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IIA - IIA-CHAL-QISA - Updated Qualified Info Systems Auditor CIA Challenge Exam Reliable Test Testking

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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 and objectivity, Proficiency and Due Professional Care, QA, and Managing Risks. The domain covers describing the concept of governance and CSR.

IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q35-Q40):

NEW QUESTION # 35
Which of the following would most likely form part of the engagement scope?

A. Both random and judgmental samplings will be used during the engagement
B. Potential legislation on privacy topics will be employed as a compliance target O Wire transfers that exceeded $10,000 in the last 12 months will be analyzed.
C. The probability of significant errors will be considered via risk assessment.

Answer: A

Explanation:
* Introduction:
* The engagement scope outlines the boundaries of the audit activities, specifying the methods and techniques to be employed during the engagement.
* Scope Definition:
* The scope includes the areas to be reviewed, the nature and extent of testing, and the specific objectives and criteria to be used.
* Options Analysis:
* Option A: Specifying compliance targets is part of planning but too specific for the overall engagement scope.
* Option B: Detailing the use of both random and judgmental samplings defines the methodology clearly, which is appropriate for the engagement scope.
* Option C: Considering the probability of significant errors is part of the risk assessment process, not the scope itself.
* Option D: Analyzing wire transfers is a specific audit test rather than a definition of the engagement scope.
* Conclusion:
* Specifying both random and judgmental samplings as part of the engagement scope provides a clear and comprehensive methodology for the audit, making it the most appropriate choice.

NEW QUESTION # 36
Which of the following should be included in a company's year-end inventory valuation?

A. Goods on consignment, which the company is trying to sell for its customers.
B. Goods purchased by the company, free on board destination, that have not yet been received.
C. Company goods for sale on consignment at a consignment shop
D. Company goods that were sold during the year, free on board shipping point, that have been shipped but not yet received by the customer

Answer: C

Explanation:
Year-end inventory valuation should include all goods owned by the company, regardless of their location.
This includes goods for sale on consignment at a consignment shop, as these items remain the property of the company until sold. Goods sold FOB shipping point and goods purchased FOB destination that have not yet been received are not included, as ownership has transferred or not yet been acquired respectively. Goods on consignment that the company is trying to sell for others are also excluded because the company does not own them

NEW QUESTION # 37
According to IIA guidance, which of the following would be the best first step to manage risk when a third party is overseeing the organization's network and data'?

A. Creating a comprehensive reporting system for vendors to demonstrate their ongoing due diligence in network operations.
B. Drafting a strong contract that requires regular vendor control reports and a right-to-audit clause
C. Applying administrative privileges to ensure right-to-access controls are appropriate
D. Creating a standing cybersecurity committee to identify and manage risks related to data security.

Answer: B

Explanation:
Managing Third-Party Risk: When a third party oversees the organization's network and data, the primary concern is to manage and mitigate risks associated with outsourcing critical functions.
Strong Contract Provisions: Drafting a strong contract that includes specific provisions such as regular vendor control reports and a right-to-audit clause is essential. These provisions ensure that the organization maintains oversight and control over the third party's activities.
IIA Standards: Standard 2201 - Planning Considerations requires that internal auditors consider the organization's objectives and the means by which they are achieved, including the role of third parties.
Contract Management:
* Control Reports: Regular control reports from the vendor provide insights into their performance and compliance with agreed-upon standards.
* Right-to-Audit Clause: This clause allows the organization to periodically audit the third party to ensure compliance with contractual obligations and to assess the effectiveness of their control environment.
References:
* Ensuring that third-party vendors adhere to the same standards of risk management and control as the organization helps in mitigating risks related to data security and network management.

NEW QUESTION # 38
Which of the following is the most appropriate reason for a chief audit executive to conduct an external assessment more frequently than five years?

A. A change in senior management or internal audit leadership may change expectations and commitment to conformance
B. Significant changes in the organization's accounting policies or procedures would warrant timely analysis and feedback.
C. More frequent external assessments can serve as an equivalent substitute for internal assessments.
D. The parent organization's internal audit activity agreed to perform biennial reciprocal external assessments to provide greater assurance at a reduced cost.

Answer: A

Explanation:
* Introduction:
* The frequency of external assessments for the internal audit activity (IAA) is typically every five years. However, certain circumstances may necessitate more frequent assessments.
* Reasons for More Frequent Assessments:
* Significant organizational changes or shifts in internal audit leadership can impact the effectiveness and alignment of the internal audit function with organizational goals.
* Options Analysis:
* Option A: While changes in accounting policies might warrant review, they do not specifically necessitate a more frequent external assessment.
* Option B: More frequent external assessments cannot substitute for ongoing internal assessments, which are continuous and serve different purposes.
* Option C: Reciprocal external assessments can be cost-effective but are not a primary reason for increased frequency.
* Option D: Changes in senior management or internal audit leadership can lead to shifts in expectations and commitment to compliance, thus justifying more frequent external assessments to ensure continued alignment and conformance with standards.
* Conclusion:
* The most appropriate reason for a chief audit executive (CAE) to conduct an external assessment more frequently than five years is when there is a change in senior management or internal audit leadership, as this may alter expectations and commitment to conformance.

NEW QUESTION # 39
Which of the following situations is most likely to heighten an internal auditors professional skepticism regarding potential fraud?

A. The accounts payable supervisor has requested advances against her monthly salary on several occasions
B. A procurement manager does not have the expected academic credentials for his position
C. A financial accountant is absent from work frequently due to regular medical procedures
D. A salesperson frequently complains about the organization's policy on sales commissions.

Answer: B

Explanation:
Professional skepticism is an essential attitude for internal auditors, particularly when assessing the risk of fraud. According to the IIA's Practice Guide "Internal Auditing and Fraud", one of the red flags that may heighten an internal auditor's professional skepticism is the presence of employees whose qualifications or credentials do not match the requirements of their positions. In this case, a procurement manager lacking the expected academic credentials raises concerns because it could indicate potential fraudulent activities such as unqualified decision-making or manipulation of procurement processes.

NEW QUESTION # 40
......

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Emily Lewis Emily Lewis

Biography

IIA - IIA-CHAL-QISA - Updated Qualified Info Systems Auditor CIA Challenge Exam Reliable Test Testking

IIA IIA-CHAL-QISA Latest Learning Material - IIA-CHAL-QISA Exam Book

IIA IIA-CHAL-QISA Exam Syllabus Topics:

IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q35-Q40):

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Emily Lewis Emily Lewis

Biography

IIA - IIA-CHAL-QISA - Updated Qualified Info Systems Auditor CIA Challenge Exam Reliable Test Testking

IIA IIA-CHAL-QISA Latest Learning Material - IIA-CHAL-QISA Exam Book

IIA IIA-CHAL-QISA Exam Syllabus Topics:

IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q35-Q40):

Online Platform

Links

Contacts