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IIA-CHAL-QISA Valid Exam Review - IIA-CHAL-QISA Dump File

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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

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

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.

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q148-Q153):

NEW QUESTION # 148
An internal auditor believes that the internal audit activity's independence is impaired Which of the following actions should the internal auditor take first?

A. Report the impairment to senior management
B. Ascertain the best approach to disclose the impairment.
C. Decide on the extent of impact of the impairment
D. Discuss the impairment with the audit manager.

Answer: D

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 # 149
An investor has acquired an organization that has a dominant position in a mature, slow-growth industry and consistently creates positive financial income Which of the following terms would the investor most likely label this investment in her portfolio?

A. A star.
B. A question mark.
C. A cash cow.
D. A dog

Answer: C

Explanation:
Investment Portfolio Terms:
* Cash Cow: A business unit with a dominant market position in a mature, slow-growth industry that generates consistent positive cash flow and profits. It requires little investment to maintain its market position and provides funds for other investments.
* Star: A business unit with a high market share in a fast-growing industry. It requires significant investment to maintain its position and support further growth.
* Question Mark: A business unit with a low market share in a high-growth industry. It requires substantial investment to increase market share.
* Dog: A business unit with a low market share in a slow-growth industry, generating minimal profit or loss.
Characteristics of a Cash Cow:
* Dominant Position: The acquired organization has a strong market position.
* Mature Industry: The industry is mature with slow growth.
* Positive Financial Income: Consistently generates positive cash flow and profits, requiring minimal investment.
Investment Strategy:
* Portfolio Management: Investors typically use cash cows to fund other investments, maintaining a balanced portfolio that supports growth while providing stable returns.
References:
* The term "cash cow" accurately describes an organization with a dominant position in a mature, slow-growth industry that consistently generates positive financial income, fitting the investor's description.

NEW QUESTION # 150
According to IIA guidance, which of the following statements is true regarding reporting the results of the quality assurance and improvement program?

A. Results of ongoing monitoring of the internal audit activity's performance must be reported to senior management and the board at least annually
B. Results of internal assessments need to be reported to the board at least once every five years.
C. The external assessor must present the findings from the external assessment to senior management and the board upon completion.
D. Deficiencies within the internal audit activity must be reported to the board as soon as they are noted

Answer: A

Explanation:
The IIA's International Standards for the Professional Practice of Internal Auditing (Standards) provide guidance on the reporting requirements of the quality assurance and improvement program. According to Standard 1320, "The chief audit executive must communicate the results of the quality assurance and improvement program to senior management and the board." This communication must include the results of both internal and external assessments and ongoing monitoring. Specifically, the results of ongoing monitoring of the internal audit activity's performance should be reported to senior management and the board at least annually. This ensures that the internal audit activity maintains its proficiency, enhances its effectiveness, and complies with the Standards.

NEW QUESTION # 151
Which of the following statements is true regarding an organization's inventory valuation?

A. The valuation will be correct if the inventory includes goods sent on consignment to another organization
B. The valuation will be incorrect if the inventory includes goods in transit shipped FOB shipping point from another organization.
C. The valuation will be incorrect if the inventory includes goods in transit shipped free on board (FOB) destination to another organization.
D. The valuation will be correct if the inventory includes goods received on consignment from another organization.

Answer: B

Explanation:
Inventory Valuation Principles: Inventory valuation must accurately reflect the ownership of goods. The accounting treatment of inventory in transit depends on the shipping terms, specifically whether it is FOB (Free on Board) shipping point or FOB destination.
FOB Shipping Point:
* Ownership Transfer: When goods are shipped FOB shipping point, ownership transfers to the buyer as soon as the goods leave the seller's premises.
* Impact on Inventory Valuation: If goods shipped FOB shipping point are in transit at the end of the reporting period, they should be included in the buyer's inventory, not the seller's.
FOB Destination:
* Ownership Transfer: When goods are shipped FOB destination, ownership transfers to the buyer only when the goods arrive at the buyer's premises.
* Impact on Inventory Valuation: Goods in transit under FOB destination terms should remain in the seller's inventory until they reach the buyer.
Consignment:
* Goods Received on Consignment: Goods held on consignment should not be included in the inventory of the consignee (the holder) but remain in the inventory of the consignor (the owner).
* Goods Sent on Consignment: Goods sent out on consignment should still be included in the inventory of the consignor until they are sold by the consignee.
Correct and Incorrect Valuations:
* Incorrect Valuation (Option C): Including goods in transit shipped FOB shipping point in the seller's inventory would be incorrect, as ownership has transferred to the buyer.
* Correct Valuation (Option D): Including goods sent on consignment in the consignor's inventory is correct because ownership has not transferred.
References:
* Correct inventory valuation practices ensure that goods in transit are properly accounted for based on the shipping terms, thus providing an accurate financial picture of inventory.

NEW QUESTION # 152
In an assurance engagement focused on the adequacy of organizationwide risk management practices, which of the following best describes a primary area of interest for the engagement?

A. The alignment of management decisions with the level of risk the organization is willing to accept.
B. The effectiveness of process-level and transaction-level controls.
C. Conflicts of interest within the organizational structure of the senior management.
D. The actions of upper management in response to the internal audit acth/lty's reporting

Answer: A

Explanation:
Understanding the Engagement Scope: The primary area of interest in an assurance engagement focused on the adequacy of organization-wide risk management practices is to ensure that risk management is effectively integrated into the organization's decision-making processes. This involves evaluating whether management decisions are aligned with the organization's risk appetite, which is the amount of risk the organization is willing to accept in pursuit of its objectives.
Key Considerations:
* Effectiveness of Risk Management Framework: Ensuring that the risk management framework is robust and effectively implemented across the organization.
* Risk Appetite Alignment: Assessing if the decisions made by management are within the boundaries set by the organization's risk appetite statement.
* Strategic Objectives: Evaluating if the risk management practices support the achievement of the organization's strategic objectives.
IIA Standards: According to the IIA's International Standards for the Professional Practice of Internal Auditing, internal auditors must evaluate the effectiveness and contribute to the improvement of risk management processes (Standard 2120 - Risk Management).
References:
* The alignment of management decisions with the level of risk the organization is willing to accept ensures that the organization does not take on more risk than it is prepared to handle, thereby protecting its assets and ensuring long-term sustainability.
* Effective risk management practices help in identifying, assessing, and mitigating risks, which is crucial for the overall governance and operational effectiveness of the organization

NEW QUESTION # 153
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