Free Real IIA IIA-CHAL-QISA Exam Questions Updates and a Free Demo

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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 (Q84-Q89):

NEW QUESTION # 84
While reviewing the workpapers and draft report from an audit engagement, the chief audit executive (CAE) found that an Important compensating control had not been considered adequately by the audit team when it reported a major control weakness Therefore, the CAE returned the documentation to the auditor in charge for correction Based on this Information, which of the following sections of the workpapers most likely would require changes?
1.Effect of the control weakness.
2.Cause of the control weakness
3.Conclusion on the control weakness.
4.Recommendation for the control weakness.

A. 1, 2, and 3.
B. 1,3, and 4.
C. 2, 3, and 4.
D. 1.2. and 4

Answer: B

Explanation:
* Introduction:
* When a compensating control is not considered, it can affect various aspects of the audit findings and conclusions.
* Impact on Workpapers:
* Effect of the Control Weakness: The impact of the control weakness needs to be reassessed considering the compensating control.
* Conclusion on the Control Weakness: The overall conclusion about the severity of the control weakness may change.
* Recommendation for the Control Weakness: Recommendations may need to be adjusted based on the new assessment.
* Options Analysis:
* Option A: Includes the effect, cause, and conclusion, but the cause might not change if it remains relevant regardless of compensating controls.
* Option B: Includes the effect, cause, and recommendation, but the cause might not change.
* Option C: The effect, conclusion, and recommendation would likely need adjustments.
* Option D: Includes cause, conclusion, and recommendation, but the cause might remain unchanged.
* Conclusion:
* The sections of the workpapers that most likely require changes are the effect of the control weakness, the conclusion on the control weakness, and the recommendation for the control weakness.

NEW QUESTION # 85
The internal audit activity is asked to review the effectiveness of controls around the disposal of chemical waste. However, the internal auditors on staff lack the necessary skills to conduct this review Which of the following would be the most appropriate approach?

A. An internal auditor who recently attended a three-day workshop on chemical waste disposal, and therefore has the most knowledge on the topic, should lead the engagement.
B. A nonaudit employee from the chemical disposal area may share his expertise with the audit team, provided the internal audit manager conducts a detailed review of all engagement work performed.
C. A team of available internal auditors should be assembled and should consult with an external nonaudit expert on chemical waste disposal to plan and conduct the engagement.
D. A team of the most knowledgeable auditors could be assembled and use the engagement work program from the previous year to gather additional insight regarding recommended audit procedures

Answer: C

Explanation:
* Skill Gap Identification:Internal auditors lack the necessary expertise in chemical waste disposal.
* Consulting Experts:Engaging an external nonaudit expert ensures that the internal audit team receives the necessary technical knowledge to conduct an effective review.
* Team Assembly:By assembling a team of internal auditors and consulting an external expert, the organization leverages both internal audit capabilities and external technical expertise.
* Ensuring Competence:This approach ensures that the internal audit activity complies with the IIA Standards, specifically Standard 1210 - Proficiency, which requires internal auditors to possess the knowledge, skills, and other competencies needed to perform their responsibilities.
References:
* IIA Standard 1210 - Proficiency .

NEW QUESTION # 86
According to the IIA Code of Ethics, which of the following is required with regard to communicating results?

A. The internal auditor should disclose all material information obtained by the date of the final engagement communication.
B. The internal auditor should reveal material facts that could potentially distort the reporting of activities under review
C. The internal auditor should obtain all material information within the established time and budget parameters.
D. The internal auditor should present material information to appropriate personnel within the organization without revealing confidential matters that could be detrimental to the organization

Answer: B

Explanation:
The IIA Code of Ethics sets forth principles and expectations for ethical behavior in internal auditing, particularly regarding the communication of results.
* Integrity and Transparency:According to the IIA Code of Ethics, internal auditors are expected to exhibit integrity and transparency in their reporting, ensuring that material facts are disclosed accurately to avoid misrepresentation.

NEW QUESTION # 87
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. Anticipated misstatement risk
B. Incorrect rejection risk.
C. Tolerable misstatement risk
D. Incorrect acceptance risk.

Answer: D

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 # 88
An organization invests excess short-term cash in trading securities Which of the following actions should an internal auditor take to test the valuation of those securities'*

A. Compare the carrying value with current market quotations
B. Perform a calculation of premium or discount amortization.
C. Use the equity method to recalculate the investment carrying value
D. Confirm the securities held by the broker.

Answer: A

Explanation:
* Testing Valuation:The valuation of trading securities requires comparing their carrying value with current market prices to ensure accuracy.
* Market Quotations:Current market quotations provide the most reliable and up-to-date information on the fair value of securities.
* Accounting Standards:This approach is consistent with accounting standards that require securities to be reported at fair value, reflecting any unrealized gains or losses.
* Verification Process:Comparing the carrying value with market quotations helps verify that the securities are appropriately valued on the financial statements.
References:
* International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) regarding fair value measurement.

NEW QUESTION # 89
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​Free Real IIA IIA-CHAL-QISA Exam Questions Updates and a Free Demo

IIA IIA-CHAL-QISA Exam Syllabus Topics:

Pass Guaranteed Quiz 2025 IIA Perfect IIA-CHAL-QISA: Reliable Qualified Info Systems Auditor CIA Challenge Exam Braindumps

IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q84-Q89):

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