous Improvement: The quality assurance and improvement program (QAIP) should be designed to enable the internal audit activity to add value and improve an organization's operations. It helps ensure that the internal audit activity is in compliance with the IIA Standards and Code of Ethics and continuously improves.
NEW QUESTION # 172
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annual snowfall for the coming winter. Which of the following best describes this type of risk?
Answer: C
Explanation:
Inherent Risk: Inherent risk refers to the exposure to risk in its natural state, without considering any controls or mitigation measures. It is the risk that exists before any action is taken to manage it.
* Example: In the scenario of a snow removal company, the significant reduction in annual snowfall represents an inherent risk as it is a natural condition that affects the company's operations.
Other Risk Types:
* Residual Risk: This is the risk that remains after controls and mitigation strategies have been applied.
* Net Risk: Similar to residual risk, it is the risk that remains after considering existing controls.
* Accepted Risk: This is the risk that the organization knowingly accepts after evaluating its impact and likelihood.
Scenario Planning: The exercise of considering the impacts of reduced snowfall helps the company understand its inherent risks and prepare for potential adverse outcomes.
NEW QUESTION # 173
When taken by a chief audit executive, which of the following actions would be most likely to prevent division management from exaggerating sales reports
1.Announcing a series of internal audit engagements focusing on compliance with corporate sales-reporting policies.
2.Asking the president and the board to issue a statement of corporate policy stressing the importance of accurate management reporting and the negative consequences of intentional misreporting
3.Setting up a hotline for employees to report fraudulent behavior anonymously.
4.Assisting the controller in developing and monitoring a series of business process indicators, which are historically correlated with, but independent of. sales.
Answer: A
Explanation:
Corporate Policy Statement: Having the president and the board issue a statement stressing the importance of accurate management reporting and the negative consequences of intentional misreporting can help set a tone at the top. This reinforces the significance of ethical behavior and compliance with reporting policies across the organization.
NEW QUESTION # 174
Which of the following is essential for ensuring that the internal audit activity's findings and recommendations receive adequate consideration?
Answer: D
Explanation:
Ensuring Compliance: To ensure that audit findings and recommendations are addressed, formal follow-up procedures are necessary.
Follow-up Procedures: These procedures involve tracking the implementation of recommendations and verifying that management has taken appropriate action or has accepted the risks of not acting.
Reporting to Management: Regular reporting on the status of follow-up actions helps maintain accountability and transparency.
Standard Requirement: This aligns with the IIA's Standard 2500 ?Monitoring Progress, which requires internal audit activities to establish and maintain a system to monitor the disposition of results communicated to management.
NEW QUESTION # 175
Which of the following statements best describes the difference between risk appetite and risk tolerance?
Answer: A
Explanation:
Definition of Risk Appetite: Risk appetite is the amount and type of risk an organization is willing to pursue or retain to achieve its objectives. It reflects the organization's overall approach to risk- taking and is typically articulated at the highest level of the organization.
Definition of Risk Tolerance: Risk tolerance refers to the acceptable variation relative to the achievement of specific objectives. It is more granular and specific than risk appetite, detailing the levels of risk that are acceptable within the parameters set by the organization's risk appetite.
NEW QUESTION # 176
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