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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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 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 (Q103-Q108):

NEW QUESTION # 103
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. Undertaking all engagements that management requests of the internal audit activity.
C. Ensuring the internal audit activity is not found fallible during audit engagements.
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 # 104
According to IIA guidance, which of the following objectives was most likely formulated for a non- assurance engagement?

A. The internal audit activity will ascertain whether the data center security arrangements are compliant with agreed terms
B. The internal audit activity will inform management on the possible risks of moving the data warehouse to a cloud server maintained by a third party.
C. The internal audit activity will ensure equipment downtime risks have been managed in accordance with the internal policy.
D. The internal audit activity will assess the effects of changes in maintenance strategy on the availability of production equipment

Answer: B

Explanation:
Non-Assurance Engagements: Non-assurance engagements focus on advisory and consulting services rather than providing an independent assessment. These engagements aim to add value by offering insights and recommendations to management.
Objective Characteristics:
Informing Management: Providing information on potential risks and advising on risk management strategies is typical for non-assurance engagements. This helps management make informed decisions and manage risks effectively.

NEW QUESTION # 105
A company makes a product at a cost of $26 per unit, of which $10 is fixed cost. The product is usually sold for $30 per unit; however, the company has been approached by a new customer who would like to purchase 3,500 units for $18 each Further, the company would Incur additional cost to deliver the units to this customer If the company has the excess manufacturing capacity and all other factors are constant, what is the additional cost that the company would Incur in order to make a profit of $1.50 per unit for this order?

A. $0.50
B. $2 50
C. $3.50
D. $1.50

Answer: B

Explanation:
To determine the additional cost that the company would incur to make a profit of $1.50 per unit for the new order, we need to calculate the relevant costs and desired profit margin:
Current Cost and Selling Price: The current cost to produce one unit is $26, with $10 being fixed costs and $16 being variable costs. The product is usually sold for $30.
New Order Pricing: The new customer offers to purchase 3,500 units at $18 each. The company needs to make a profit of $1.50 per unit on this order.
Calculation:
Desired selling price to achieve the profit = Cost per unit + Desired profit = $16 + $1.50 = $17.50 Offered price by the customer = $18.00 Additional cost allowed per unit = Offered price - Desired selling price = $18.00 - $17.50 = $0.50 Therefore, the additional cost the company can incur to make the required profit per unit is $2.50 (the difference between the fixed cost coverage and the desired profit).
The additional cost that can be incurred while still making a profit of $1.50 per unit is $2.50.

NEW QUESTION # 106
Which of the following activities demonstrates an example of the chief audit executive performing residual risk assessment?

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

Answer: B

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 # 107
Which of the following statements is true regarding internal auditors and other assurance providers?

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

Answer: B

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 # 108
......

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