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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Internal Audit Practice	40%	- Audit planning and execution 1. Evidence gathering and documentation 2. Data collection and analysis techniques 3. Engagement planning and scope definition - Communicating results and monitoring progress 1. Reporting findings and recommendations 2. Follow-up and monitoring of corrective actions
Topic 2: Information Systems and Technology Audit	40%	- IT governance and management 1. IT risk assessment and control 2. IT strategy, policies, and procedures - Information systems audit process 1. Auditing infrastructure, applications, and data 2. Business continuity and disaster recovery audit 3. Cybersecurity and information security audit
Topic 3: Internal Audit Basics	20%	- Foundational concepts and standards 1. Ethics and professional conduct 2. International Professional Practices Framework - Governance, risk, and control 1. Governance frameworks and principles 2. Risk management processes and methodologies 3. Internal control frameworks and evaluation

Section

Weight

Objectives

Topic 1: Internal Audit Practice

40%

- Audit planning and execution

1. Evidence gathering and documentation
2. Data collection and analysis techniques
3. Engagement planning and scope definition

- Communicating results and monitoring progress

1. Reporting findings and recommendations
2. Follow-up and monitoring of corrective actions

Topic 2: Information Systems and Technology Audit

40%

- IT governance and management

1. IT risk assessment and control
2. IT strategy, policies, and procedures

- Information systems audit process

1. Auditing infrastructure, applications, and data
2. Business continuity and disaster recovery audit
3. Cybersecurity and information security audit

Topic 3: Internal Audit Basics

20%

- Foundational concepts and standards

1. Ethics and professional conduct
2. International Professional Practices Framework

- Governance, risk, and control

1. Governance frameworks and principles
2. Risk management processes and methodologies
3. Internal control frameworks and evaluation

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IIA's Exam Questions for IIA-CHAL-QISA Help You Achieve Success in Your First Attempt

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q163-Q168):

NEW QUESTION # 163
According to IIA guidance, which of the following would be the best first step to manage risk when a third party is overseeing the organization's network and data'?

A. Creating a standing cybersecurity committee to identify and manage risks related to data security.
B. Creating a comprehensive reporting system for vendors to demonstrate their ongoing due diligence in network operations.
C. Drafting a strong contract that requires regular vendor control reports and a right-to-audit clause
D. Applying administrative privileges to ensure right-to-access controls are appropriate

Answer: C

Explanation:
Managing Third-Party Risk: When a third party oversees the organization's network and data, the primary concern is to manage and mitigate risks associated with outsourcing critical functions.
Strong Contract Provisions: Drafting a strong contract that includes specific provisions such as regular vendor control reports and a right-to-audit clause is essential. These provisions ensure that the organization maintains oversight and control over the third party's activities.
IIA Standards: Standard 2201 - Planning Considerations requires that internal auditors consider the organization's objectives and the means by which they are achieved, including the role of third parties.
Contract Management:
* Control Reports: Regular control reports from the vendor provide insights into their performance and compliance with agreed-upon standards.
* Right-to-Audit Clause: This clause allows the organization to periodically audit the third party to ensure compliance with contractual obligations and to assess the effectiveness of their control environment.
References:
* Ensuring that third-party vendors adhere to the same standards of risk management and control as the organization helps in mitigating risks related to data security and network management.

NEW QUESTION # 164
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. Fully document in the workpapers the evidence that has been discovered and recommendappropriate controls to address the fraud
B. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
C. Provide the evidence that was discovered to local lav/ enforcement for possible prosecution of the suspected fraud
D. Immediately notify management of the area under review and the other internal auditors involved in the engagement

Answer: B

Explanation:
IIA Standards on Fraud:
* Standard 2120 - 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.
Documenting Evidence:
* While documenting the evidence and recommending controls is important (Option C), the immediate step should involve consultation with the supervisor to decide on the investigation approach.
* Notifying management directly (Option A) or law enforcement (Option D) should follow internal protocols and often occur after consultation with the supervisor and possibly higher-level approvals.
References:
* Engaging the engagement supervisor ensures that the appropriate steps are taken to investigate the fraud properly, aligning with professional standards and ensuring a thorough investigation.

NEW QUESTION # 165
During a payroll audit, the internal auditor discovered that several individuals who have the same position classification as the are earning a significantly higher salary. The auditor noted the names and amounts of each; and he planned to prepare a request to the chief audit executive for a salary Increase based on this Information. Which of the following IIA Code of Ethics principles was violated in this scenario?

A. integrity
B. Competency.
C. Confidentiality
D. Objectivity.

Answer: D

Explanation:
When internal audit resources are limited, it is crucial to focus on the most critical aspects of the control environment. Preventive key controls are designed to prevent errors or irregularities from occurring, which are essential for maintaining a strong control environment. Given the mature control environment of the organization, prioritizing preventive key controls ensures that potential issues are addressed before they materialize, providing a proactive approach to risk management.

NEW QUESTION # 166
An investor has acquired an organization that has a dominant position in a mature, slow-growth industry and consistently creates positive financial income Which of the following terms would the investor most likely label this investment in her portfolio?

A. A question mark.
B. A dog
C. A cash cow.
D. A star.

Answer: C

Explanation:
Investment Portfolio Terms:
Cash Cow: A business unit with a dominant market position in a mature, slow-growth industry that generates consistent positive cash flow and profits. It requires little investment to maintain its market position and provides funds for other investments.
Star: A business unit with a high market share in a fast-growing industry. It requires significant investment to maintain its position and support further growth.
Question Mark: A business unit with a low market share in a high-growth industry. It requires substantial investment to increase market share.
Dog: A business unit with a low market share in a slow-growth industry, generating minimal profit or loss.
Characteristics of a Cash Cow:
Dominant Position: The acquired organization has a strong market position.
Mature Industry: The industry is mature with slow growth.
Positive Financial Income: Consistently generates positive cash flow and profits, requiring minimal investment.
Investment Strategy:
Portfolio Management: Investors typically use cash cows to fund other investments, maintaining a balanced portfolio that supports growth while providing stable returns.

NEW QUESTION # 167
Which of the following best describes the guideline for preparing audit engagement workpapers?

A. Workpapers should be understandable to the auditor in charge and the chief audit executive
B. Workpapers should be understandable to another internal auditor who was not involved in the engagement.
C. Workpapers should be understandable to the audit client and the board.
D. Workpapers should be understandable to external auditors and regulatory agencies

Answer: B

Explanation:
The guidelines for preparing audit engagement workpapers emphasize clarity, completeness, and accuracy to ensure that they can be easily understood and used by others within the auditing function.

NEW QUESTION # 168
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