IIA-CHAL-QISA Certification Sample Questions & IIA-CHAL-QISA Test Questions

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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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.

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q155-Q160):

NEW QUESTION # 155
An auditor identifies a conflict between management's risk appetite and actual business practices.
What is the MOST appropriate audit conclusion?

A. Risk management processes may be ineffective.
B. Fraud has occurred.
C. Governance is fully effective.
D. Internal controls are operating effectively.

Answer: A

Explanation:
A disconnect between stated risk appetite and actual behavior suggests weaknesses in risk governance and oversight.

NEW QUESTION # 156
According to IIA guidance, which of the following statements is true regarding due professional care?

A. Internal auditors must exercise due professional care to ensure that all significant risks will be identified.
B. Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor.
C. Due professional care requires the internal auditor to conduct extensive examinations and verifications to ensure fraud does not exist.
D. Due professional care is displayed during a consulting engagement when the internal auditor focuses on potential benefits of the engagement rather than the cost

Answer: B

Explanation:
Due professional care is a critical concept in internal auditing, ensuring that auditors conduct their work with the necessary diligence and competence.
* Definition and Standards:According to the IIA's International Standards for the Professional Practice of Internal Auditing (Standards), specifically Standard 1220 - Due Professional Care, internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor.

NEW QUESTION # 157
The internal audit activity is responsible for which of the following actions related to an organization's internal controls?

A. Analyzing and advising regarding costs versus benefits of control activities.
B. Enabling opportunities affecting achievement of organizational objectives.
C. Mitigating risks affecting achievement of organizational objectives.
D. Attesting to fairness of financial statements

Answer: A

Explanation:
Internal audit activities include evaluating the effectiveness and efficiency of internal controls, and part of this process involves analyzing and advising on the cost-benefit relationship of control activities.
This function helps ensure that the internal controls in place are not only effective in mitigating risks but are also economically justified.

NEW QUESTION # 158
Which of the following is essential for ensuring that the internal audit activity's findings and recommendations receive adequate consideration?

A. Reporting quarterly to management that the audit plan is focused on higher exposures of risk.
B. Providing formal follow-up procedures to ensure that management complies with an action plan or accepted risk of not taking action.
C. Reporting results of audits with recommendations to management.
D. Discussing audit findings with independent auditors.

Answer: B

Explanation:
Ensuring Compliance: To ensure that audit findings and recommendations are addressed, formal follow-up procedures are necessary.
Follow-up Procedures: These procedures involve tracking the implementation of recommendations and verifying that management has taken appropriate action or has accepted the risks of not acting.
Reporting to Management: Regular reporting on the status of follow-up actions helps maintain accountability and transparency.
Standard Requirement: This aligns with the IIA's Standard 2500 ?Monitoring Progress, which requires internal audit activities to establish and maintain a system to monitor the disposition of results communicated to management.

NEW QUESTION # 159
Which of the following best describes the guideline for preparing audit engagement workpapers?

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

Answer: D

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.
* Option A: Workpapers should be understandable to the auditor in charge and the chief audit executive.
* While workpapers must indeed be clear to the auditor in charge and the chief audit executive, this guideline does not fully capture the broader requirement for understandability to other auditors.
* Option B: Workpapers should be understandable to the audit client and the board.
* Although transparency with the audit client and the board is important, workpapers are primarily internal documents used to support the audit process and conclusions.
* Option C: Workpapers should be understandable to another internal auditor who was not involved in the engagement.
* This is the most comprehensive requirement, ensuring that any internal auditor, even if not originally involved, can review the workpapers, understand the procedures performed, and the conclusions reached. This is crucial for maintaining continuity, quality control, and facilitating reviews or future audits.
* Option D: Workpapers should be understandable to external auditors and regulatory agencies.
* While external auditors and regulatory agencies may review workpapers, the primary audience is internal auditors, who need to ensure the workpapers are detailed and clear enough for effective internal use and review.

NEW QUESTION # 160
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