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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	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 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 (Q171-Q176):

NEW QUESTION # 171
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. Present the revised audit plan directly to the CEO 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 board for approval
D. Communicate with the CEO and present the revised audit plan to the board for approval

Answer: D

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.

NEW QUESTION # 172
The audit plan requires a review of the testing procedures used in pre-production of a large information system prior to its live launch. If the chief audit executive (CAE) is uncertain that the current audit team has all the required knowledge to conduct the engagement, which of the following would be the most appropriate course of action for the CAE to take to preserve independence?

A. Contract with the software vendor to provide an appropriate resource
B. Ask for a knowledgeable resource from the IT department
C. Request audit resources through the external auditor.
D. Make use of an external service provider.

Answer: D

Explanation:
If the chief audit executive (CAE) is uncertain that the current audit team has all the required knowledge to conduct the engagement, the most appropriate course of action is to use an external service provider. This helps preserve the independence and objectivity of the internal audit function.
* Expertise: External service providers bring specialized knowledge and expertise that may not be available within the internal team.
* Independence: Utilizing an external provider ensures that the audit maintains its independence and objectivity, avoiding any potential conflicts of interest.
* Quality: Ensures that the audit engagement is conducted with the highest standards, leveraging the external provider's experience and skills.
References:
* "Internal Audit and Assurance," which outlines the benefits and considerations of engaging external service providers for specialized audit tasks.

NEW QUESTION # 173
Which of the following statements is true regarding internal auditors and other assurance providers?

A. Assurance providers who report to management and/or are part of management cannot provide control self-assessments services
B. internal auditors can rely on the work of other assurance providers only if the other assurance providers report directly to the board
C. Internal auditors should always reperform and validate audit work completed by external assurance providers.
D. Internal auditors may rely on the work of internal compliance teams to expand their coverage of the organization without increasing direct audit hours.

Answer: D

Explanation:
* Collaboration with Compliance Teams: Internal auditors often collaborate with internal compliance teams to leverage their work. This allows auditors to gain insights and expand their audit coverage efficiently.
* IIA Standards: According to the Institute of Internal Auditors (IIA), internal auditors can rely on the work of other assurance providers, including internal compliance teams, as long as the auditors assess the adequacy and competency of the compliance team's work.
* Efficiency in Audit Coverage: By relying on internal compliance teams, internal auditors can ensure comprehensive coverage of the organization without significantly increasing direct audit hours, thus
* enhancing efficiency.

NEW QUESTION # 174
The internal audit activity is planning an assurance engagement for a foreign subsidiary.
According to IIA guidance, which of the following would be included in the preliminary communication to management of the area under review?

A. The scope of the engagement, the estimated time frame, and the names of the auditors.
B. The estimated time frame, the names of the auditors, and the resources and travel budget
C. The resources and travel budget, the scope of the engagement, and the estimated time frame.
D. The names of the auditors, the resources and travel budget, and the scope of the engagement.

Answer: A

Explanation:
Preliminary Communication: Preliminary communication to management of the area under review is essential in setting clear expectations and ensuring transparency regarding the upcoming audit.
Key Elements to Include:
Scope of the Engagement: Define what will be covered in the audit to ensure that management understands the focus areas and objectives.
Estimated Time Frame: Provide a timeline for the audit activities, including the start and end dates, to help management plan and allocate resources accordingly.
Names of the Auditors: Identify the auditors involved to facilitate communication and coordination with the audit team.
IIA Guidance: According to the IIA standards, communicating these elements helps in building a cooperative relationship and ensures that there are no misunderstandings regarding the audit process.

NEW QUESTION # 175
Which of the following recognized competitive strategies focuses on gaining efficiencies?

A. Differentiation
B. Cost leadership.
C. Innovation
D. Focus

Answer: B

Explanation:
Competitive Strategies: Recognized competitive strategies include cost leadership, differentiation, focus, and innovation. Each strategy emphasizes different aspects of competitive advantage.
Cost Leadership Strategy:
* Efficiency Focus: Cost leadership focuses on gaining efficiencies and reducing costs to offer products or services at a lower price than competitors. This strategy aims to achieve the lowest operational costs and prices in the industry.
* Economies of Scale: It involves optimizing production processes, achieving economies of scale, and minimizing expenses to maintain competitive pricing.
Comparison with Other Strategies:
* Focus Strategy: Concentrates on serving a particular market niche with specialized products or services.
* Innovation Strategy: Emphasizes creating unique products or services through innovation and technological advancement.
* Differentiation Strategy: Focuses on offering unique and superior products or services that stand out from competitors.
IIA Guidance and References:
* Cost leadership as a competitive strategy centers on achieving cost efficiencies to gain a competitive edge in pricing, making it a strategic choice for organizations looking to compete on price rather than product differentiation.

NEW QUESTION # 176
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