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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	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	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

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q83-Q88):

NEW QUESTION # 83
Which of the following activities demonstrates an example of the chief audit executive performing residual risk assessment?

A. Soliciting management's feedback after completion of the audit engagement.
B. Cost-benefit analysis of management not implementing a recommendation to address an observation.
C. Reporting the status of every observation for every engagement in a detailed manner.
D. Inquiry of corrective action to be completed within a certain period

Answer: B

Explanation:
Performing a cost-benefit analysis when management decides not to implement a recommendation is a prime example of residual risk assessment. This involves evaluating the potential impacts and remaining risks associated with the decision, thereby determining the residual risk that the organization will continue to face.
* Cost-Benefit Analysis: This helps in understanding the financial implications and benefits that would have been realized had the recommendation been implemented versus the risks of not implementing it.
* Risk Assessment: By assessing the residual risk, the CAE can provide a clearer picture of the ongoing risks that the organization needs to manage.
* Management Decision Impact: This analysis assists in making informed decisions and understanding the trade-offs involved in addressing audit observations.
References:
* "Audit and Assurance Services: An Integrated Approach," which explains residual risk assessment and the importance of cost-benefit analysis in audit recommendations .

NEW QUESTION # 84
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. Review all claims and compare with appropriate procedures to ensure that overpayments have not occurred
B. Develop a comparison of the costs incurred with similar costs incurred by other organizations
C. Obtain a bid from another health-care administrator to provide the same administrative services as the current health-care administrator.
D. 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.

Answer: D

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.
References:
* "Auditing and Assurance Services: An Integrated Approach," which details the use of analytical procedures in evaluating financial data.

NEW QUESTION # 85
Which of the following is most likely the subject of a periodic report from the chief audit executive to the board?

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

Answer: B

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 # 86
Which of the following BEST describes the board's responsibility regarding risk management?

A. Implementing risk mitigation controls.
B. Identifying operational risks.
C. Providing oversight of risk management processes.
D. Conducting detailed risk assessments.

Answer: C

Explanation:
Management owns and manages risk. The board provides governance and oversight to ensure risk management processes are effective.

NEW QUESTION # 87
Applying ISO 31000; which of the following is part of the external context for risk management?

A. The regulatory and competitive environment.
B. Organizational culture, objectives, and processes.
C. Risk treatment method based on risk evaluation.
D. The method of determining the risk level

Answer: A

NEW QUESTION # 88
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