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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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 2	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 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 (Q55-Q60):

NEW QUESTION # 55
Applying ISO 31000; which of the following is part of the external context for risk management?

A. Risk treatment method based on risk evaluation.
B. Organizational culture, objectives, and processes.
C. The method of determining the risk level
D. The regulatory and competitive environment.

Answer: D

Explanation:
* ISO 31000 Context:ISO 31000 provides guidelines on risk management, emphasizing the importance of understanding the external context.
* External Context:This includes external factors such as regulatory and competitive environments that can impact the organization's risk profile.
* Regulatory Environment:Understanding regulations helps the organization ensure compliance and avoid legal risks.
* Competitive Environment:Analyzing the competitive environment allows the organization to anticipate market changes and manage competitive risks.
References:
* ISO 31000 Risk Management Guidelines.

NEW QUESTION # 56
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?

A. Tolerable misstatement risk
B. Incorrect rejection risk.
C. Anticipated misstatement risk
D. Incorrect acceptance risk.

Answer: D

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.

NEW QUESTION # 57
An internal auditor is evaluating an organization's risk management framework.
Which of the following would provide the STRONGEST evidence that risk management is effective?

A. Risk policies have been communicated to employees.
B. Risk responses are aligned with organizational objectives and monitored.
C. Risk registers are documented and approved.
D. Management performs annual risk assessments.

Answer: B

Explanation:
Effective risk management requires more than documentation. Risks must be actively managed through appropriate responses and ongoing monitoring aligned with objectives.

NEW QUESTION # 58
The organization's internal audit charter was last updated six years ago to update the charter, which of the following actions is most appropriate for the chief audit executive to take?

A. Identify an individual within the internal audit activity who has in-depth knowledge of mandatory IIA guidance elements to address any gaps or areas of the current version of the charter that could be improved
B. Perform a review of HA guidance to become acquainted with the latest mandatory elements prior to updating the charter
C. Wait for the next external assessment and address all of the missing information in the charter based on the recommendations from the external assessment team
D. Use an internal audit charter template from another organization that operates within the same industry.

Answer: B

Explanation:
The chief audit executive should review the latest guidance from the Institute of Internal Auditors (IIA) to ensure the internal audit charter complies with current standards. This approach ensures the charter reflects up-to-date practices and mandatory elements, maintaining the integrity and effectiveness of the internal audit function.

NEW QUESTION # 59
Which of the following statements is true regarding an organization's inventory valuation?

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

Answer: C

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 # 60
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