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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	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 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 Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q161-Q166):

NEW QUESTION # 161
An internal auditor is asked to determine why the production line for a large manufacturing organization has been experiencing shutdowns due to unavailable parts The auditor learns that production data used for generating automatic purchases via electronic interchange is collected on personal computers connected by a local area network (LAN) Purchases are made from authorized vendors based on both the production plans for the next month and an authorized materials requirements plan (MRP) that identifies the parts needed per unit of production. The auditor suspects the shutdowns are occurring because purchasing requirements have not been updated for changes in production techniques. Which of the following audit procedures should be used to test the auditor's theory?

A. Compare the parts needed based on current production estimates and the MRP for the revised production techniques with the purchase orders generated from the system for the same period
B. Select a sample of production estimates and MRPs for several periods and trace them into the system to determine that input is accurate
C. Develop a report of excess inventory and compare the inventory with current production volume.
D. Compare purchase orders generated from test data Input into the LAN with purchase orders generated from production data for the most recent period.

Answer: A

Explanation:
To test the theory that shutdowns are due to outdated purchasing requirements, the auditor should compare the parts needed according to the revised production techniques with the purchase orders generated. This comparison will reveal whether the system has been updated to reflect changes in production techniques, thereby identifying any discrepancies causing the unavailability of parts.

NEW QUESTION # 162
A risk has a high likelihood and low impact.
Which response is MOST appropriate?

A. Evaluate whether treatment is cost-effective.
B. Escalate to the board.
C. Automatically avoid the risk.
D. Transfer immediately.

Answer: A

Explanation:
Risk response decisions should consider both impact and cost-benefit factors.

NEW QUESTION # 163
Which of the following is the most appropriate reason for a chief audit executive to conduct an external assessment more frequently than five years?

A. More frequent external assessments can serve as an equivalent substitute for internal assessments.
B. The parent organization's internal audit activity agreed to perform biennial reciprocal external assessments to provide greater assurance at a reduced cost.
C. A change in senior management or internal audit leadership may change expectations and commitment to conformance
D. Significant changes in the organization's accounting policies or procedures would warrant timely analysis and feedback.

Answer: C

Explanation:
* Introduction:
* The frequency of external assessments for the internal audit activity (IAA) is typically every five years. However, certain circumstances may necessitate more frequent assessments.
* Reasons for More Frequent Assessments:
* Significant organizational changes or shifts in internal audit leadership can impact the effectiveness and alignment of the internal audit function with organizational goals.
* Options Analysis:
* Option A: While changes in accounting policies might warrant review, they do not specifically necessitate a more frequent external assessment.
* Option B: More frequent external assessments cannot substitute for ongoing internal assessments, which are continuous and serve different purposes.
* Option C: Reciprocal external assessments can be cost-effective but are not a primary reason for increased frequency.
* Option D: Changes in senior management or internal audit leadership can lead to shifts in expectations and commitment to compliance, thus justifying more frequent external assessments to ensure continued alignment and conformance with standards.
* Conclusion:
* The most appropriate reason for a chief audit executive (CAE) to conduct an external assessment more frequently than five years is when there is a change in senior management or internal audit leadership, as this may alter expectations and commitment to conformance.

NEW QUESTION # 164
Which of the following offers the best explanation of why the auditor in charge would assign a junior auditor to complete a complex part of the audit engagement?

A. The auditor in charge is unable to identify audit staff with all of the required skills needed to complete the engagement
B. The audit engagement has a tight deadline and the work must be completed timely.
C. The auditor in charge believes that the junior auditor should obtain a specific type of experience.
D. The senior auditors are unavailable, as they are currently working on other portions of the engagement

Answer: C

Explanation:
Assigning a junior auditor to complete a complex part of an audit engagement can be a strategic decision aimed at providing the junior auditor with valuable experience. This exposure to complex tasks helps in their professional development, building their skills and knowledge for future responsibilities. Although tight deadlines or the unavailability of senior auditors might be factors, the primary reason is often to enhance the junior auditor's competence and career growth.

NEW QUESTION # 165
Which of the following situations best applies to an organization that uses a project, rather than a process, to accomplish its business activities?

A. A city department sets up a new firefighter training program.
B. A manufacturing organization acquires component parts from a contracted vendor
C. A commercial construction company is hired to build a warehouse.
D. A clothing company designs, makes, and sells a new item.

Answer: C

Explanation:
To determine which situation best applies to an organization that uses a project, rather than a process, to accomplish its business activities, it's important to understand the fundamental difference between a project and a process. A project is a temporary endeavor undertaken to create a unique product, service, or result. It has a defined beginning and end and is often constrained by time, budget, and resources. In contrast, a process is ongoing and repetitive, focusing on sustaining and improving existing operations.
* Option A: A clothing company designs, makes, and sells a new item.
* This scenario represents a combination of both project and process elements. The design and creation of a new item can be considered a project, but the ongoing making and selling of the item are part of a process. Hence, this does not exclusively apply to a project-based approach.
* Option B: A commercial construction company is hired to build a warehouse.
* This is a classic example of a project. The construction of a warehouse is a temporary endeavor with a specific goal, defined start and end dates, and constraints on time, cost, and resources. Once the warehouse is built, the project is complete.
* Option C: A city department sets up a new firefighter training program.
* Setting up a new training program could be seen as a project due to its temporary nature and specific goal. However, once the program is established, the training activities themselves will be ongoing, making this more aligned with a process.
* Option D: A manufacturing organization acquires component parts from a contracted vendor.
* This is part of the organization's regular procurement process and does not constitute a temporary, unique project.

NEW QUESTION # 166
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