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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 (Q149-Q154):

NEW QUESTION # 149
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 assess the effects of changes in maintenance strategy on the availability of production equipment
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 inform management on the possible risks of moving the data warehouse to a cloud server maintained by a third party.

Answer: D

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.
* Assessment and Compliance: Options A, C, and D are more aligned with assurance engagements, where the internal audit activity provides an independent assessment or ensures compliance with policies and procedures.
IIA Guidance:
* Standard 2120 - Risk Management: Internal auditors must evaluate and contribute to the improvement of risk management processes, often through advisory services in non-assurance roles.
References:
* Non-assurance engagements focus on informing and advising management about risks, improvements, and strategic decisions, as exemplified by informing management about risks related to moving the data warehouse to a third-party cloud server.

NEW QUESTION # 150
The internal audit activity plans to assess the effectiveness of management's self-assessment activities regarding the risk management process. Which of the following procedures would be most appropriate to accomplish this objective?

A. Observe and test control and monitoring procedures and related reporting.
B. Review corporate policies and board minutes for examples of risk discussions.
C. Research and review relevant industry information concerning key risks.
D. Conduct interviews with line and senior management on current practices.

Answer: A

Explanation:
To assess the effectiveness of management's self-assessment activities regarding the risk management process, internal auditors should directly observe and test the control and monitoring procedures.
This hands-on approach allows auditors to verify the implementation and functionality of risk management controls and the accuracy of related reporting. Direct observation and testing provide the most reliable evidence of the effectiveness of these procedures.

NEW QUESTION # 151
Which of the following BEST describes the board's responsibility regarding risk management?

A. Conducting detailed risk assessments.
B. Identifying operational risks.
C. Implementing risk mitigation controls.
D. Providing oversight of risk management processes.

Answer: D

Explanation:
Management owns and manages risk. The board provides governance and oversight to ensure risk management processes are effective.

NEW QUESTION # 152
What would be the effect if an organization paid one of its liabilities twice during the year, in error?

A. Assets, net income, and owners' equity would be understated, but liabilities would be overstated
B. Assets and liabilities would be understated.
C. Assets, net income, and owners' equity would be unaffected
D. Assets, liabilities, and owners' equity would be understated.

Answer: A

Explanation:
If an organization pays one of its liabilities twice, its assets (cash) would be reduced more than necessary. This results in an understatement of net income and owners' equity because the additionalpayment is an expense that should not have been recorded. Liabilities would be overstated because the duplicate payment does not reduce the liability correctly.
References:
* "Financial Accounting Principles," which discusses the impact of errors on financial statements.

NEW QUESTION # 153
Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?

A. Surveys.
B. Interviews.
C. Workshops.
D. Observation.

Answer: A

Explanation:
Self-assessment of controls can be efficiently conducted using various client-facilitated approaches. The choice of method depends on factors such as the size of the department, the nature of the controls, and the need for comprehensive feedback.
* Efficiency in Large Groups:Surveys are particularly effective for large groups (such as a 200-person department) as they allow for the collection of data from many individuals quickly and efficiently.

NEW QUESTION # 154
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