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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	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 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 (Q63-Q68):

NEW QUESTION # 63
A rapidly expanding retail organization continues to be tightly controlled by its original small management team. Which of the following is a potential risk in this vertically centralized organization?

A. Duplication of business activities.
B. Lack of coordination among different business units
C. Operational decisions are inconsistent with organizational goals.
D. Suboptimal decision-making.

Answer: D

Explanation:
Introduction:
In a vertically centralized organization, decision-making is concentrated among a small management team, potentially leading to various risks.

NEW QUESTION # 64
Which of the following activities would an internal auditor perform as a consulting engagement for an organization?

A. Briefing the organization's department managers on how to implement risk management processes into their daily operations.
B. Communicating with senior management to better understand how new purchasing controls will minimize payment processing time
C. Assessing whether the organization's corporate social responsibility program is meeting its yearly goals to reduce carbon emissions.
D. Advising new internal auditors working for the organization on how to develop strategies on planning audits for the upcoming fiscal year

Answer: A

Explanation:
Consulting Engagements: Consulting engagements are advisory in nature and are intended to add value and improve an organization's governance, risk management, and control processes.
Role of Internal Auditor: In a consulting role, an internal auditor provides advice, facilitates risk management, and helps enhance the efficiency and effectiveness of operations.
Briefing Managers: By briefing department managers on how to implement risk management processes into their daily operations, the internal auditor is providing valuable advice that can help improve the organization's risk management framework.
IIA Standards: The IIA's standards emphasize that consulting activities should aim at improving governance, risk management, and control processes without taking on management responsibilities.

NEW QUESTION # 65
An accounts payable clerk has recently transferred into the internal audit activity and has been assigned to an engagement related to accounts payable processes for which he was previously responsible Which of the following is the best action for the new internal auditor to take?

A. If it is an assurance engagement, accept the assignment because the chief audit executive had knowledge of the internal auditor's previous role when this engagement was assigned.
B. If it is a consulting engagement, decline the assignment and ask to be reassigned, because in a consulting engagement the auditor must not assess operations for areas in which they were previously responsible.
C. If it is an assurance engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value
D. if it is a consulting engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value

Answer: B

Explanation:
Conflict of Interest: For both assurance and consulting engagements, it is crucial to avoid conflicts of interest. An auditor assessing processes they were previously responsible for can compromise objectivity and independence.
IIA Standards: The IIA's Code of Ethics and standards emphasize maintaining objectivity and avoiding conflicts of interest. This is particularly important in consulting engagements where the auditor's recommendations could be influenced by prior roles.
Appropriate Action:
Assurance Engagements: For assurance engagements, prior knowledge might be beneficial but still raises concerns about independence. Declining the consulting engagement due to previous responsibilities ensures objectivity.

NEW QUESTION # 66
According to IIA guidance, which of the following actions by the chief audit executive would best ensure that internal auditors demonstrate due professional care?

A. Ensuring the internal audit activity reports functionally to the board of directors
B. Undertaking all engagements that management requests of the internal audit activity.
C. Ensuring the internal audit activity is not found fallible during audit engagements.
D. Developing policies and procedures for the internal audit activity

Answer: D

Explanation:
* Professional Care:Ensuring that internal auditors demonstrate due professional care involves establishing clear policies and procedures that guide their activities.
* Guidance and Standards:These policies and procedures help ensure that the internal audit activity adheres to professional standards and best practices.
* Standard Compliance:According to the IIA's Performance Standard 2040 - Policies and Procedures, the CAE must establish policies and procedures to guide the internal audit activity.
* Quality Assurance:Properly developed policies and procedures contribute to the overall quality and effectiveness of the internal audit activity, ensuring that engagements are conducted with due professional care.
References:
* IIA Standard 2040 - Policies and Procedures .

NEW QUESTION # 67
Management would like to self-assess the overall effectiveness of the controls in place for its 200- person manufacturing department Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?

A. Workshops.
B. Surveys.
C. Interviews.
D. Observation.

Answer: B

Explanation:
Self-assessment of controls can be efficiently conducted using various client-facilitated approaches. The choice of method depends on factors such as the size of the department, the nature of the controls, and the need for comprehensive feedback.
Efficiency in Large Groups: Surveys are particularly effective for large groups (such as a 200- person department) as they allow for the collection of data from many individuals quickly and efficiently.
Standardized Feedback: Surveys provide standardized questions, ensuring consistent data collection and making it easier to analyze the responses.
Practical Example: A survey might include questions rating the effectiveness of different control measures on a scale, allowing management to identify areas of strength and weakness.
Anonymity and Honest Responses: Surveys can be conducted anonymously, encouraging more honest and candid feedback from employees who might hesitate to speak openly in workshops or interviews.
Advantage: This anonymity can lead to more accurate assessments of the controls' effectiveness, as employees might feel more comfortable pointing out issues without fear of repercussions.

NEW QUESTION # 68
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