QUESTION IIA IIA-CHAL-QISA EXPLANATIONS - IIA-CHAL-QISA DUMPS REVIEWS

Question IIA IIA-CHAL-QISA Explanations - IIA-CHAL-QISA Dumps Reviews

Question IIA IIA-CHAL-QISA Explanations - IIA-CHAL-QISA Dumps Reviews

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IIA IIA-CHAL-QISA Exam Syllabus Topics:

TopicDetails
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 (Q55-Q60):

NEW QUESTION # 55
The internal audit activity plans to assess the effectiveness of management's self-assessment activities regarding the risk management process. Which of the following procedures would be most appropriate to accomplish this objective?

  • A. Review corporate policies and board minutes for examples of risk discussions.
  • B. Research and review relevant industry information concerning key risks.
  • C. Observe and test control and monitoring procedures and related reporting.
  • D. Conduct interviews with line and senior management on current practices.

Answer: C

Explanation:
To assess the effectiveness of management's self-assessment activities regarding the risk management process, internal auditors should directly observe and test the control and monitoring procedures.
This hands-on approach allows auditors to verify the implementation and functionality of risk management controls and the accuracy of related reporting.
Direct observation and testing provide the most reliable evidence of the effectiveness of these procedures


NEW QUESTION # 56
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. Discuss the situation with the engagement supervisor to determine whether fraud investigation experts are required to investigate the matter properly.
  • B. Provide the evidence that was discovered to local lav/ enforcement for possible prosecution of the suspected fraud
  • 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: A

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 # 57
When reviewing workpapers, engagement supervisors may ask for additional evidence or clarification via review notes. According to IIA guidance, which of the following statements is true regarding the engagement supervisors review notes?

  • A. The review notes may be cleared from the final documentation once the engagement supervisors concerns have been addressed
  • B. Review notes provide documented proof that the engagement is supervised properly and must be retained for the quality assurance and improvement program
  • C. Management of the area under review must address the engagement supervisors review notes before the audit report can be finalized.
  • D. The chief audit executive must initial or sign the engagement supervisors review notes to provide evidence of appropriate engagement supervision.

Answer: A

Explanation:
* Introduction:
* Review notes are comments or questions posed by engagement supervisors during the review of workpapers to ensure audit quality and completeness.
* IIA Guidance on Review Notes:
* According to the IIA, review notes serve as a tool for engagement supervisors to seek additional evidence or clarification.
* Options Analysis:
* Option A: This is correct as per IIA guidance, once concerns have been addressed, review notes can be cleared from the final documentation.
* Option B: Management does not typically address review notes; these are internal audit processes.
* Option C: The CAE does not need to initial or sign the review notes, as the engagement supervisor's review is sufficient.
* Option D: While review notes must be addressed, they do not necessarily need to be retained after being resolved.
* Conclusion:
* The correct procedure allows for review notes to be cleared once the engagement supervisor's concerns are addressed, streamlining the documentation process.


NEW QUESTION # 58
When determining the level of staff and resources to be dedicated to an assurance engagement, which of the following would be the most relevant to the chief audit executive?

  • A. The availability of guest auditors for the engagement
  • B. The overall adequacy of the internal audit activity's resources
  • C. The available resources with the specific skill set required
  • D. The number of internal auditors used for the previous review of the same area.

Answer: C

Explanation:
When determining the level of staff and resources to dedicate to an assurance engagement, the most critical factor for the chief audit executive (CAE) is ensuring that the available resources possess the specific skill sets required for the engagement. This ensures that the internal audit team can effectively address the unique challenges and risks associated with the audit.
* Skill Set Relevance: The CAE must match the skills and knowledge of the audit team to the specific requirements of the audit engagement. This includes technical expertise, industry knowledge, and any specialized skills needed for the audit.
* Resource Allocation: Effective allocation involves not just the number of auditors but ensuring they have the right competencies to perform the audit tasks proficiently.
* Impact on Audit Quality: Allocating resources with the appropriate skill set ensures the audit is thorough and of high quality, reducing the risk of overlooking critical issues.
References:
* "Managing Internal Audit Activities," which discusses the importance of aligning audit resources with the necessary skills for specific engagements .


NEW QUESTION # 59
An internal auditor has discovered that duplicate payments were made to one vendor Management has recouped the duplicate payments as a corrective action Which of the following describes managements action in this case?

  • A. A cause-based action plan.
  • B. An effect-based action plan.
  • C. A root cause-based action plan.
  • D. A condition-based action plan

Answer: B

Explanation:
* Introduction:
* When duplicate payments are identified and corrected, the management's response typically addresses the immediate impact or effect of the issue.
* Types of Action Plans:
* Condition-Based: Addresses the condition or the issue itself.
* Cause-Based: Focuses on the underlying cause of the issue.
* Root Cause-Based: Delves deeper to identify and address the fundamental reason for the issue.
* Effect-Based: Focuses on addressing the consequences or the effects of the issue.
* Options Analysis:
* Option A: A condition-based action plan would involve identifying and rectifying the condition that led to the duplicate payments.
* Option B: A cause-based action plan would address the immediate causes of the duplicate payments.
* Option C: A root cause-based action plan would investigate and mitigate the fundamental reasons behind the duplicate payments.
* Option D: An effect-based action plan addresses the consequences of the duplicate payments, such as recouping the funds, which is what management did in this scenario.
* Conclusion:
* Management's action in recouping the duplicate payments is an effect-based action plan as it focuses on addressing the impact of the error.


NEW QUESTION # 60
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