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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 (Q144-Q149):

NEW QUESTION # 144
According to IIA guidance, which of the following statements is true regarding due professional care?

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

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 # 145
Which of the following is most likely the subject of a periodic report from the chief audit executive to the board?

A. The internal audit activity's purpose, authority, responsibility, and performance relative to plan.
B. Oversight of the coordination between the internal audit activity and independent outside auditors
C. Management's assertions regarding the system of internal controls.
D. A complete, accurate, and comprehensive account of engagement observations and recommendations.

Answer: A

Explanation:
* Introduction:
* The chief audit executive (CAE) has a crucial role in reporting to the board on various aspects of the internal audit activity (IAA).
* Importance of Reporting:
* Periodic reports from the CAE to the board are essential for ensuring transparency and providing
* oversight on the IAA's performance and alignment with organizational objectives.
* Options Analysis:
* Option A: A complete, accurate, and comprehensive account of engagement observations and recommendations is generally part of the audit reports but not typically the subject of periodic reports from the CAE to the board.
* Option B: Oversight of the coordination between the internal audit activity and independent outside auditors is important but does not comprehensively cover the CAE's reporting responsibilities.
* Option C: The internal audit activity's purpose, authority, responsibility, and performance relative to plan encompass the core aspects of the IAA's alignment with organizational goals, effectiveness, and efficiency, making it the most comprehensive subject of periodic reports.
* Option D: Management's assertions regarding the system of internal controls are often part of audit findings but not the primary subject of CAE reports to the board.
* Conclusion:
* The CAE's periodic reports to the board should cover the IAA's purpose, authority, responsibility, and performance relative to the plan, ensuring that the board is well-informed about the internal audit's alignment with the organization's objectives and its overall performance.

NEW QUESTION # 146
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 unaffected
B. Assets, liabilities, and owners' equity would be understated.
C. Assets, net income, and owners' equity would be understated, but liabilities would be overstated
D. Assets and liabilities would be understated.

Answer: C

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 additional payment is an expense that should not have been recorded. Liabilities would be overstated because the duplicate payment does not reduce the liability correctly.

NEW QUESTION # 147
A corporate merger decision prompts the chief audit executive (CAE) to propose interm changes to the existing annual audit plan to account for emerging risks Which of the following Is the most appropriate action for the CAE to take regarding the changes made to the audit plan?

A. Communicate with the CEO and present the revised audit plan to the board for approval
B. Communicate with the chief financial officer and present the revised audit plan to the CEO for approval.
C. Present the revised audit plan directly to the CEO for approval.
D. Present the revised audit plan directly to the board for approval

Answer: A

Explanation:
Role of the CAE: The Chief Audit Executive (CAE) is responsible for developing a risk-based audit plan and ensuring it is aligned with the organization's goals and emerging risks. Significant changes to the audit plan must be communicated appropriately within the organization.
IIA Standards:
* Standard 2020 - Communication and Approval: The CAE must communicate the internal audit plan and resource requirements, including significant interim changes, to senior management and the board for review and approval.
* Risk Assessment: Any changes to the audit plan due to emerging risks, such as a corporate merger, must be documented and approved at the highest levels to ensure comprehensive risk coverage.
Most Appropriate Action:
* Communication with the CEO: The CAE should first discuss the revised audit plan with the CEO to ensure alignment with executive management's perspective on emerging risks.
* Board Approval: After discussing with the CEO, the CAE should present the revised audit plan to the board for formal approval, ensuring transparency and governance.
References:
* Presenting the revised audit plan to the board after discussing with the CEO ensures that all relevant stakeholders are informed and that the revised plan is formally approved, maintaining alignment with IIA standards.

NEW QUESTION # 148
Which of the following would most likely be found in an organization that uses a decentralized organizational structure?

A. There are electronic monitoring techniques employed
B. There is a defined code for employee behavior
C. There are clear expectations set for employees.
D. There is a higher reliance on organizational culture

Answer: D

Explanation:
Decentralized Structure: In a decentralized organizational structure, decision-making authority is distributed throughout various levels of the organization. This often leads to a greater reliance on organizational culture to guide employees' actions and ensure alignment with the organization's goals and values.

NEW QUESTION # 149
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