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Exam IIA IIA-CHAL-QISA Certification Cost & IIA-CHAL-QISA Valid Exam Pattern

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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.

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IIA-CHAL-QISA Valid Exam Pattern | Exam IIA-CHAL-QISA Pattern

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q11-Q16):

NEW QUESTION # 11
The internal audit activity is responsible for which of the following actions related to an organization's internal controls9

A. Enabling opportunities affecting achievement of organizational objectives.
B. Mitigating risks affecting achievement of organizational objectives.
C. Analyzing and advising regarding costs versus benefits of control activities.
D. Attesting to fairness of financial statements

Answer: C

Explanation:
Internal audit activities include evaluating the effectiveness and efficiency of internal controls, and part of this process involves analyzing and advising on the cost-benefit relationship of control activities.
This function helps ensure that the internal controls in place are not only effective in mitigating risks but are also economically justified

NEW QUESTION # 12
Applying ISO 31000; which of the following is part of the external context for risk management?

A. The regulatory and competitive environment.
B. The method of determining the risk level
C. Organizational culture, objectives, and processes.
D. Risk treatment method based on risk evaluation.

Answer: A

NEW QUESTION # 13
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annual snowfall for the coming winter. Which of the following best describes this type of risk?

A. Accepted.
B. Residual
C. Net
D. inherent.

Answer: D

Explanation:
Inherent Risk: Inherent risk refers to the exposure to risk in its natural state, without considering any controls or mitigation measures. It is the risk that exists before any action is taken to manage it.
* Example: In the scenario of a snow removal company, the significant reduction in annual snowfall represents an inherent risk as it is a natural condition that affects the company's operations.
Other Risk Types:
* Residual Risk: This is the risk that remains after controls and mitigation strategies have been applied.
* Net Risk: Similar to residual risk, it is the risk that remains after considering existing controls.
* Accepted Risk: This is the risk that the organization knowingly accepts after evaluating its impact and likelihood.
Scenario Planning: The exercise of considering the impacts of reduced snowfall helps the company understand its inherent risks and prepare for potential adverse outcomes.

NEW QUESTION # 14
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. Provide the evidence that was discovered to local lav/ enforcement for possible prosecution of the suspected fraud
B. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
C. Fully document in the workpapers the evidence that has been discovered and recommendappropriate controls to address the fraud
D. Immediately notify management of the area under review and the other internal auditors involved in the engagement

Answer: B

Explanation:
IIA Standards on Fraud:
* Standard 2120 - 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.
Documenting Evidence:
* While documenting the evidence and recommending controls is important (Option C), the immediate step should involve consultation with the supervisor to decide on the investigation approach.
* Notifying management directly (Option A) or law enforcement (Option D) should follow internal protocols and often occur after consultation with the supervisor and possibly higher-level approvals.
References:
* Engaging the engagement supervisor ensures that the appropriate steps are taken to investigate the fraud properly, aligning with professional standards and ensuring a thorough investigation.

NEW QUESTION # 15
Which of the following internal audit activity staffing models has the disadvantage that auditors arealways new and in training?

A. Hybrid model
B. Rotational model.
C. Career model
D. Center of competence model.

Answer: B

Explanation:
Understanding Staffing Models: Internal audit activity staffing models vary in structure and approach, each with its advantages and disadvantages. The rotational model involves assigning employees from various departments to the internal audit activity for a fixed period before they rotate back to their original or new roles within the organization.
Rotational Model Disadvantages:
* Continuous Training: A key disadvantage of the rotational model is that auditors are often new and in training. This model means that there is a constant influx of new staff who may lack extensive audit experience, requiring continuous training and development efforts.
* Consistency and Expertise: This can impact the consistency and depth of audit expertise within the
* internal audit activity, as the auditors are frequently changing.
Comparison with Other Models:
* Career Model: Auditors build long-term careers within the internal audit activity, leading to high levels of expertise and consistency.
* Center of Competence Model: This model involves a centralized team of audit professionals who provide specialized audit services across the organization, ensuring high levels of competence.
* Hybrid Model: Combines elements of multiple models to balance the benefits and mitigate the drawbacks of each approach.
References:
* The rotational model's major drawback of auditors always being new and in training highlights the challenges in maintaining a stable and highly skilled audit team. Continuous training efforts are required to ensure the effectiveness of this staffing model.

NEW QUESTION # 16
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