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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 (Q81-Q86):

NEW QUESTION # 81
According to IIA guidance, which of the following is true regarding typical fraud schemes?
1.A diversion occurs when an employee has an undisclosed personal economic interest in a transaction that adversely affects the organization
2.Tax evasion is intentional reporting of false or misleading information on a tax return by an organization to reduce taxes owed.
3.Skimming involves stealing cash or assets from the organization and is normally concealed by adjusting the organization's records
4Disbursement fraud occurs when a person causes the organization to issue a payment for fictitious goods or services

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

Answer: A

Explanation:
* Diversion typically involves redirecting resources or assets for personal use, not just having an undisclosed interest.
* Tax evasion involves deliberate falsification of financial information to avoid tax liabilities.
* Skimming is taking cash before it is recorded in the accounting system, usually difficult to detect.
* Disbursement fraud involves creating fictitious invoices or vendors to divert funds.

NEW QUESTION # 82
What is the primary reason that audit supervision includes approval of the engagement report?

A. To ensure report findings are substantiated
B. To ensure senior management supports the reports conclusions
C. To ensure the objectives of the area under review are met
D. To ensure report style and grammar are appropriate.

Answer: A

Explanation:
The primary reason for audit supervision, including the approval of the engagement report, is to ensure that the findings presented in the report are substantiated by adequate and appropriate evidence. This step is crucial to maintain the credibility and reliability of the audit process and its outcomes.
* Substantiation of Findings: Ensuring that findings are substantiated helps in providing a clear and defensible basis for the conclusions and recommendations made in the report.
* Audit Quality: This step ensures the quality and integrity of the audit process, confirming that the evidence collected during the audit is sufficient and appropriate to support the findings.
* Credibility: By substantiating findings, the report gains credibility, which is essential for the stakeholders who rely on the audit report for decision-making.
References:
* "Internal Audit Standards and Procedures," which outlines the importance of evidence substantiation in audit reports .

NEW QUESTION # 83
The chief audit executive (CAE) has assigned an internal auditor to an upcoming engagement. Which of the following requirements would most likely indicate that the Internal auditor wasassigned to an assurance engagement?

A. The assigned internal auditor must maintain objectivity while performing the engagement
B. The assigned internal auditor must determine the objectives, scope, and techniques of the engagement.
C. The assigned internal auditor must not assume management responsibilities while performing the engagement.
D. The CAE must personally obtain the needed skills, knowledge, or other competencies if the internal auditor does not have them.

Answer: C

Explanation:
* Introduction:
* Assurance engagements require internal auditors to maintain objectivity and avoid conflicts of interest.
* Role of Internal Auditors in Assurance Engagements:
* They must remain independent and not take on roles that could compromise their impartiality.
* Options Analysis:
* Option A: Determining the objectives, scope, and techniques can be part of their role but does not define an assurance engagement specifically.
* Option B: The CAE obtaining skills or competencies personally is not a standard requirement for assurance engagements.
* Option C: Not assuming management responsibilities is crucial to maintain independence and objectivity during assurance engagements.
* Option D: While maintaining objectivity is important, it is not the distinguishing feature of being assigned to an assurance engagement.
* Conclusion:
* The key requirement indicating an internal auditor was assigned to an assurance engagement is that they must not assume management responsibilities during the engagement.

NEW QUESTION # 84
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. Obtain from the human resources department the job descriptions and position requirements for all internal audit staff.
B. Request the internal audit staff to submit a document that summarizes their most recent performance appraisals and post audit reviews.
C. Review or establish a documented skills assessment of the internal audit staff and gather information from post-audit surveys.
D. Conduct an objective written test of the internal audit staff to assess their knowledge and skills related to core internal audit competencies.

Answer: C

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.

NEW QUESTION # 85
Which of the following activities Is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?

A. Planning an engagement of the area in which fraud is suspected.
B. Completing a process review to improve controls to prevent fraud.
C. Employing audit tests to detect fraud
D. Interrogating a suspected fraudster.

Answer: D

Explanation:
Specialized Knowledge: Interrogating a suspected fraudster requires specialized knowledge and skills that go beyond the typical expertise of internal auditors. This includes understanding interrogation techniques, legal implications, and psychological aspects.
Fraud Specialist: A fraud specialist is trained in conducting investigations, including interrogations, and can provide valuable insights and evidence in cases of suspected fraud.
IIA Standards: According to Standard 1210.A2, internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization but are not expected to have the expertise of a person whose primary responsibility is detecting and investigating fraud.
Collaborative Approach:
Fraud Investigations: Engaging a fraud specialist ensures that the investigation is conducted thoroughly and professionally, adhering to legal and ethical standards.
Support to Internal Audit: The fraud specialist can provide support and guidance to the internal audit activity, enhancing the overall effectiveness of the fraud investigation.

NEW QUESTION # 86
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