IIA IIA-CHAL-QISA Exam Questions Simulate Actual IIA-CHAL-QISA Exam

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June 23, 2024

IIA-CHAL-QISA exam dumps questions are designed to simulate the actual exam. This means that you will get a feel for the types of questions you can expect to see on the exam, as well as the format and difficulty level. In addition, CIA Challenge IIA-CHAL-QISA dumps are often accompanied by detailed explanations and answers. This means that if you get a question wrong, you can learn from your mistake and understand why the correct answer is the right one. Test free online IIA-CHAL-QISA exam dumps below.

Page 1 of 5

1. According to IIA guidance, which of the following is a limitation of a heat map?

Impact cannot be represented on a heat map unless it is quantified in financial terms

Impact and likelihood at times cannot be differentiated as to which is more important.

A heat map cannot be used unless a risk and control matrix has been developed.

Qualitative factors cannot be incorporated into a heat map

2. Which of the following methods is most closely associated to year over year trends?

Horizontal analysts

Vertical analysis.

Common-size analysis.

Ratio analysis.

3. The nature of services provided to the organization is documented in the internal audit

charter.

1 and 4 only.

2 and 4 only.

1 and 3 only.

2 and 3 only.

4. An internal auditor observed that sales staff are able to modify or cancel an order in the system prior to shipping She wonders whether they can also modify orders after shipping.

Which of the following types of controls should she examine?

Batch controls.

Application controls

General IT controls.

Logical access controls

5. Which of the following best describes the risk contained in an initial public offering for a new stock?

Residual risk.

Net risk.

Inherent risk.

Underlying risk

6. While conducting an engagement in the procurement department, the internal auditor noticed that the department head’s travel reports showed minor travel expenses, and there were no charges for hotels, meals, or transportation However, the auditor knew that the department head frequently traveled worldwide to meet with suppliers and visit their production sites.

Which of the following would be the most appropriate next step for the auditor?

The auditor should make a note of the issue for follow-up when employee travel expenses are audited.

The auditor should analyze trends and changes among the organization's suppliers over the past few years.

The auditor should investigate whether there are any special arrangements regarding senior management travel.

The auditor should analyze the list of destinations the department head visited to estimate typical costs

7. Which of the following is most likely to be considered a control weakness?

Vendor invoice payment requests are accompanied by a purchase order and receiving report.

Purchase orders are typed by the purchasing department using prenumbered forms

Buyers promptly update the official vendor listing as new supplier sources become known.

Department managers initiate purchase requests that must be approved by the plant superintendent

8. What is the primary reason that audit supervision includes approval of the engagement report?

To ensure the objectives of the area under review are met

To ensure senior management supports the reports conclusions

To ensure report style and grammar are appropriate.

To ensure report findings are substantiated

9. In the years after the mid-service point of a depreciable asset, which of the following depreciation methods will result in the highest depreciation expense?

Sum of the years’ digits.

Declining balance.

Double-declining balance.

Straight line.

10. Internal auditors map a process by documenting the steps in the process, which provides a framework for understanding.

Which of the following is a reason to use narrative memoranda?

To create a detailed risk assessment

To identify individuals who perform key roles

To explain a simple process.

To document which outputs support other activities.

Page 2 of 5

11. According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the Internal audit activity^

CAE reviews and approves the annual audit plan.

CAE meets privately with the CEO at least annually

CAE meets privately with the board at least annually.

CAE reports to the board regarding audit staff performance evaluation and compensation.

12. 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?

Proceed with the audit engagement, but do not include the relative's information.

Have the chief audit executive and management determine whether the auditor should continue with the audit engagement.

Disclose in the engagement final communication that the relative Is a customer

Immediately withdraw from the audit engagement

13. What is a key indicator of internal auditors performing their work with proficiency?

Regular meetings with operational management

Adherence to The IIA's Code of Ethics

Collaboration with engagement teams

Completion of continuing professional development

14. Which of the following internal audit activity staffing models has the disadvantage that auditors are always new and in training?

Career model

Center of competence model.

Rotational model.

Hybrid model

15. 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?

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.

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.

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

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.

16. Which of the following is the primary engagement responsibility of an entry-level internal auditor?

Leadership

Documentation.

Analysis.

Reporting

17. According to Maslow's hierarchy of needs theory, which of the following best describes a strategy where a manager offers an assignment to a subordinate specifically to support his professional growth and future advancement

Esteem by colleagues.

Self-fulfillment.

Sense of belonging in the organization

Job security.

18. Which of the following would most likely form part of the engagement scope?

Potential legislation on privacy topics will be employed as a compliance target O Wire transfers that exceeded $10,000 in the last 12 months will be analyzed.

Both random and judgmental samplings will be used during the engagement

The probability of significant errors will be considered via risk assessment.

19. Applying ISO 31000; which of the following is part of the external context for risk management?

Risk treatment method based on risk evaluation.

