Valid IIA-CHAL-QISA Learning Materials, IIA-CHAL-QISA Sample Exam

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IIA IIA-CHAL-QISA Exam Overview:

Certification Vendor:	The Institute of Internal Auditors (IIA)
Exam Name:	Qualified Info Systems Auditor CIA Challenge Exam
Exam Number:	IIA-CHAL-QISA
Certificate Validity Period:	Lifetime (CIA certification validity subject to IIA CPE requirements)
Related Certifications:	Certified Information Systems Auditor (CISA) Certified Internal Auditor (CIA)
Available Languages:	English, Other languages as available through local Pearson VUE test centres
Passing Score:	600 (scaled score)
Exam Price:	$1,245 USD (approx)
Real Exam Qty:	150
Exam Duration:	180 minutes
Exam Format:	Multiple choice
Sample Questions:	IIA IIA-CHAL-QISA Sample Questions
Exam Way:	Delivered via Pearson VUE test centres computer-based; no online proctoring
Pre Condition:	Must be an active Certified Information Systems Auditor (CISA) holder and provide proof of good standing.
Official Syllabus URL:	https://www.theiia.org/en/certifications/cia/challenge-exam/information-systems/

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IIA IIA-CHAL-QISA Sample Exam & Valid IIA-CHAL-QISA Exam Sims

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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.

IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q158-Q163):

NEW QUESTION # 158
According to IIA guidance, which of the following statements is true regarding due professional care?

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

Answer: A

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 # 159
A multinational organization has multiple divisions that sell their products internally to other divisions When selling internally, which of the following transfer prices would lead to the best decisions for the organization?

A. Full cost plus a markup.
B. Variable cost plus a markup.
C. Market price of the product.
D. Full cost

Answer: C

Explanation:
Using the market price of the product for internal transfer pricing leads to the best decisions for the organization because it reflects the true economic value of the goods or services being transferred. This method promotes efficiency and fairness within the divisions.
Economic Value: Market price reflects the true economic value, ensuring that the internal transactions are conducted at fair and competitive prices.
Performance Measurement: It provides a consistent basis for evaluating the performance of different divisions, as they are measured against external market conditions.
Resource Allocation: Helps in optimal allocation of resources by ensuring that internal transactions are economically justified and comparable to external transactions.

NEW QUESTION # 160
An internal auditor is asked to determine why the production line for a large manufacturing organization has been experiencing shutdowns due to unavailable parts The auditor learns that production data used for generating automatic purchases via electronic interchange is collected on personal computers connected by a local area network (LAN) Purchases are made from authorized vendors based on both the production plans for the next month and an authorized materials requirements plan (MRP) that identifies the parts needed per unit of production. The auditor suspects the shutdowns are occurring because purchasing requirements have not been updated for changes in production techniques. Which of the following audit procedures should be used to test the auditor's theory?

A. Select a sample of production estimates and MRPs for several periods and trace them into the system to determine that input is accurate
B. Compare the parts needed based on current production estimates and the MRP for the revised production techniques with the purchase orders generated from the system for the same period
C. Develop a report of excess inventory and compare the inventory with current production volume.
D. Compare purchase orders generated from test data Input into the LAN with purchase orders generated from production data for the most recent period.

Answer: B

Explanation:
To test the theory that shutdowns are due to outdated purchasing requirements, the auditor should compare the parts needed according to the revised production techniques with the purchase orders generated. This comparison will reveal whether the system has been updated to reflect changes in production techniques, thereby identifying any discrepancies causing the unavailability of parts.

NEW QUESTION # 161
A multinational organization has multiple divisions that sell their products internally to other divisions When selling internally, which of the following transfer prices would lead to the best decisions for the organization?

A. Full cost plus a markup.
B. Variable cost plus a markup.
C. Market price of the product.
D. Full cost

Answer: C

Explanation:
Using the market price of the product for internal transfer pricing leads to the best decisions for the organization because it reflects the true economic value of the goods or services being transferred. This method promotes efficiency and fairness within the divisions.
* Economic Value: Market price reflects the true economic value, ensuring that the internal transactions are conducted at fair and competitive prices.
* Performance Measurement: It provides a consistent basis for evaluating the performance of different divisions, as they are measured against external market conditions.
* Resource Allocation: Helps in optimal allocation of resources by ensuring that internal transactions are economically justified and comparable to external transactions.
References:
* "Management Accounting: Principles and Practices," which discusses the advantages of using market-based transfer pricing .

NEW QUESTION # 162
When taken by a chief audit executive, which of the following actions would be most likely to prevent division management from exaggerating sales reports?
1. Announcing a series of internal audit engagements focusing on
compliance with corporate sales-reporting policies.
2. Asking the president and the board to issue a statement of corporate policy stressing the importance of accurate management reporting and the negative consequences of intentional misreporting
3. Setting up a hotline for employees to report fraudulent behavior
anonymously.
4. Assisting the controller in developing and monitoring a series of
business process indicators, which are historically correlated with,
but independent of. sales.

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

Answer: C

Explanation:
Corporate Policy Statement: Having the president and the board issue a statement stressing the importance of accurate management reporting and the negative consequences of intentional misreporting can help set a tone at the top. This reinforces the significance of ethical behavior and compliance with reporting policies across the organization.
Business Process Indicators: Assisting the controller in developing and monitoring business process indicators that are historically correlated with, but independent of, sales can provide an objective means to validate sales reports. This reduces the opportunity for management to exaggerate sales figures as these indicators can act as a control mechanism.

NEW QUESTION # 163
......

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