100% Pass IIA - IIA-CHAL-QISA - Trustable Qualified Info Systems Auditor CIA Challenge Exam Formal Test

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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 (Q27-Q32):

NEW QUESTION # 27
According to IIA guidance, which of the following activities are typically primary objectives of engagement supervision?

A. Enable training and development of staff, identify engagement objectives, and assign responsibilities to individual auditors.
B. Assign responsibilities to individual auditors, approve the engagement program, and enable training and development of staff.
C. Approve the engagement program, enable training and development of staff, and identify engagement objectives
D. Identify engagement objectives, assign responsibilities to individual auditors, and approve the engagement program.

Answer: B

Explanation:
Engagement Supervision Objectives:
* Assign Responsibilities: Supervisors must clearly assign tasks and responsibilities to individual auditors to ensure clarity and accountability during the engagement.
* Approve Engagement Program: The supervisor is responsible for reviewing and approving the engagement program, ensuring that it aligns with the engagement objectives and internal audit standards.
* Training and Development: Supervision also involves mentoring and developing audit staff, providing guidance and feedback to enhance their skills and performance.
IIA Standards:
* Standard 2340 - Engagement Supervision: Internal audit engagements must be properly supervised to ensure objectives are achieved, quality is maintained, and staff are developed.
Primary Objectives:
* Clarity and Accountability: Assigning responsibilities ensures that each auditor knows their role and tasks.
* Quality and Compliance: Approving the engagement program ensures that the audit plan is robust and compliant with standards.
* Professional Development: Enabling training and development helps build a competent and skilled audit team.
References:
* Effective engagement supervision involves assigning responsibilities, approving the engagement program, and facilitating training and development, ensuring a successful audit engagement and
* continuous staff improvement.

NEW QUESTION # 28
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 recommendappropriate 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:
* 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 # 29
Which of the following processes does the board manage to ensure adequate governance?

A. Select board members with necessary knowledge and skills.
B. Develop, approve, and execute the strategic plan of the organization
C. Establish and measure performance objectives for the internal audit activity
D. Develop strategies to mitigate the risks to achieving the organization's objectives

Answer: B

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 # 30
According to IIA guidance, which of the following is a limitation of a heat map?

A. A heat map cannot be used unless a risk and control matrix has been developed.
B. Impact and likelihood at times cannot be differentiated as to which is more important.
C. Qualitative factors cannot be incorporated into a heat map
D. Impact cannot be represented on a heat map unless it is quantified in financial terms

Answer: B

Explanation:
* Introduction:
* Heat maps are tools used in risk management to visualize the impact and likelihood of risks.
* Limitations of Heat Maps:
* Despite their usefulness, heat maps have several limitations, including difficulties in prioritizing risks when impact and likelihood are closely matched.
* Options Analysis:
* Option A: Impact can be represented qualitatively as well, not just in financial terms.
* Option B: Differentiating the relative importance of impact versus likelihood can be challenging, leading to potential misinterpretation of risk priorities.
* Option C: Heat maps can be used without a risk and control matrix, although such a matrix enhances their effectiveness.
* Option D: Qualitative factors can be incorporated into heat maps, adding depth to the analysis.
* Conclusion:
* The limitation of a heat map is that at times, impact and likelihood cannot be differentiated as to which is more important, making it difficult to prioritize risks accurately.

NEW QUESTION # 31
Which of the following best describes the guideline for preparing audit engagement workpapers?

A. Workpapers should be understandable to the audit client and the board.
B. Workpapers should be understandable to another internal auditor who was not involved in the engagement.
C. Workpapers should be understandable to the auditor in charge and the chief audit executive
D. Workpapers should be understandable to external auditors and regulatory agencies

Answer: B

Explanation:
The guidelines for preparing audit engagement workpapers emphasize clarity, completeness, and accuracy to ensure that they can be easily understood and used by others within the auditing function.
* Option A: Workpapers should be understandable to the auditor in charge and the chief audit executive.
* While workpapers must indeed be clear to the auditor in charge and the chief audit executive, this guideline does not fully capture the broader requirement for understandability to other auditors.
* Option B: Workpapers should be understandable to the audit client and the board.
* Although transparency with the audit client and the board is important, workpapers are primarily internal documents used to support the audit process and conclusions.
* Option C: Workpapers should be understandable to another internal auditor who was not involved in the engagement.
* This is the most comprehensive requirement, ensuring that any internal auditor, even if not originally involved, can review the workpapers, understand the procedures performed, and the conclusions reached. This is crucial for maintaining continuity, quality control, and facilitating reviews or future audits.
* Option D: Workpapers should be understandable to external auditors and regulatory agencies.
* While external auditors and regulatory agencies may review workpapers, the primary audience is internal auditors, who need to ensure the workpapers are detailed and clear enough for effective internal use and review.

NEW QUESTION # 32
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100% Pass IIA - IIA-CHAL-QISA - Trustable Qualified Info Systems Auditor CIA Challenge Exam Formal Test

HOT IIA-CHAL-QISA Formal Test 100% Pass | High Pass-Rate Qualified Info Systems Auditor CIA Challenge Exam Reliable Braindumps Free Pass for sure

IIA IIA-CHAL-QISA Exam Syllabus Topics:

IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q27-Q32):

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