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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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 (Q125-Q130):

NEW QUESTION # 125
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. Obtain a bid from another health-care administrator to provide the same administrative services as the current health-care administrator.
C. Develop a comparison of the costs incurred with similar costs incurred by other organizations
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 # 126
According to IIA guidance, which of the following best describes the purpose of a planning memorandum for an audit engagement?

A. It documents existing measures that manage risks in the area under review
B. It documents events that could hinder the achievement of process objectives.
C. It documents the audit steps and procedures to be performed.
D. it documents preliminary information useful to the audit team.

Answer: C

Explanation:
The planning memorandum serves as a comprehensive blueprint for an audit engagement, outlining the specific steps, procedures, and strategies that will be employed to carry out the audit. According to IIA guidance, the purpose of this document is to ensure that the audit team is well-prepared and that the audit process is systematic and thorough.
* Documentation of Audit Steps and Procedures:The primary purpose of a planning memorandum is to detail the steps and procedures that the audit team will follow. This ensures consistency and clarity throughout the audit process and provides a clear framework for team members to follow.
*

NEW QUESTION # 127
Which of the following internal audit activity staffing models has the disadvantage that auditors arealways new and in training?

A. Career model
B. Rotational model.
C. Center of competence model.
D. Hybrid model

Answer: B

Explanation:
Understanding Staffing Models: Internal audit activity staffing models vary in structure and approach, each with its advantages and disadvantages. The rotational model involves assigning employees from various departments to the internal audit activity for a fixed period before they rotate back to their original or new roles within the organization.
Rotational Model Disadvantages:
* Continuous Training: A key disadvantage of the rotational model is that auditors are often new and in training. This model means that there is a constant influx of new staff who may lack extensive audit experience, requiring continuous training and development efforts.
* Consistency and Expertise: This can impact the consistency and depth of audit expertise within the
* internal audit activity, as the auditors are frequently changing.
Comparison with Other Models:
* Career Model: Auditors build long-term careers within the internal audit activity, leading to high levels of expertise and consistency.
* Center of Competence Model: This model involves a centralized team of audit professionals who provide specialized audit services across the organization, ensuring high levels of competence.
* Hybrid Model: Combines elements of multiple models to balance the benefits and mitigate the drawbacks of each approach.
References:
* The rotational model's major drawback of auditors always being new and in training highlights the challenges in maintaining a stable and highly skilled audit team. Continuous training efforts are required to ensure the effectiveness of this staffing model.

NEW QUESTION # 128
Which of the following best describes the internal audit activity's responsibility within a risk and control framework?

A. The internal audit activity constitutes the first line of defense in effective risk management.
B. The internal audit activity implements the internal control framework and advises management regarding best practices
C. The internal audit activity provides direction regarding internal controls implementation.
D. The internal audit activity verifies that management has met its responsibility for implementing effective controls.

Answer: D

Explanation:
Introduction:
The role of the internal audit activity within a risk and control framework is to provide independent assurance that management has established and is maintaining effective internal controls.
Responsibilities of Internal Audit:
Internal auditors evaluate and monitor the effectiveness of internal controls, ensuring they are designed and operating effectively to mitigate risks and achieve organizational objectives.

NEW QUESTION # 129
Which of the following is most likely to impair the organizational independence of the internal audit activity?

A. The chief audit executive (CAE) reports administratively to the chief financial officer
B. The CAE oversees the effectiveness of the organization's risk management function.
C. The CAE reports functionally to the CEO.
D. The CAE managed the finance department for the past five years.

Answer: D

Explanation:
* Impairment of Independence: The organizational independence of the internal audit activity can be impaired if the CAE has had significant roles in management, such as managing the finance department.
This prior involvement may create a conflict of interest or perceived bias.
* IIA Standards on Independence: The IIA emphasizes the importance of independence and objectivity in internal auditing. Any prior management role, especially in the department being audited, can compromise the CAE's objectivity.
* Examples of Impairment:
* Administrative Reporting: While reporting administratively to the CFO (option A) or functionally to the CEO (option C) does not inherently impair independence, managing the finance department previously (option D) creates a direct conflict.
* Overseeing Risk Management: Overseeing the risk management function (option B) is part of the CAE's responsibilities and does not impair independence if handled properly.

NEW QUESTION # 130
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