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IIA IIA-CHAL-QISA Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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 (Q53-Q58):

NEW QUESTION # 53
Which of the following is most likely the subject of a periodic report from the chief audit executive to the board?

A. A complete, accurate, and comprehensive account of engagement observations and recommendations.
B. The internal audit activity's purpose, authority, responsibility, and performance relative to plan.
C. Oversight of the coordination between the internal audit activity and independent outside auditors
D. Management's assertions regarding the system of internal controls.

Answer: B

Explanation:
* Introduction:
* The chief audit executive (CAE) has a crucial role in reporting to the board on various aspects of the internal audit activity (IAA).
* Importance of Reporting:
* Periodic reports from the CAE to the board are essential for ensuring transparency and providing
* oversight on the IAA's performance and alignment with organizational objectives.
* Options Analysis:
* Option A: A complete, accurate, and comprehensive account of engagement observations and recommendations is generally part of the audit reports but not typically the subject of periodic reports from the CAE to the board.
* Option B: Oversight of the coordination between the internal audit activity and independent outside auditors is important but does not comprehensively cover the CAE's reporting responsibilities.
* Option C: The internal audit activity's purpose, authority, responsibility, and performance relative to plan encompass the core aspects of the IAA's alignment with organizational goals, effectiveness, and efficiency, making it the most comprehensive subject of periodic reports.
* Option D: Management's assertions regarding the system of internal controls are often part of audit findings but not the primary subject of CAE reports to the board.
* Conclusion:
* The CAE's periodic reports to the board should cover the IAA's purpose, authority, responsibility, and performance relative to the plan, ensuring that the board is well-informed about the internal audit's alignment with the organization's objectives and its overall performance.

NEW QUESTION # 54
While auditing an organization's credit approval process, an internal auditor learns that the organization has made a large loan to another auditors relative. Which course of action should the auditor take?

A. Proceed with the audit engagement, but do not include the relative's information.
B. Immediately withdraw from the audit engagement
C. Disclose in the engagement final communication that the relative Is a customer
D. Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.

Answer: D

Explanation:
* Identify the Conflict of Interest:The internal auditor learns about a large loan made to another auditor's relative, which represents a conflict of interest.
* Refer to Professional Standards:According to the Institute of Internal Auditors' (IIA) standards, an internal auditor must maintain objectivity and avoid conflicts of interest (IIA Standard 1100 - Independence and Objectivity).
* Escalate the Issue:The appropriate course of action is to escalate this matter to the chief audit executive (CAE) and management, as they are responsible for determining the impact of the conflict and the appropriate response.
* Decision Making:The CAE and management will assess whether the conflict of interest could impair the auditor's objectivity and decide whether the auditor should be removed from the engagement or if additional oversight is needed.
* Documentation:It is important to document the conflict and the decision-making process in the audit documentation for transparency and accountability.
References:
* The IIA's International Standards for the Professional Practice of Internal Auditing, specifically Standard 1100 on Independence and Objectivity.

NEW QUESTION # 55
Which of the following statements is true regarding corporate social responsibility (CSR)?

A. Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary.
B. Many of the areas explored by CSR are normally included in an audit universe or annual audit plan
C. Despite significant corporate resources spent on CSR reporting, investors generally do not rely on CSR information.
D. Typically, operating management does not have a major role to play based on the public nature of reporting

Answer: A

Explanation:
* Introduction:
* Corporate Social Responsibility (CSR) involves companies taking responsibility for their impact on society and the environment beyond statutory obligations.
* Nature of CSR Reporting:
* CSR reporting is generally voluntary, although some regions and industries may have mandatory requirements.
* Options Analysis:
* Option A: Many CSR areas may overlap with the audit universe or annual audit plan, but not all.
* Option B: Investors may increasingly rely on CSR information, particularly in ESG (Environmental, Social, Governance) investing.
* Option C: CSR reporting is largely voluntary, unlike financial or regulatory reporting which is often mandatory.
* Option D: Operating management typically plays a significant role in CSR efforts and reporting.
* Conclusion:
* The correct statement regarding CSR is that it is largely voluntary, unlike many other areas of reporting responsibilities that impact stakeholders.

NEW QUESTION # 56
An internal audit activity maintains a quality assurance and improvement program that includes annual self-assessments The internal audit activity includes in each engagement report a clause that the engagement is conducted in conformance with the International Standards for the Professional Practice of Internal Auditing (Standards). Which of the following justifies inclusion of this clause in the reports?

A. The audit committee has reviewed the annual self-assessment results and approved the use of the clause.
B. The self-assessment results were validated by a qualified external review team three years prior.
C. The internal audit charter, approved by the audit committee, requires conformance with the Standards
D. Internal audit activity policies and engagement records provide relevant, sufficient, and competent evidence that the statement is correct.

Answer: B

Explanation:
According to the IIA Standards, an internal audit activity must have an external assessment conducted at least once every five years by a qualified, independent reviewer or review team from outside the organization. The validation by an external team ensures that the internal audit activity's self-assessments and quality assurance practices meet the required standards.

NEW QUESTION # 57
Which requirement should the chief audit executive consider when communicating results of the quality assurance and improvement program to the board of a large organization?

A. The rating conclusions and the impact from results of the external assessment should be explained
B. The qualifications and independence of the internal assessment team should be discussed
C. The results of the external assessment should be discussed every seven years.
D. The internal assessment results should be discussed once every five years

Answer: A

Explanation:
When communicating the results of the quality assurance and improvement program (QAIP) to the board of a large organization, the chief audit executive (CAE) should explain the rating conclusions and the impact of the results from the external assessment. This ensures transparency and helps the board understand the effectiveness and areas for improvement in the internal audit function.
* Rating Conclusions: These provide a summary of the overall quality and performance of the internal audit function.
* Impact Explanation: Discussing the impact helps the board understand how the results affect the internal audit's ability to fulfill its responsibilities and improve its processes.
* Transparency: Clear communication of these aspects helps build trust and provides a basis for informed decision-making by the board.
References:
* "Internal Audit Quality Assurance and Improvement Program," which emphasizes the importance of explaining rating conclusions and impacts to the board .

NEW QUESTION # 58
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Free PDF 2025 IIA IIA-CHAL-QISA High Hit-Rate Valid Test Pass4sure

IIA IIA-CHAL-QISA Exam Syllabus Topics:

Studying IIA IIA-CHAL-QISA Exam is Easy with Our The Best IIA-CHAL-QISA Valid Test Pass4sure: Qualified Info Systems Auditor CIA Challenge Exam

IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q53-Q58):

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