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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 (Q80-Q85):

NEW QUESTION # 80
Which of the following statements is true regarding internal auditors and other assurance providers?

A. Internal auditors may rely on the work of internal compliance teams to expand their coverage of the organization without increasing direct audit hours.
B. Internal auditors should always reperform and validate audit work completed by external assurance providers.
C. internal auditors can rely on the work of other assurance providers only if the other assurance providers report directly to the board
D. Assurance providers who report to management and/or are part of management cannot provide control self-assessments services

Answer: A

Explanation:
Collaboration with Compliance Teams: Internal auditors often collaborate with internal compliance teams to leverage their work. This allows auditors to gain insights and expand their audit coverage efficiently.
IIA Standards: According to the Institute of Internal Auditors (IIA), internal auditors can rely on the work of other assurance providers, including internal compliance teams, as long as the auditors assess the adequacy and competency of the compliance team's work.
Efficiency in Audit Coverage: By relying on internal compliance teams, internal auditors can ensure comprehensive coverage of the organization without significantly increasing direct audit hours, thus enhancing efficiency.

NEW QUESTION # 81
Which of the following activities demonstrates an example of the chief audit executive performing residual risk assessment?

A. Inquiry of corrective action to be completed within a certain period
B. Soliciting management's feedback after completion of the audit engagement.
C. Cost-benefit analysis of management not implementing a recommendation to address an observation.
D. Reporting the status of every observation for every engagement in a detailed manner.

Answer: C

Explanation:
Performing a cost-benefit analysis when management decides not to implement a recommendation is a prime example of residual risk assessment. This involves evaluating the potential impacts and remaining risks associated with the decision, thereby determining the residual risk that the organization will continue to face.
Cost-Benefit Analysis: This helps in understanding the financial implications and benefits that would have been realized had the recommendation been implemented versus the risks of not implementing it.
Risk Assessment: By assessing the residual risk, the CAE can provide a clearer picture of the ongoing risks that the organization needs to manage.
Management Decision Impact: This analysis assists in making informed decisions and understanding the trade-offs involved in addressing audit observations.

NEW QUESTION # 82
Which of the following is an advantage of utilizing an external fraud specialist in a suspected fraud investigation?

A. increased access to the organization's employees.
B. Increased ability to scrutinize the organization's key business processes.
C. increased access to the organization's software and proprietary data.
D. Increased ability to preserve evidence and the chain of command.

Answer: D

Explanation:
Introduction:
Engaging an external fraud specialist brings several advantages to an investigation, particularly in preserving the integrity of evidence.
Advantages of External Fraud Specialists:
External specialists bring expertise, objectivity, and resources that may not be available internally.

NEW QUESTION # 83
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care?

A. A non-disclosure agreement
B. The internal audit charter
C. An annual declaration of commitment to The HAs Code of Ethics.
D. A description of their job responsibilities.

Answer: C

Explanation:
Professional Responsibility: Internal auditors are expected to demonstrate their commitment to professional standards and ethics.
Code of Ethics: The IIA's Code of Ethics outlines principles that internal auditors must follow, including integrity, objectivity, confidentiality, and competency.
Annual Declaration: Signing an annual declaration reinforces the auditor's commitment to these principles and ensures ongoing adherence to the professional standards.
Demonstration of Due Care: By signing this declaration, auditors formally acknowledge their responsibility to uphold ethical standards, which is a demonstration of due professional care.

NEW QUESTION # 84
A multinational organization has multiple divisions that sell their products internally to other divisions When selling internally, which of the following transfer prices would lead to the best decisions for the organization?

A. Variable cost plus a markup.
B. Full cost
C. Full cost plus a markup.
D. Market price of the product.

Answer: D

Explanation:
Using the market price of the product for internal transfer pricing leads to the best decisions for the organization because it reflects the true economic value of the goods or services being transferred. This method promotes efficiency and fairness within the divisions.
* Economic Value: Market price reflects the true economic value, ensuring that the internal transactions are conducted at fair and competitive prices.
* Performance Measurement: It provides a consistent basis for evaluating the performance of different divisions, as they are measured against external market conditions.
* Resource Allocation: Helps in optimal allocation of resources by ensuring that internal transactions are economically justified and comparable to external transactions.
References:
* "Management Accounting: Principles and Practices," which discusses the advantages of using market-based transfer pricing .

NEW QUESTION # 85
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