LATEST IIA IIA-CHAL-QISA TEST VCE, IIA-CHAL-QISA ADVANCED TESTING ENGINE

Latest IIA IIA-CHAL-QISA Test Vce, IIA-CHAL-QISA Advanced Testing Engine

Latest IIA IIA-CHAL-QISA Test Vce, IIA-CHAL-QISA Advanced Testing Engine

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Free PDF Quiz 2025 Reliable IIA IIA-CHAL-QISA: Latest Qualified Info Systems Auditor CIA Challenge Exam Test Vce

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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 (Q121-Q126):

NEW QUESTION # 121
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 cash cow.
  • B. A star.
  • C. A dog
  • D. A question mark.

Answer: A

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 # 122
When determining the level of staff and resources to be dedicated to an assurance engagement, which of the following would be the most relevant to the chief audit executive?

  • A. The number of internal auditors used for the previous review of the same area.
  • B. The overall adequacy of the internal audit activity's resources
  • C. The availability of guest auditors for the engagement
  • D. The available resources with the specific skill set required

Answer: D

Explanation:
When determining the level of staff and resources to dedicate to an assurance engagement, the most critical factor for the chief audit executive (CAE) is ensuring that the available resources possess the specific skill sets required for the engagement. This ensures that the internal audit team can effectively address the unique challenges and risks associated with the audit.
* Skill Set Relevance: The CAE must match the skills and knowledge of the audit team to the specific requirements of the audit engagement. This includes technical expertise, industry knowledge, and any specialized skills needed for the audit.
* Resource Allocation: Effective allocation involves not just the number of auditors but ensuring they have the right competencies to perform the audit tasks proficiently.
* Impact on Audit Quality: Allocating resources with the appropriate skill set ensures the audit is thorough and of high quality, reducing the risk of overlooking critical issues.
References:
* "Managing Internal Audit Activities," which discusses the importance of aligning audit resources with the necessary skills for specific engagements .


NEW QUESTION # 123
Which of the following statements is true regarding the reporting of tangible and intangible assets?

  • A. The organization must expense any cost incurred in developing a plant asset
  • B. For intangible assets, cost includes the purchase price and development costs.
  • C. For plant assets, cost includes the purchase price and the cost of design and construction
  • D. Due to their indefinite nature, intangible assets are not subject to amortization.

Answer: C

Explanation:
Plant Assets Cost: For plant assets, which are tangible fixed assets such as buildings and machinery, the cost includes all expenditures necessary to acquire the asset and prepare it for its intended use. This includes the purchase price and additional costs such as design and construction.


NEW QUESTION # 124
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?

  • A. 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.
  • B. 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.
  • C. 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.
  • D. 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

Answer: B

Explanation:
* Skill Gap Identification:Internal auditors lack the necessary expertise in chemical waste disposal.
* Consulting Experts:Engaging an external nonaudit expert ensures that the internal audit team receives the necessary technical knowledge to conduct an effective review.
* Team Assembly:By assembling a team of internal auditors and consulting an external expert, the organization leverages both internal audit capabilities and external technical expertise.
* Ensuring Competence:This approach ensures that the internal audit activity complies with the IIA Standards, specifically Standard 1210 - Proficiency, which requires internal auditors to possess the knowledge, skills, and other competencies needed to perform their responsibilities.
References:
* IIA Standard 1210 - Proficiency .


NEW QUESTION # 125
Organizations that adopt just-in-time purchasing systems often experience which of the following?

  • A. A greater need for inspection of goods as the goods arrive
  • B. A slight increase in carrying costs.
  • C. A greater need for linkage with a vendors computerized order entry system.
  • D. An Increase in the number of suitable suppliers

Answer: C

Explanation:
Just-in-time (JIT) purchasing systems aim to minimize inventory levels by receiving goods only as they are needed in the production process, which requires tight integration with suppliers.
* Vendor Linkage: JIT systems demand a highly efficient and responsive supply chain. Linking with vendors' computerized order entry systems ensures that orders are processed quickly and accurately, supporting the JIT philosophy.
* Inspection: JIT systems often rely on high-quality suppliers to minimize the need for inspection upon arrival, focusing instead on preventive measures at the supplier's end.
* Carrying Costs: A JIT system typically reduces carrying costs by keeping inventory levels low.
* Supplier Base: The focus is often on a few reliable suppliers rather than increasing the number of suppliers.
References:
* "Supply Chain Management: Strategy, Planning, and Operation," which discusses the operational requirements and benefits of JIT systems.


NEW QUESTION # 126
......

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