IIA-CHAL-QISA NEW EXAM MATERIALS, TEST IIA-CHAL-QISA SAMPLE QUESTIONS

IIA-CHAL-QISA New Exam Materials, Test IIA-CHAL-QISA Sample Questions

IIA-CHAL-QISA New Exam Materials, Test IIA-CHAL-QISA Sample Questions

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IIA IIA-CHAL-QISA Exam Syllabus Topics:

TopicDetails
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.

IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q147-Q152):

NEW QUESTION # 147
A bicycle manufacturer incurs a combination of fixed and variable costs with the production of each bicycle.
Which of the following statements is true regarding these costs?

  • A. if the number of bicycles produced is increased by 15 percent, the variable cost per unit will increase proportionally
  • B. The total variable cost will vary proportionally and inversely with the number of bicycles produced during a production run.
  • C. if the number of bicycles produced is increased by 30 percent, the fixed cost per unit will decline.
  • D. The fixed cost per unit will vary directly based on the number of bicycles produced during the production cycle.

Answer: C

Explanation:
* Introduction:
* Understanding cost behavior is crucial in managing production and financial performance in manufacturing.
* Cost Characteristics:
* Fixed costs remain constant in total but vary per unit with changes in production volume.
* Variable costs vary directly with production volume but remain constant per unit.
* Options Analysis:
* Option A: Variable costs per unit remain constant regardless of production volume.
* Option B: Fixed costs per unit decrease as production volume increases, not directly.
* Option C: Total variable costs vary directly with production volume, not inversely.
* Option D: Fixed costs per unit will decline as the number of units produced increases due to the spreading of fixed costs over a larger number of units.
* Conclusion:
* When production increases by 30%, the fixed cost per unit will decline as the same total fixed cost is allocated over a greater number of units.


NEW QUESTION # 148
Which of the following is a true statement regarding whistleblowing?

  • A. Whistleblowers are current or former employees who are disgruntled and looking to retaliate.
  • B. Whistleblowing programs help employees deal with ethical questions and instill ethical values into everyday behavior
  • C. Whistleblowing is one of several possible ethical structures an organization can undertake to encourage ethical behavior.
  • D. Whistleblowers should inform the organization about actual criminal circumstances, not assumed allegations.

Answer: C

Explanation:
* Purpose of Whistleblowing:Whistleblowing is a mechanism that allows employees to report unethical or illegal activities within the organization. It is a vital part of an organization's ethical framework, providing a structured way for concerns to be raised and addressed.


NEW QUESTION # 149
A corporate merger decision prompts the chief audit executive (CAE) to propose interm changes to the existing annual audit plan to account for emerging risks Which of the following Is the most appropriate action for the CAE to take regarding the changes made to the audit plan?

  • A. Communicate with the CEO and present the revised audit plan to the board for approval
  • B. Present the revised audit plan directly to the CEO for approval.
  • C. Present the revised audit plan directly to the board for approval
  • D. Communicate with the chief financial officer and present the revised audit plan to the CEO for approval.

Answer: A

Explanation:
Role of the CAE: The Chief Audit Executive (CAE) is responsible for developing a risk-based audit plan and ensuring it is aligned with the organization's goals and emerging risks. Significant changes to the audit plan must be communicated appropriately within the organization.
IIA Standards:
* Standard 2020 - Communication and Approval: The CAE must communicate the internal audit plan and resource requirements, including significant interim changes, to senior management and the board for review and approval.
* Risk Assessment: Any changes to the audit plan due to emerging risks, such as a corporate merger, must be documented and approved at the highest levels to ensure comprehensive risk coverage.
Most Appropriate Action:
* Communication with the CEO: The CAE should first discuss the revised audit plan with the CEO to ensure alignment with executive management's perspective on emerging risks.
* Board Approval: After discussing with the CEO, the CAE should present the revised audit plan to the board for formal approval, ensuring transparency and governance.
References:
* Presenting the revised audit plan to the board after discussing with the CEO ensures that all relevant stakeholders are informed and that the revised plan is formally approved, maintaining alignment with IIA standards.


NEW QUESTION # 150
An internal auditor is asked to determine why the production line for a large manufacturing organization has been experiencing shutdowns due to unavailable parts The auditor learns that production data used for generating automatic purchases via electronic interchange is collected on personal computers connected by a local area network (LAN) Purchases are made from authorized vendors based on both the production plans for the next month and an authorized materials requirements plan (MRP) that identifies the parts needed per unit of production. The auditor suspects the shutdowns are occurring because purchasing requirements have not been updated for changes in production techniques. Which of the following audit procedures should be used to test the auditor's theory?

  • A. Compare purchase orders generated from test data Input into the LAN with purchase orders generated from production data for the most recent period.
  • B. Develop a report of excess inventory and compare the inventory with current production volume.
  • C. Compare the parts needed based on current production estimates and the MRP for the revised production techniques with the purchase orders generated from the system for the same period
  • D. Select a sample of production estimates and MRPs for several periods and trace them into the system to determine that input is accurate

Answer: C

Explanation:
To test the theory that shutdowns are due to outdated purchasing requirements, the auditor should compare the parts needed according to the revised production techniques with the purchase orders generated. This comparison will reveal whether the system has been updated to reflect changes in production techniques, thereby identifying any discrepancies causing the unavailability of parts.


NEW QUESTION # 151
Which of the following is most likely the subject of a periodic report from the chief audit executive to the board?

  • A. Management's assertions regarding the system of internal controls.
  • 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. A complete, accurate, and comprehensive account of engagement observations and recommendations.

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 # 152
......

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