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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 (Q137-Q142):

NEW QUESTION # 137
While reviewing the workpapers and draft report from an audit engagement, the chief audit executive (CAE) found that an Important compensating control had not been considered adequately by the audit team when it reported a major control weakness Therefore, the CAE returned the documentation to the auditor in charge for correction Based on this Information, which of the following sections of the workpapers most likely would require changes?
1. Effect of the control weakness.
2. Cause of the control weakness
3. Conclusion on the control weakness.
4. Recommendation for the control weakness.

A. 1, 2, and 3.
B. 1,3, and 4.
C. 2, 3, and 4.
D. 1.2. and 4

Answer: B

Explanation:
Introduction:
When a compensating control is not considered, it can affect various aspects of the audit findings and conclusions.
Impact on Workpapers:
Effect of the Control Weakness: The impact of the control weakness needs to be reassessed considering the compensating control.
Conclusion on the Control Weakness: The overall conclusion about the severity of the control weakness may change.
Recommendation for the Control Weakness: Recommendations may need to be adjusted based on the new assessment.

NEW QUESTION # 138
In an assurance engagement focused on the adequacy of organizationwide risk management practices, which of the following best describes a primary area of interest for the engagement?

A. The actions of upper management in response to the internal audit acth/lty's reporting
B. The effectiveness of process-level and transaction-level controls.
C. Conflicts of interest within the organizational structure of the senior management.
D. The alignment of management decisions with the level of risk the organization is willing to accept.

Answer: D

Explanation:
Understanding the Engagement Scope: The primary area of interest in an assurance engagement focused on the adequacy of organization-wide risk management practices is to ensure that risk management is effectively integrated into the organization's decision-making processes. This involves evaluating whether management decisions are aligned with the organization's risk appetite, which is the amount of risk the organization is willing to accept in pursuit of its objectives.

NEW QUESTION # 139
Which of the following activities Is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?

A. Completing a process review to improve controls to prevent fraud.
B. Employing audit tests to detect fraud
C. Interrogating a suspected fraudster.
D. Planning an engagement of the area in which fraud is suspected.

Answer: C

Explanation:
Specialized Knowledge: Interrogating a suspected fraudster requires specialized knowledge and skills that go beyond the typical expertise of internal auditors. This includes understanding interrogation techniques, legal implications, and psychological aspects.
Fraud Specialist: A fraud specialist is trained in conducting investigations, including interrogations, and can provide valuable insights and evidence in cases of suspected fraud.
IIA Standards: According to Standard 1210.A2, internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization but are not expected to have the expertise of a person whose primary responsibility is detecting and investigating fraud.
Collaborative Approach:
* Fraud Investigations: Engaging a fraud specialist ensures that the investigation is conducted thoroughly and professionally, adhering to legal and ethical standards.
* Support to Internal Audit: The fraud specialist can provide support and guidance to the internal audit activity, enhancing the overall effectiveness of the fraud investigation.
References:
* Employing a fraud specialist to interrogate a suspected fraudster ensures that the investigation is handled with the necessary expertise and legal compliance, thereby increasing the chances of uncovering the truth and taking appropriate actions.

NEW QUESTION # 140
The organization's internal audit charter was last updated six years ago to update the charter, which of the following actions is most appropriate for the chief audit executive to take?

A. Identify an individual within the internal audit activity who has in-depth knowledge of mandatory IIA guidance elements to address any gaps or areas of the current version of the charter that could be improved
B. Wait for the next external assessment and address all of the missing information in the charter based on the recommendations from the external assessment team
C. Use an internal audit charter template from another organization that operates within the same industry.
D. Perform a review of HA guidance to become acquainted with the latest mandatory elements prior to updating the charter

Answer: D

Explanation:
The chief audit executive should review the latest guidance from the Institute of Internal Auditors (IIA) to ensure the internal audit charter complies with current standards. This approach ensures the charter reflects up-to-date practices and mandatory elements, maintaining the integrity and effectiveness of the internal audit function.
References:
* "International Standards for the Professional Practice of Internal Auditing," which provides mandatory guidance on the internal audit charter.

NEW QUESTION # 141
Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?

A. Immediately notify management of the area under review and the other internal auditors involved in the engagement
B. Fully document in the workpapers the evidence that has been discovered and recommend appropriate controls to address the fraud
C. Provide the evidence that was discovered to local lav/ enforcement for possible prosecution of the suspected fraud
D. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.

Answer: D

Explanation:
IIA Standards on Fraud:
Risk Management: Internal auditors must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk.
Immediate Response: When evidence of fraud is discovered, the internal auditor must ensure that appropriate actions are taken promptly.
Next Steps for Internal Auditor:
Consult with Supervisor: The internal auditor should discuss the findings with the engagement supervisor. This ensures that the situation is assessed by a more experienced individual who can determine the next steps, including the need for specialized fraud investigation resources.
Specialized Expertise: Determining whether fraud investigation experts are needed is crucial for handling the matter appropriately, as they possess the necessary skills to investigate complex fraud cases.

NEW QUESTION # 142
......

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