Organizational culture, objectives, and processes.

The regulatory and competitive environment.

The method of determining the risk level

20. An organization uses the management-by-objectives method, whereby employee performance is based on defined goals.

Which of the following statements is true regarding this approach?

It is particularly helpful to management when the organization is facing rapid change.

It is a more successful approach when adopted by mechanistic organizations.

it is more successful when goal-setting Is performed not only by management, but by all team members, including lower-level staff

it is particularly successful in environments that are prone to having poor employer-employee relations

Page 3 of 5

21. A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annual snowfall for the coming winter.

Which of the following best describes this type of risk?

Residual

Net

inherent.

Accepted.

22. When is an organic organizational structure likely to be more successful than a mechanistic organizational structure?

When a manufacturing organization has stable demand for its products.

When an organization is subjected to strong political and social pressures

When a manufacturer has reliable resources and suppliers.

When an organization is infrequently affected by technological advances

23. The internal audit activity plans to assess the effectiveness of management’s self-assessment activities regarding the risk management process.

Which of the following procedures would be most appropriate to accomplish this objective?

Review corporate policies and board minutes for examples of risk discussions.

Conduct interviews with line and senior management on current practices.

Research and review relevant industry information concerning key risks.

Observe and test control and monitoring procedures and related reporting.

24. An internal auditor believes that the internal audit activity's independence is impaired.

Which of the following actions should the internal auditor take first?

Report the impairment to senior management

Discuss the impairment with the audit manager.

Ascertain the best approach to disclose the impairment.

Decide on the extent of impact of the impairment

25. According to IIA guidance, which of the following would be the best first step to manage risk when a third party is overseeing the organization’s network and data'?

Creating a comprehensive reporting system for vendors to demonstrate their ongoing due diligence in network operations.

Drafting a strong contract that requires regular vendor control reports and a right-to-audit clause

Applying administrative privileges to ensure right-to-access controls are appropriate

Creating a standing cybersecurity committee to identify and manage risks related to data security.

26. Which of the following situations best applies to an organization that uses a project, rather than a process, to accomplish its business activities?

A clothing company designs, makes, and sells a new item.

A commercial construction company is hired to build a warehouse.

A city department sets up a new firefighter training program.

A manufacturing organization acquires component parts from a contracted vendor

27. According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?

To enable Triple Bottom Line reporting capability.

To facilitate the conduct of risk assessment

To achieve and maintain sustainable development.

To fulfill regulatory and compliance requirements.

28. A newly appointed chief audit executive (CAE) of a small organization is developing a resource management plan.

Which of the following approaches would be most beneficial to help the CAE obtain details of the internal audit activity's collective knowledge, skills, and other competencies?

Review or establish a documented skills assessment of the internal audit staff and gather information from post-audit surveys.

Obtain from the human resources department the job descriptions and position requirements for all internal audit staff.

Conduct an objective written test of the internal audit staff to assess their knowledge and skills related to core internal audit competencies.

Request the internal audit staff to submit a document that summarizes their most recent performance appraisals and post audit reviews.

29. Which of the following statements is true regarding managements use of judgement to design, implement, and conduct internal control?

The use of judgment enhances managements ability to make better decisions about internal control, but cannot guarantee perfect outcomes.

introducing judgment generally diminishes managements ability to make good decisions about internal control

It is inappropriate for management to exercise judgement in areas such as specifying and using suitable accounting principles.

It is inappropriate for management to exercise judgement in assessing whether components are present, functioning, and operating together

30. Which factor could increase risks to an organization’s control environment?

Strong board oversight

Incentive-based compensation structures

Low employee turnover

Implementation of a fraud hotline

Page 4 of 5

31. With regard to project management, which of the following statements about project crashing is true?

It leads to an increase in risk and often results in rework.

It is an optimization technique where activities are performed in parallel rather than sequentially

It involves a revaluation of project requirements and/or scope.

It is a compression technique in which resources are added to the project

32. During which phase of the contracting process are contracts drafted for a proposed business activity’

Initiation phase.

Bidding phase.

Development phase.

Management phase

33. The internal audit activity is planning an assurance engagement for a foreign subsidiary.

According to IIA guidance, which of the following would be included in the preliminary communication to management of the area under review?

The scope of the engagement, the estimated time frame, and the names of the auditors.

The estimated time frame, the names of the auditors, and the resources and travel budget

The names of the auditors, the resources and travel budget, and the scope of the engagement.

The resources and travel budget, the scope of the engagement, and the estimated time frame.

34. Which of the following is essential for ensuring that the internal audit activity’s findings and recommendations receive adequate consideration?

Reporting results of audits with recommendations to management.

Providing formal follow-up procedures to ensure that management complies with an action plan or accepted risk of not taking action.

Reporting quarterly to management that the audit plan is focused on higher exposures of risk.

