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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.

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q24-Q29):

NEW QUESTION # 24
An organization does not have a formal risk management function. According to the Standards, which of the following are conditions where the internal audit activity may provide risk management consulting?
1. There is a clear strategy and timeline to migrate risk management
responsibility back to management.
2. The internal audit activity has the final approval on any risk
management decisions.
3. The internal audit activity gives objective assurance on all parts
of the risk management framework for which it is responsible.
4. The nature of services provided to the organization is documented in the internal audit charter.

A. 1 and 3 only.
B. 2 and 3 only.
C. 1 and 4 only.
D. 2 and 4 only.

Answer: C

Explanation:
Conditions for Risk Management Consulting by Internal Audit:
Strategy and Timeline for Migration: The internal audit activity can provide risk management consulting if there is a clear strategy and timeline to transfer risk management responsibilities back to management. This ensures a temporary arrangement with a defined end goal.
Documentation in Internal Audit Charter: The nature of services provided, including risk management consulting, must be documented in the internal audit charter. This formalizes the internal audit activity's role and ensures transparency and alignment with organizational governance.

NEW QUESTION # 25
Organizations that adopt just-in-time purchasing systems often experience which of the following?

A. A slight increase in carrying costs.
B. An Increase in the number of suitable suppliers
C. A greater need for inspection of goods as the goods arrive
D. A greater need for linkage with a vendors computerized order entry system.

Answer: D

Explanation:
Just-in-time (JIT) purchasing systems aim to minimize inventory levels by receiving goods only as they are needed in the production process, which requires tight integration with suppliers.
* Vendor Linkage: JIT systems demand a highly efficient and responsive supply chain. Linking with vendors' computerized order entry systems ensures that orders are processed quickly and accurately, supporting the JIT philosophy.
* Inspection: JIT systems often rely on high-quality suppliers to minimize the need for inspection upon arrival, focusing instead on preventive measures at the supplier's end.
* Carrying Costs: A JIT system typically reduces carrying costs by keeping inventory levels low.
* Supplier Base: The focus is often on a few reliable suppliers rather than increasing the number of suppliers.
References:
* "Supply Chain Management: Strategy, Planning, and Operation," which discusses the operational requirements and benefits of JIT systems.

NEW QUESTION # 26
According to IIA guidance, which of the following statements is true regarding reporting the results of the quality assurance and improvement program?

A. The external assessor must present the findings from the external assessment to senior management and the board upon completion.
B. Results of internal assessments need to be reported to the board at least once every five years.
C. Deficiencies within the internal audit activity must be reported to the board as soon as they are noted
D. Results of ongoing monitoring of the internal audit activity's performance must be reported to senior management and the board at least annually

Answer: D

Explanation:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards) provide guidance on the reporting requirements of the quality assurance and improvement program. According to Standard 1320, "The chief audit executive must communicate the results of the quality assurance and improvement program to senior management and the board." This communication must include the results of both internal and external assessments and ongoing monitoring. Specifically, the results of ongoing monitoring of the internal audit activity's performance should be reported to senior management and the board at least annually. This ensures that the internal audit activity maintains its proficiency, enhances its effectiveness, and complies with the Standards.

NEW QUESTION # 27
An accounts payable clerk has recently transferred into the internal audit activity and has been assigned to an engagement related to accounts payable processes for which he was previously responsible Which of the following is the best action for the new internal auditor to take?

A. If it is a consulting engagement, decline the assignment and ask to be reassigned, because in a consulting engagement the auditor must not assess operations for areas in which they were previously responsible.
B. If it is an assurance engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value
C. if it is a consulting engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value
D. If it is an assurance engagement, accept the assignment because the chief audit executive hadknowledge of the internal auditor's previous role when this engagement was assigned.

Answer: A

Explanation:
* Conflict of Interest: For both assurance and consulting engagements, it is crucial to avoid conflicts of interest. An auditor assessing processes they were previously responsible for can compromise
* objectivity and independence.
* IIA Standards: The IIA's Code of Ethics and standards emphasize maintaining objectivity and avoiding conflicts of interest. This is particularly important in consulting engagements where the auditor's recommendations could be influenced by prior roles.
* Appropriate Action:
* Assurance Engagements: For assurance engagements, prior knowledge might be beneficial but still raises concerns about independence. Declining the consulting engagement due to previous responsibilities ensures objectivity.

NEW QUESTION # 28
According to IIA guidance, which of the following actions by the chief audit executive would best ensure that internal auditors demonstrate due professional care?

A. Ensuring the internal audit activity is not found fallible during audit engagements.
B. Undertaking all engagements that management requests of the internal audit activity.
C. Ensuring the internal audit activity reports functionally to the board of directors
D. Developing policies and procedures for the internal audit activity

Answer: D

Explanation:
* Professional Care:Ensuring that internal auditors demonstrate due professional care involves establishing clear policies and procedures that guide their activities.
* Guidance and Standards:These policies and procedures help ensure that the internal audit activity adheres to professional standards and best practices.
* Standard Compliance:According to the IIA's Performance Standard 2040 - Policies and Procedures, the CAE must establish policies and procedures to guide the internal audit activity.
* Quality Assurance:Properly developed policies and procedures contribute to the overall quality and effectiveness of the internal audit activity, ensuring that engagements are conducted with due professional care.
References:
* IIA Standard 2040 - Policies and Procedures .

NEW QUESTION # 29
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