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| Certification Vendor: | The Institute of Internal Auditors (IIA) |
|---|---|
| Exam Name: | Qualified Info Systems Auditor CIA Challenge Exam |
| Exam Number: | IIA-CHAL-QISA |
| Exam Price: | $1,245 USD (approx) |
| Passing Score: | 600 (scaled score) |
| Exam Duration: | 180 minutes |
| Exam Format: | Multiple choice |
| Available Languages: | Other languages as available through local Pearson VUE test centres, English |
| Real Exam Qty: | 150 |
| Certificate Validity Period: | Lifetime (CIA certification validity subject to IIA CPE requirements) |
| Related Certifications: | Certified Internal Auditor (CIA) Certified Information Systems Auditor (CISA) |
| Sample Questions: | IIA IIA-CHAL-QISA Sample Questions |
| Exam Way: | Delivered via Pearson VUE test centres computer-based; no online proctoring |
| Pre Condition: | Must be an active Certified Information Systems Auditor (CISA) holder and provide proof of good standing. |
| Official Syllabus URL: | https://www.theiia.org/en/certifications/cia/challenge-exam/information-systems/ |
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NEW QUESTION # 48
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?
Answer: D
Explanation:
Role of CAE as Consultant: The chief audit executive (CAE) can act as a consultant to help management establish a risk management system. Their role should be facilitative rather than directive, ensuring that management owns the risk management process.
NEW QUESTION # 49
Which of the following statements is true regarding an organization's inventory valuation?
Answer: A
Explanation:
Inventory Valuation Principles: Inventory valuation must accurately reflect the ownership of goods. The accounting treatment of inventory in transit depends on the shipping terms, specifically whether it is FOB (Free on Board) shipping point or FOB destination.
FOB Shipping Point:
* Ownership Transfer: When goods are shipped FOB shipping point, ownership transfers to the buyer as soon as the goods leave the seller's premises.
* Impact on Inventory Valuation: If goods shipped FOB shipping point are in transit at the end of the reporting period, they should be included in the buyer's inventory, not the seller's.
FOB Destination:
* Ownership Transfer: When goods are shipped FOB destination, ownership transfers to the buyer only when the goods arrive at the buyer's premises.
* Impact on Inventory Valuation: Goods in transit under FOB destination terms should remain in the seller's inventory until they reach the buyer.
Consignment:
* Goods Received on Consignment: Goods held on consignment should not be included in the inventory of the consignee (the holder) but remain in the inventory of the consignor (the owner).
* Goods Sent on Consignment: Goods sent out on consignment should still be included in the inventory of the consignor until they are sold by the consignee.
Correct and Incorrect Valuations:
* Incorrect Valuation (Option C): Including goods in transit shipped FOB shipping point in the seller's inventory would be incorrect, as ownership has transferred to the buyer.
* Correct Valuation (Option D): Including goods sent on consignment in the consignor's inventory is correct because ownership has not transferred.
References:
* Correct inventory valuation practices ensure that goods in transit are properly accounted for based on the shipping terms, thus providing an accurate financial picture of inventory.
NEW QUESTION # 50
An internal auditor is performing testing to gather evidence regarding an organization's inventory account balance and is mindful of the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is The auditor's concern best describes which of the following risks?
Answer: A
Explanation:
* Introduction:
* When performing audit testing, internal auditors must consider the risk that their sample may lead to incorrect conclusions about the accuracy of account balances.
* Understanding Incorrect Acceptance Risk:
* This risk refers to the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is. This is a type of sampling risk that auditors need to mitigate through proper sampling techniques and sufficient sample sizes.
* Options Analysis:
* Option A: Incorrect rejection risk is the risk that the sample leads to the conclusion that the account balance is materially misstated when it is not.
* Option B: Incorrect acceptance risk directly addresses the concern described, where the sample fails to detect a material misstatement.
* Option C: Tolerable misstatement risk relates to the maximum error in a population that the auditor is willing to accept.
* Option D: Anticipated misstatement risk is not a standard audit term and does not describe the risk in question.
* Conclusion:
* The auditor's concern best describes the incorrect acceptance risk, which is the risk of concluding that the account balance is accurate based on a sample when it is actually misstated.
NEW QUESTION # 51
During which phase of the contracting process are contracts drafted for a proposed business activity'
Answer: C
Explanation:
Contracts are typically drafted during the development phase of the contracting process. This phase follows the initiation and bidding phases and involves detailed negotiations and the preparation of formal agreements that outline the terms and conditions of the proposed business activity. This ensures that both parties have a clear understanding of their obligations and expectations before the contract is finalized and executed
NEW QUESTION # 52
A newly appointed chief audit executive (CAE) started analyzing the organization's policies in an attempt to customize them to address internal audit specifics. Which of the following organizationwide practices is most likely to be acceptable to the CAE?
Answer: B
Explanation:
The statistical model indicates that daily sales have a direct relationship with the cost of ingredients used and an inverse relationship with rainy days.
* Option A: On a rainy day, if total sales are greater than expected compared to the cost of ingredients used, it may indicate discrepancies that could be a sign of employee theft. For instance, if ingredients are used but not reflected in the sales, it suggests that items might be missing (stolen).
* Option B: On a sunny day, lower-than-expected sales compared to the cost of ingredients could indicate wastage but not necessarily theft.
* Option C and D: Both scenarios where total sales and the cost of ingredients are higher or lower than expected do not specifically point to theft without additional context.
NEW QUESTION # 53
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