Discussing audit findings with independent auditors.

35. Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department.

Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?

Workshops.

Surveys.

Interviews.

Observation.

36. What should a newly appointed chief audit executive focus on to effectively manage resources?

Implement new audit software tools

Review job descriptions of audit staff

Conduct skills assessments and gather post-audit feedback

All of the above

37. An internal audit activity has to confirm the validity of the activities reported by a grantee that received a chantable contribution from the organization.

Which of the following methods would best help meet this objective?

Visiting the grantee to assess whether the execution of the project was in line with the defined grant scope.

Verifying that the grantee's final report is in line with what was depicted in the initial budget request.

Reconciling general ledger accounts used by management of the area under review for reflecting expenses on charitable contributions

Interviewing employees of the corporate affairs department, which is responsible for charitable activities

38. Which of the following would most likely be found in an organization that uses a decentralized organizational structure?

There is a higher reliance on organizational culture

There are clear expectations set for employees.

There are electronic monitoring techniques employed

There is a defined code for employee behavior

39. Which of the following activities Is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?

Planning an engagement of the area in which fraud is suspected.

Employing audit tests to detect fraud

Interrogating a suspected fraudster.

Completing a process review to improve controls to prevent fraud.

40. A regional entertainment organization is in the process of developing a corporate social responsibility (CSR) policy. Management invites ideas from employees when developing the CSR policy.

Which of the following is the most appropriate idea to include?

Management has overall responsibility for the effectiveness of governance, risk management, and internal control processes associated with CS

The board Is responsible for ensuring that CSR objectives are established, risks are managed, performance is measured, and activities are appropriately monitored and reported

Management is responsible for ensuring that the organization's CSR principles are communicated, understood, and integrated into decision-making processes.

Generally, CSR activities are limited to the management of the organization, thus, employees do not have a responsibility for ensuring the success of CSR objectives.

Page 5 of 5

41. Which of the following statements is true regarding corporate social responsibility (CSR)?

Many of the areas explored by CSR are normally included in an audit universe or annual audit plan

Despite significant corporate resources spent on CSR reporting, investors generally do not rely on CSR information.

Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary.

Typically, operating management does not have a major role to play based on the public nature of reporting

42. According to IIA guidance, what is the primary reason to implement environmental and social safeguards in an organization?

Regulatory compliance

Triple Bottom Line reporting

Sustainable development

Risk assessment facilitation

43. Which of the following would be considered a violation of The IIA’s mandatory guidance on independence?

The chief audit executive (CAE) reports functionally to the board and administratively to the chief financial officer

The board seeks senior managements recommendation before approving the annual salary adjustment of the CA

The CAE confirms to the board, at least once every five years, the organizational independence of the internal audit act/vity.

The CAE updates the internal audit charter and presents it to the board for approval periodically, not on a specific timeline

44. Operational management In the IT department has developed key performance indicator reports, which are reviewed in detail during monthly staff meetings.

This activity is designed to prevent which of the following conditions?

Knowledge/skills gap.

Monitoring gap.

Accountability reward failure

Communication failure

45. Which of the following is an advantage of utilizing an external fraud specialist in a suspected fraud investigation?

increased access to the organization's employees.

Increased ability to preserve evidence and the chain of command.

Increased ability to scrutinize the organization's key business processes.

increased access to the organization's software and proprietary data.

46. Which of the following is true of matrix organizations?

A unity-of-command concept requires employees to report technically, functionally, and administratively to the same manager.

A combination of product and functional departments allows management to utilize personnel from various functions.

Authority, responsibility, and accountability of the units involved may vary based on the projects life, or the organization's culture.

it is best suited for firms with scattered locations or for multi-line, large-scale firms.

47. Which of the following statements is true regarding an organization’s inventory valuation?

The valuation will be incorrect if the inventory includes goods in transit shipped free on board (FOB) destination to another organization.

The valuation will be correct if the inventory includes goods received on consignment from another organization.

The valuation will be incorrect if the inventory includes goods in transit shipped FOB shipping point from another organization.

The valuation will be correct if the inventory includes goods sent on consignment to another organization

48. 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?

Present the revised audit plan directly to the board for approval

Communicate with the chief financial officer and present the revised audit plan to the CEO for approval.

Present the revised audit plan directly to the CEO for approval.

Communicate with the CEO and present the revised audit plan to the board for approval

49. According to IIA guidance, which of the following statements is true regarding due professional care?

Internal auditors must exercise due professional care to ensure that all significant risks will be identified.

Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor.

Due professional care requires the internal auditor to conduct extensive examinations and verifications to ensure fraud does not exist.

Due professional care is displayed during a consulting engagement when the internal auditor focuses on potential benefits of the engagement rather than the cost

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IIA IIA-CHAL-QISA Exam Questions Simulate Actual IIA-CHAL-QISA Exam

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