Study IIA-CHAL-QISA Group - IIA-CHAL-QISA PDF

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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 and objectivity, Proficiency and Due Professional Care, QA, and Managing Risks. The domain covers describing the concept of governance and CSR.
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 (Q101-Q106):

NEW QUESTION # 101
Which of the following is true of matrix organizations?

A. A combination of product and functional departments allows management to utilize personnel from various functions.
B. A unity-of-command concept requires employees to report technically, functionally, and administratively to the same manager.
C. Authority, responsibility, and accountability of the units involved may vary based on the projects life, or the organization's culture.
D. it is best suited for firms with scattered locations or for multi-line, large-scale firms.

Answer: A

Explanation:
* Matrix Organization Structure: In matrix organizations, employees report to both functional and product managers. This dual reporting structure allows the organization to efficiently use its personnel across different projects and functions.
* Advantages of Matrix Structure:
* Resource Utilization: Personnel from various functions can be utilized effectively across multiple projects, improving resource allocation and flexibility.
* Coordination and Communication: This structure enhances coordination and communication across different functional areas and projects.
* Unity-of-Command: Option A is incorrect because the unity-of-command principle is compromised in a matrix organization due to dual reporting lines.
* Authority and Accountability: Option C is correct to some extent but does not capture the primary benefit of resource utilization.
* Suitability: Option D refers to the best use cases for matrix structures, but option B provides a more comprehensive understanding of how matrix organizations function.

NEW QUESTION # 102
According to IIA guidance, which of the following best describes the purpose of a planning memorandum for an audit engagement?

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

Answer: A

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 # 103
Which of the following could increase risks to the organization's control environment?

A. Implementation of a fraud hotline
B. Strong board of directors oversight.
C. Lower than average employee turnover.
D. Incentive-based compensation structures

Answer: D

Explanation:
Incentive-based compensation can increase the risk of unethical behavior or fraudulent activities as employees might be tempted to manipulate results to achieve their performance targets.
This could undermine the control environment and lead to significant risks if not managed properly

NEW QUESTION # 104
According to IIA guidance, which of the following most appropriately justifies the CEO's decision that the internal audit activity shall be responsible for risk management and Investigation at multinational organization?

A. The recommendation of the parent office external auditors.
B. The level of proficiency of the chief audit executive
C. The authority of the CEO.
D. The provisions of the internal audit charter.

Answer: D

Explanation:
Role of Internal Audit Charter: The internal audit charter is a formal document that defines the purpose, authority, and responsibility of the internal audit activity. It establishes the internal audit activity's position within the organization, including the nature of the chief audit executive's functional reporting relationship with the board.
CEO's Decision Justification: According to IIA guidance, the internal audit activity can take on responsibilities related to risk management and investigation if it is defined within the internal audit charter.
The charter must outline the scope of the internal audit activity, which can include risk management functions if approved by the board and senior management.
Authority and Proficiency: While the CEO has the authority to assign responsibilities, the decision must align with the provisions of the internal audit charter. The level of proficiency of the CAE and the recommendation of external auditors can support the decision but are not primary justifications.
IIA Standards: Standard 1000 - Purpose, Authority, and Responsibility - requires that the internal audit activity's purpose, authority, and responsibility be formally defined in an internal audit charter, consistent with the Mission of Internal Audit and the mandatory elements of the International Professional Practices Framework.
References:
* The internal audit charter is the primary document that justifies the scope and responsibilities of the internal audit activity, including risk management and investigation roles. It ensures that such roles are formally acknowledged and authorized by the board and senior management.

NEW QUESTION # 105
Which of the following would most likely form part of the engagement scope?

A. 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.
B. Both random and judgmental samplings will be used during the engagement
C. The probability of significant errors will be considered via risk assessment.

Answer: B

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 # 106
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