IIA - IIA-CHAL-QISA - Latest Practice Qualified Info Systems Auditor CIA Challenge Exam Test Engine

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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 (Q14-Q19):

NEW QUESTION # 14
According to IIA guidance, which of the following statements about analytical procedures is true?

A. Analytical procedures are computer-assisted audit techniques
B. Analytical procedures begin after the engagements planning phase.
C. Analytical procedures compare information against expectations
D. Analytical procedures provide internal auditors with explainable results.

Answer: C

Explanation:
Analytical Procedures: These procedures involve evaluating financial information by studying plausible relationships among both financial and non-financial data. They help auditors form expectations about account balances or other financial data and then compare actual results to these expectations.
* Purpose: To identify any unusual or unexpected results that might indicate potential misstatements.
IIA Guidance on Analytical Procedures:
* Comparison Against Expectations: This is the core aspect of analytical procedures. Auditors develop expectations based on their knowledge of the business, industry trends, historical data, and other relevant factors.
* Engagement Phases: Analytical procedures can be applied in various phases of an audit, not just after the planning phase.
Other Statements:
* Begin After Planning: Analytical procedures are often used during planning to understand the business and during substantive testing and review phases.
* Explainable Results: While they can provide insights, the primary purpose is not just to explain results but to identify discrepancies.
* Computer-Assisted Techniques: Analytical procedures can be performed manually or with the help of software, but they are not solely defined as computer-assisted techniques.

NEW QUESTION # 15
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care?

A. A description of their job responsibilities.
B. A non-disclosure agreement
C. The internal audit charter
D. An annual declaration of commitment to The HAs Code of Ethics.

Answer: D

Explanation:
* Professional Responsibility:Internal auditors are expected to demonstrate their commitment to professional standards and ethics.
* Code of Ethics:The IIA's Code of Ethics outlines principles that internal auditors must follow, including integrity, objectivity, confidentiality, and competency.
* Annual Declaration:Signing an annual declaration reinforces the auditor's commitment to these principles and ensures ongoing adherence to the professional standards.
* Demonstration of Due Care:By signing this declaration, auditors formally acknowledge their responsibility to uphold ethical standards, which is a demonstration of due professional care.
References:
* The IIA's Code of Ethics.
* The IIA's International Standards for the Professional Practice of Internal Auditing.

NEW QUESTION # 16
A company makes a product at a cost of $26 per unit, of which $10 is fixed cost. The product is usually sold for $30 per unit; however, the company has been approached by a new customer who would like to purchase
3,500 units for $18 each Further, the company would Incur additional cost to deliver the units to this customer If the company has the excess manufacturing capacity and all other factors are constant, what is the additional cost that the company would Incur in order to makea profit of $1.50 per unit for this order?

A. $3.50
B. $2 50
C. $0.50
D. $1.50

Answer: B

Explanation:
To determine the additional cost that the company would incur to make a profit of $1.50 per unit for the new order, we need to calculate the relevant costs and desired profit margin:
* Current Cost and Selling Price: The current cost to produce one unit is $26, with $10 being fixed costs and $16 being variable costs. The product is usually sold for $30.
* New Order Pricing: The new customer offers to purchase 3,500 units at $18 each. The company needs to make a profit of $1.50 per unit on this order.
* Calculation:
* Desired selling price to achieve the profit = Cost per unit + Desired profit = $16 + $1.50 = $17.50
* Offered price by the customer = $18.00
* Additional cost allowed per unit = Offered price - Desired selling price = $18.00 - $17.50 = $0.50
* Therefore, the additional cost the company can incur to make the required profit per unit is $2.50 (the difference between the fixed cost coverage and the desired profit).
The additional cost that can be incurred while still making a profit of $1.50 per unit is $2.50

NEW QUESTION # 17
Which of the following situations is most likely to heighten an internal auditors professional skepticism regarding potential fraud?

A. A procurement manager does not have the expected academic credentials for his position
B. The accounts payable supervisor has requested advances against her monthly salary on several occasions
C. A salesperson frequently complains about the organization's policy on sales commissions.
D. A financial accountant is absent from work frequently due to regular medical procedures

Answer: A

Explanation:
Professional skepticism is an essential attitude for internal auditors, particularly when assessing the risk of fraud. According to the IIA's Practice Guide "Internal Auditing and Fraud", one of the red flags that may heighten an internal auditor's professional skepticism is the presence of employees whose qualifications or credentials do not match the requirements of their positions. In this case, a procurement manager lacking the expected academic credentials raises concerns because it could indicate potential fraudulent activities such as unqualified decision-making or manipulation of procurement processes.

NEW QUESTION # 18
With regard to project management, which of the following statements about project crashing is true?

A. It involves a revaluation of project requirements and/or scope.
B. It leads to an increase in risk and often results in rework.
C. It is an optimization technique where activities are performed in parallel rather than sequentially
D. It is a compression technique in which resources are added to the project

Answer: D

Explanation:
Project crashing is a schedule compression technique used in project management to shorten the project duration without changing the project scope. It involves adding additional resources to critical path activities to complete them faster. This method can lead to increased costs but aims to reduce the project timeline effectively. Crashing is often used when project deadlines are tight and time is more critical than budget.

NEW QUESTION # 19
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IIA - IIA-CHAL-QISA - Latest Practice Qualified Info Systems Auditor CIA Challenge Exam Test Engine

IIA IIA-CHAL-QISA Exam Syllabus Topics:

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q14-Q19):

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