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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Section	Objectives
Topic 1: Business Knowledge for Internal Auditing	- Financial and managerial accounting basics - Information systems and IT auditing concepts
Topic 2: Essentials of Internal Auditing	- Internal audit fundamentals and governance - Ethics and professional standards
Topic 3: Practice of Internal Auditing	- Audit execution and evidence collection - Audit planning and risk assessment

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q50-Q55):

NEW QUESTION # 50
An internal audit activity has to confirm the validity of the activities reported by a grantee that received a chantable contribution from the organization Which of the following methods would best help meet this objective?

A. Visiting the grantee to assess whether the execution of the project was in line with the defined grant scope.
B. Verifying that the grantee's final report is in line with what was depicted in the initial budget request.
C. Reconciling general ledger accounts used by management of the area under review for reflecting expenses on charitable contributions
D. Interviewing employees of the corporate affairs department, which is responsible for charitable activities

Answer: A

Explanation:
* Introduction:
* When verifying the validity of activities reported by a grantee, it is essential to gather evidence that the project was executed as intended and within the defined scope.
* Effective Verification Methods:
* A site visit allows the auditor to observe firsthand the activities and projects funded by the grant, ensuring they align with the grant's objectives and scope.
* Options Analysis:
* Option A: Visiting the grantee provides direct evidence of the project execution and alignment with the grant scope.
* Option B: Verifying the final report against the initial budget request ensures financial compliance but does not confirm actual project activities.
* Option C: Reconciling general ledger accounts verifies financial records but not the execution of activities.
* Option D: Interviewing corporate affairs employees provides insight but not direct evidence of project execution.
* Conclusion:
* The best method to confirm the validity of the activities reported by a grantee is to visit the grantee and assess whether the project execution aligns with the defined grant scope.

NEW QUESTION # 51
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 commercial construction company is hired to build a warehouse.
B. A city department sets up a new firefighter training program.
C. A clothing company designs, makes, and sells a new item.
D. A manufacturing organization acquires component parts from a contracted vendor

Answer: A

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.

NEW QUESTION # 52
An internal audit activity has to confirm the validity of the activities reported by a grantee that received a chantable contribution from the organization Which of the following methods would best help meet this objective?

A. Visiting the grantee to assess whether the execution of the project was in line with the defined grant scope.
B. Verifying that the grantee's final report is in line with what was depicted in the initial budget request.
C. Reconciling general ledger accounts used by management of the area under review for reflecting expenses on charitable contributions
D. Interviewing employees of the corporate affairs department, which is responsible for charitable activities

Answer: A

Explanation:
Introduction:
When verifying the validity of activities reported by a grantee, it is essential to gather evidence that the project was executed as intended and within the defined scope.
Effective Verification Methods:
A site visit allows the auditor to observe firsthand the activities and projects funded by the grant, ensuring they align with the grant's objectives and scope.

NEW QUESTION # 53
According to IIA guidance, which of the following actions by the chief audit executive would best ensure that internal auditors demonstrate due professional care?

A. Ensuring the internal audit activity reports functionally to the board of directors
B. Ensuring the internal audit activity is not found fallible during audit engagements.
C. Undertaking all engagements that management requests of the internal audit activity.
D. Developing policies and procedures for the internal audit activity

Answer: D

Explanation:
* Professional Care:Ensuring that internal auditors demonstrate due professional care involves establishing clear policies and procedures that guide their activities.
* Guidance and Standards:These policies and procedures help ensure that the internal audit activity adheres to professional standards and best practices.
* Standard Compliance:According to the IIA's Performance Standard 2040 - Policies and Procedures, the CAE must establish policies and procedures to guide the internal audit activity.
* Quality Assurance:Properly developed policies and procedures contribute to the overall quality and effectiveness of the internal audit activity, ensuring that engagements are conducted with due professional care.
References:
* IIA Standard 2040 - Policies and Procedures .

NEW QUESTION # 54
When using cost-volume-profit analysis, which of the following will increase operating income once the break-even point has been reached?

A. Variable costs per unit for each additional unit sold.
B. Gross margin per unit for each additional unit sold
C. Fixed costs per unit for each additional unit sold.
D. Contribution margin per unit for each additional unit sold.

Answer: D

Explanation:
Contribution Margin: Contribution margin is the amount by which the sales price of a product exceeds its variable costs. After reaching the break-even point, each additional unit sold contributes directly to operating income.

NEW QUESTION # 55
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