VALID IIA IIA-CHAL-QISA EXAM QUESTION FREE UPDATES FOR 1 YEAR

Valid IIA IIA-CHAL-QISA Exam Question Free Updates For 1 year

Valid IIA IIA-CHAL-QISA Exam Question Free Updates For 1 year

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IIA IIA-CHAL-QISA Exam Syllabus Topics:

TopicDetails
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
  • 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
  • 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.

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q67-Q72):

NEW QUESTION # 67
An internal auditor is performing testing to gather evidence regarding an organization's inventory account balance and is mindful of the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is The auditor's concern best describes which of the following risks?

  • A. Incorrect acceptance risk.
  • B. Incorrect rejection risk.
  • C. Tolerable misstatement risk
  • D. Anticipated misstatement risk

Answer: A

Explanation:
* Introduction:
* When performing audit testing, internal auditors must consider the risk that their sample may lead to incorrect conclusions about the accuracy of account balances.
* Understanding Incorrect Acceptance Risk:
* This risk refers to the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is. This is a type of sampling risk that auditors need to mitigate through proper sampling techniques and sufficient sample sizes.
* Options Analysis:
* Option A: Incorrect rejection risk is the risk that the sample leads to the conclusion that the account balance is materially misstated when it is not.
* Option B: Incorrect acceptance risk directly addresses the concern described, where the sample fails to detect a material misstatement.
* Option C: Tolerable misstatement risk relates to the maximum error in a population that the auditor is willing to accept.
* Option D: Anticipated misstatement risk is not a standard audit term and does not describe the risk in question.
* Conclusion:
* The auditor's concern best describes the incorrect acceptance risk, which is the risk of concluding that the account balance is accurate based on a sample when it is actually misstated.


NEW QUESTION # 68
An organization's health-care insurance costs have been rising approximately 10 percent per year for several years Which of the following analytical review procedures would best evaluate the reasonableness of the increase in health-care costs?

  • A. Review all claims and compare with appropriate procedures to ensure that overpayments have not occurred
  • B. Obtain a bid from another health-care administrator to provide the same administrative services as the current health-care administrator.
  • C. Develop a comparison of the costs incurred with similar costs incurred by other organizations
  • D. Obtain the government index of health-care costs for the comparable period of time and compare the rate of increase with that of the cost per employee incurred by the organization.

Answer: D

Explanation:
Analytical review procedures involve evaluating financial information by studying plausible relationships among financial and non-financial data.
* Government Index Comparison: Comparing the organization's increase in health-care costs with a relevant government index provides a benchmark to assess whether the cost increases are in line with broader economic trends.
* Claims Review: While reviewing all claims could help identify specific overpayments, it is more labor-intensive and less effective for evaluating overall reasonableness.
* Competitive Bids: Obtaining bids from other health-care administrators might control future costs but does not evaluate the reasonableness of past cost increases.
* Industry Comparison: Comparing costs with those incurred by similar organizations could be useful but might not provide a standardized measure like a government index.
References:
* "Auditing and Assurance Services: An Integrated Approach," which details the use of analytical procedures in evaluating financial data.


NEW QUESTION # 69
An internal auditor believes that the internal audit activity's independence is impaired Which of the following actions should the internal auditor take first?

  • A. Report the impairment to senior management
  • B. Ascertain the best approach to disclose the impairment.
  • C. Discuss the impairment with the audit manager.
  • D. Decide on the extent of impact of the impairment

Answer: C

Explanation:
The board manages several key processes to ensure adequate governance within an organization, one of which is the development, approval, and execution of the strategic plan. This process is critical because it defines the organization's direction, goals, and the actions required to achieve these goals.
* Strategic Planning: The board plays a pivotal role in setting the organization's strategic direction, which includes establishing long-term goals and defining the means to achieve them.
* Performance Measurement: While the board may establish and measure performance objectives for the internal audit activity, this is part of a broader governance framework.
* Risk Management: The board also develops strategies to mitigate risks, ensuring that the organization can achieve its objectives effectively.
Thus, the most comprehensive governance-related process managed by the board involves strategic planning


NEW QUESTION # 70
Which of the following best demonstrates internal auditors performing their work with proficiency?

  • A. Internal auditors work collaboratively with their engagement team.
  • B. internal auditors meet with operational management at each phase of the audit process.
  • C. Internal auditors adhere to The IIA's Code of Ethics.
  • D. Internal auditors complete a program of continuing professional development.

Answer: D

Explanation:
Proficiency in internal auditing is not only about technical skills but also involves continuous education and staying updated with the latest practices and standards in the field.
Option D reflects the commitment to ongoing professional development, ensuring that internal auditors maintain and enhance their proficiency over time.
The Institute of Internal Auditors (IIA) emphasizes the importance of continuing professional development as a means to ensure auditors remain competent in their roles


NEW QUESTION # 71
An internal auditor observed that sales staff are able to modify or cancel an order in the system prior to shipping She wonders whether they can also modify orders after shipping. Which of the following types of controls should she examine?

  • A. Logical access controls
  • B. Application controls
  • C. General IT controls.
  • D. Batch controls.

Answer: B

Explanation:
Application controls are specific to software applications and ensure that transactions are processed correctly and accurately. They include controls over input, processing, and output. In this scenario, examining application controls will help determine if sales staff can modify orders after shipping, as these controls directly impact how data is handled within the system.
References:
* "Information Technology Auditing," which explains the role of application controls in maintaining data integrity and security.


NEW QUESTION # 72
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