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| Section | Objectives |
|---|---|
| Exam Blueprint (Broad Domains) | - Internal Audit Practice and Knowledge - Other CIA Knowledge Areas (aligned to Global Internal Audit Standards) - Information Systems Audit Topics Not Covered by CISA |
>> Knowledge IIA-CHAL-QISA Points <<
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NEW QUESTION # 15
A bank uses customer departmentalization to categorize its departments. Which of the following groups best exemplifies this method of categorization?
Answer: B
Explanation:
Customer Departmentalization: This method categorizes departments based on the type of customers they serve. It aligns services and strategies with the specific needs and characteristics of different customer groups.
Examples of Customer Departmentalization:
Community Banking: Focuses on services tailored for local communities, often involving personal banking services.
Institutional Banking: Caters to large organizations, offering specialized financial products and services.
Agricultural Banking: Provides financial services to farmers and agricultural businesses, addressing their unique needs.
NEW QUESTION # 16
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?
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 (Ref: [16†source])
NEW QUESTION # 17
In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?
Answer: C
Explanation:
Introduction:
The independence and objectivity of the internal audit function are paramount, especially when the CAE has had prior involvement in the area under review.
NEW QUESTION # 18
A multinational organization has multiple divisions that sell their products internally to other divisions When selling internally, which of the following transfer prices would lead to the best decisions for the organization?
Answer: D
Explanation:
Using the market price of the product for internal transfer pricing leads to the best decisions for the organization because it reflects the true economic value of the goods or services being transferred. This method promotes efficiency and fairness within the divisions.
Economic Value: Market price reflects the true economic value, ensuring that the internal transactions are conducted at fair and competitive prices.
Performance Measurement: It provides a consistent basis for evaluating the performance of different divisions, as they are measured against external market conditions.
Resource Allocation: Helps in optimal allocation of resources by ensuring that internal transactions are economically justified and comparable to external transactions.
NEW QUESTION # 19
While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditors relative. Which course of action should the auditor take?
Answer: D
Explanation:
Identify the Conflict of Interest: The internal auditor learns about a large loan made to another auditor's relative, which represents a conflict of interest. Refer to Professional Standards:
According to the Institute of Internal Auditors' (IIA) standards, an internal auditor must maintain objectivity and avoid conflicts of interest (IIA Standard 1100 - Independence and Objectivity).
Escalate the Issue: The appropriate course of action is to escalate this matter to the chief audit executive (CAE) and management, as they are responsible for determining the impact of the conflict and the appropriate response.
Decision Making: The CAE and management will assess whether the conflict of interest could impair the auditor's objectivity and decide whether the auditor should be removed from the engagement or if additional oversight is needed.
Documentation: It is important to document the conflict and the decision-making process in the audit documentation for transparency and accountability.
NEW QUESTION # 20
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