IIA-CHAL-QISA Quiz - Practice IIA-CHAL-QISA Questions

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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Section	Objectives
Exam Blueprint (Broad Domains)	- Internal Audit Practice and Knowledge - Information Systems Audit Topics Not Covered by CISA - Other CIA Knowledge Areas (aligned to Global Internal Audit Standards)

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q129-Q134):

NEW QUESTION # 129
According to IIA guidance, which of the following statements is true regarding reporting the results of the quality assurance and improvement program?

A. Results of internal assessments need to be reported to the board at least once every five years.
B. Deficiencies within the internal audit activity must be reported to the board as soon as they are noted
C. The external assessor must present the findings from the external assessment to senior management and the board upon completion.
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 # 130
A newly appointed chief audit executive (CAE) of a small organization is developing a resource management plan. Which of the following approaches would be most beneficial to help the CAE obtain details of the internal audit activity's collective knowledge, skills, and other competencies?

A. Review or establish a documented skills assessment of the internal audit staff and gather information from post-audit surveys.
B. Conduct an objective written test of the internal audit staff to assess their knowledge and skills related to core internal audit competencies.
C. Obtain from the human resources department the job descriptions and position requirements forall internal audit staff.
D. Request the internal audit staff to submit a document that summarizes their most recent performance appraisals and post audit reviews.

Answer: A

Explanation:
Conducting a documented skills assessment helps in identifying the existing competencies and any gaps within the internal audit team.
Post-audit surveys can provide feedback on the performance and areas for improvement, which can be used to further refine the skills and competencies of the audit staff (Ref: [16†source])

NEW QUESTION # 131
Which action would MOST likely impair internal audit objectivity?

A. Reviewing a process before implementation.
B. Providing advice regarding control design.
C. Facilitating risk workshops.
D. Approving management's risk responses.

Answer: D

Explanation:
Approving risk responses is a management responsibility. Internal audit may advise but should not make management decisions.

NEW QUESTION # 132
An internal auditor has discovered that duplicate payments were made to one vendor Management has recouped the duplicate payments as a corrective action Which of the following describes managements action in this case?

A. A condition-based action plan
B. A root cause-based action plan.
C. A cause-based action plan.
D. An effect-based action plan.

Answer: D

Explanation:
* Introduction:
* When duplicate payments are identified and corrected, the management's response typically addresses the immediate impact or effect of the issue.
* Types of Action Plans:
* Condition-Based: Addresses the condition or the issue itself.
* Cause-Based: Focuses on the underlying cause of the issue.
* Root Cause-Based: Delves deeper to identify and address the fundamental reason for the issue.
* Effect-Based: Focuses on addressing the consequences or the effects of the issue.
* Options Analysis:
* Option A: A condition-based action plan would involve identifying and rectifying the condition that led to the duplicate payments.
* Option B: A cause-based action plan would address the immediate causes of the duplicate payments.
* Option C: A root cause-based action plan would investigate and mitigate the fundamental reasons behind the duplicate payments.
* Option D: An effect-based action plan addresses the consequences of the duplicate payments, such as recouping the funds, which is what management did in this scenario.
* Conclusion:
* Management's action in recouping the duplicate payments is an effect-based action plan as it focuses on addressing the impact of the error.

NEW QUESTION # 133
An organization's health-care insurance costs have been rising approximately 10 percent per year for several years Which of the following analytical review procedures would best evaluate the reasonableness of the increase in health-care costs?

A. Develop a comparison of the costs incurred with similar costs incurred by other organizations
B. Obtain the government index of health-care costs for the comparable period of time and compare the rate of increase with that of the cost per employee incurred by the organization.
C. Review all claims and compare with appropriate procedures to ensure that overpayments have not occurred
D. Obtain a bid from another health-care administrator to provide the same administrative services as the current health-care administrator.

Answer: B

Explanation:
Analytical review procedures involve evaluating financial information by studying plausible relationships among financial and non-financial data.
Government Index Comparison: Comparing the organization's increase in health-care costs with a relevant government index provides a benchmark to assess whether the cost increases are in line with broader economic trends.
Claims Review: While reviewing all claims could help identify specific overpayments, it is more labor- intensive and less effective for evaluating overall reasonableness.
Competitive Bids: Obtaining bids from other health-care administrators might control future costs but does not evaluate the reasonableness of past cost increases.
Industry Comparison: Comparing costs with those incurred by similar organizations could be useful but might not provide a standardized measure like a government index.

NEW QUESTION # 134
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