IIA-CHAL-QISA Exam Syllabus, New IIA-CHAL-QISA Exam Pass4sure

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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	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.
Topic 3	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.

>> IIA-CHAL-QISA Exam Syllabus <<

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q97-Q102):

NEW QUESTION # 97
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. Duplication of business activities.
B. Operational decisions are inconsistent with organizational goals.
C. Lack of coordination among different business units
D. Suboptimal decision-making.

Answer: D

Explanation:
Introduction:
In a vertically centralized organization, decision-making is concentrated among a small management team, potentially leading to various risks.

NEW QUESTION # 98
Which of the following statements is true regarding an organization's inventory valuation?

A. The valuation will be correct if the inventory includes goods sent on consignment to another organization
B. The valuation will be incorrect if the inventory includes goods in transit shipped free on board (FOB) destination to another organization.
C. The valuation will be correct if the inventory includes goods received on consignment from another organization.
D. The valuation will be incorrect if the inventory includes goods in transit shipped FOB shipping point from another organization.

Answer: D

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.

NEW QUESTION # 99
Which of the following should be included in a company's year-end inventory valuation?

A. Goods purchased by the company, free on board destination, that have not yet been received.
B. Goods on consignment, which the company is trying to sell for its customers.
C. Company goods for sale on consignment at a consignment shop
D. Company goods that were sold during the year, free on board shipping point, that have been shipped but not yet received by the customer

Answer: C

Explanation:
Year-end inventory valuation should include all goods owned by the company, regardless of their location. This includes goods for sale on consignment at a consignment shop, as these items remain the property of the company until sold. Goods sold FOB shipping point and goods purchased FOB destination that have not yet been received are not included, as ownership has transferred or not yet been acquired respectively. Goods on consignment that the company is trying to sell for others are also excluded because the company does not own them.

NEW QUESTION # 100
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. Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud
C. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
D. Immediately notify management of the area under review and the other internal auditors involved in the engagement

Answer: C

Explanation:
IIA Standards on Fraud:
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.

NEW QUESTION # 101
Which of the following actions would an internal auditor perform primarily during a consulting engagement of a debt collections process?

A. Comparing the policies and procedures to regulatory collections guidance.
B. Performing a walk-through of the debt collections process to determine whether proper segregation of duties exists
C. Advising management on streamlining the recording of accounts receivable.
D. Reviewing journal entries for accuracy and completeness.

Answer: C

Explanation:
A consulting engagement involves providing advice and recommendations to improve processes, controls, and efficiency.
* Option A: Reviewing journal entries for accuracy and completeness.
* This task is typically performed during assurance engagements, not consulting engagements, where the focus is on evaluating and verifying records.
* Option B: Comparing the policies and procedures to regulatory collections guidance.
* This is more aligned with compliance auditing or assurance engagements, ensuring that practices align with regulatory requirements.
* Option C: Advising management on streamlining the recording of accounts receivable.
* This action is typical of a consulting engagement, where the auditor provides advice and
* recommendations to improve business processes and efficiency.
* Option D: Performing a walk-through of the debt collections process to determine whether proper segregation of duties exists.
* This is an activity more typical of an assurance engagement, where the auditor evaluates the effectiveness of controls.

NEW QUESTION # 102
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