IIA-CHAL-QISA - Perfect Qualified Info Systems Auditor CIA Challenge Exam Authorized Certification

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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Information Systems and Technology Audit	40%	- IT governance and management 1. IT risk assessment and control 2. IT strategy, policies, and procedures - Information systems audit process 1. Cybersecurity and information security audit 2. Business continuity and disaster recovery audit 3. Auditing infrastructure, applications, and data
Topic 2: Internal Audit Practice	40%	- Communicating results and monitoring progress 1. Follow-up and monitoring of corrective actions 2. Reporting findings and recommendations - Audit planning and execution 1. Data collection and analysis techniques 2. Evidence gathering and documentation 3. Engagement planning and scope definition
Topic 3: Internal Audit Basics	20%	- Foundational concepts and standards 1. Ethics and professional conduct 2. International Professional Practices Framework - Governance, risk, and control 1. Internal control frameworks and evaluation 2. Governance frameworks and principles 3. Risk management processes and methodologies

Section

Weight

Objectives

Topic 1: Information Systems and Technology Audit

40%

- IT governance and management

1. IT risk assessment and control
2. IT strategy, policies, and procedures

- Information systems audit process

1. Cybersecurity and information security audit
2. Business continuity and disaster recovery audit
3. Auditing infrastructure, applications, and data

Topic 2: Internal Audit Practice

40%

- Communicating results and monitoring progress

1. Follow-up and monitoring of corrective actions
2. Reporting findings and recommendations

- Audit planning and execution

1. Data collection and analysis techniques
2. Evidence gathering and documentation
3. Engagement planning and scope definition

Topic 3: Internal Audit Basics

20%

- Foundational concepts and standards

1. Ethics and professional conduct
2. International Professional Practices Framework

- Governance, risk, and control

1. Internal control frameworks and evaluation
2. Governance frameworks and principles
3. Risk management processes and methodologies

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q59-Q64):

NEW QUESTION # 59
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. Operational decisions are inconsistent with organizational goals.
B. Suboptimal decision-making.
C. Lack of coordination among different business units
D. Duplication of business activities.

Answer: B

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 # 60
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. Develop a report of excess inventory and compare the inventory with current production volume.
B. 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
C. Compare purchase orders generated from test data Input into the LAN with purchase orders generated from production data for the most recent period.
D. Select a sample of production estimates and MRPs for several periods and trace them into the system to determine that input is accurate

Answer: B

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 # 61
The internal audit activity is responsible for which of the following actions related to an organization's internal controls9

A. Mitigating risks affecting achievement of organizational objectives.
B. Enabling opportunities affecting achievement of organizational objectives.
C. Analyzing and advising regarding costs versus benefits of control activities.
D. Attesting to fairness of financial statements

Answer: C

Explanation:
Internal audit activities include evaluating the effectiveness and efficiency of internal controls, and part of this process involves analyzing and advising on the cost-benefit relationship of control activities.
This function helps ensure that the internal controls in place are not only effective in mitigating risks but are also economically justified

NEW QUESTION # 62
Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?

A. Provide the evidence that was discovered to local lav/ enforcement for possible prosecution of the suspected fraud
B. Immediately notify management of the area under review and the other internal auditors involved in the engagement
C. Fully document in the workpapers the evidence that has been discovered and recommendappropriate controls to address the fraud
D. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.

Answer: D

Explanation:
IIA Standards on Fraud:
* Standard 2120 - Risk Management: Internal auditors must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk.
* Immediate Response: When evidence of fraud is discovered, the internal auditor must ensure that appropriate actions are taken promptly.
Next Steps for Internal Auditor:
* Consult with Supervisor: The internal auditor should discuss the findings with the engagement supervisor. This ensures that the situation is assessed by a more experienced individual who can determine the next steps, including the need for specialized fraud investigation resources.
* Specialized Expertise: Determining whether fraud investigation experts are needed is crucial for handling the matter appropriately, as they possess the necessary skills to investigate complex fraud cases.
Documenting Evidence:
* While documenting the evidence and recommending controls is important (Option C), the immediate step should involve consultation with the supervisor to decide on the investigation approach.
* Notifying management directly (Option A) or law enforcement (Option D) should follow internal protocols and often occur after consultation with the supervisor and possibly higher-level approvals.
References:
* Engaging the engagement supervisor ensures that the appropriate steps are taken to investigate the fraud properly, aligning with professional standards and ensuring a thorough investigation.

NEW QUESTION # 63
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 the audit steps and procedures to be performed.
C. It documents events that could hinder the achievement of process objectives.
D. it documents preliminary information useful to the audit team.

Answer: B

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 # 64
......

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