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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 (Q85-Q90):

NEW QUESTION # 85
Which of the following is essential for ensuring that the internal audit activity's findings and recommendations receive adequate consideration?

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

Answer: A

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.
References:
* The IIA's International Standards for the Professional Practice of Internal Auditing, specifically Standard 2500 on Monitoring Progress.

NEW QUESTION # 86
An internal audit activity has to confirm the validity of the activities reported by a grantee that received a chantable contribution from the organization Which of the following methods would best help meet this objective?

A. Interviewing employees of the corporate affairs department, which is responsible for charitable activities
B. Visiting the grantee to assess whether the execution of the project was in line with the defined grant scope.
C. Reconciling general ledger accounts used by management of the area under review for reflecting expenses on charitable contributions
D. Verifying that the grantee's final report is in line with what was depicted in the initial budget request.

Answer: B

Explanation:
* Introduction:
* When verifying the validity of activities reported by a grantee, it is essential to gather evidence that the project was executed as intended and within the defined scope.
* Effective Verification Methods:
* A site visit allows the auditor to observe firsthand the activities and projects funded by the grant, ensuring they align with the grant's objectives and scope.
* Options Analysis:
* Option A: Visiting the grantee provides direct evidence of the project execution and alignment with the grant scope.
* Option B: Verifying the final report against the initial budget request ensures financial compliance but does not confirm actual project activities.
* Option C: Reconciling general ledger accounts verifies financial records but not the execution of activities.
* Option D: Interviewing corporate affairs employees provides insight but not direct evidence of project execution.
* Conclusion:
* The best method to confirm the validity of the activities reported by a grantee is to visit the grantee and assess whether the project execution aligns with the defined grant scope.

NEW QUESTION # 87
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 an assurance engagement, accept the assignment because the chief audit executive hadknowledge of the internal auditor's previous role when this engagement was assigned.
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, 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.
D. 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

Answer: C

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 # 88
Which requirement should the chief audit executive consider when communicating results of the quality assurance and improvement program to the board of a large organization?

A. The internal assessment results should be discussed once every five years
B. The rating conclusions and the impact from results of the external assessment should be explained
C. The results of the external assessment should be discussed every seven years.
D. The qualifications and independence of the internal assessment team should be discussed

Answer: B

Explanation:
When communicating the results of the quality assurance and improvement program (QAIP) to the board of a large organization, the chief audit executive (CAE) should explain the rating conclusions and the impact of the results from the external assessment. This ensures transparency and helps the board understand the effectiveness and areas for improvement in the internal audit function.
Rating Conclusions: These provide a summary of the overall quality and performance of the internal audit function.
Impact Explanation: Discussing the impact helps the board understand how the results affect the internal audit's ability to fulfill its responsibilities and improve its processes.
Transparency: Clear communication of these aspects helps build trust and provides a basis for informed decision-making by the board.

NEW QUESTION # 89
An organization has experienced several phishing attacks.
Which control would MOST effectively reduce the likelihood of successful compromise?

A. Enhanced employee security awareness training.
B. Quarterly inventory counts.
C. Annual financial audits.
D. Increased physical security.

Answer: A

Explanation:
Because phishing exploits human behavior, user awareness and training represent a critical preventive control.

NEW QUESTION # 90
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