Free IIA-CHAL-QISA Questions for IIA IIA-CHAL-QISA Exam

Question #1

An accounts payable clerk has recently transferred into the internal audit activity and has been assigned to an engagement related to accounts payable processes for which he was previously responsible Which of the following is the best action for the new internal auditor to take?

A. if it is a consulting engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value

B. If it is a consulting engagement, decline the assignment and ask to be reassigned, because in a consulting engagement the auditor must not assess operations for areas in which they were previously responsible.

C. If it is an assurance engagement, accept the assignment because direct knowledge of the existing accounts payable processes will provide depth and add more value

D. If it is an assurance engagement, accept the assignment because the chief audit executive had knowledge of the internal auditor's previous role when this engagement was assigned.

Discussion 0

Correct Answer: B Vote an answer

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Question #2

Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?

A. The chief audit executive reports both functionally and administratively to the CEO

B. The internal audit charter is drafted properly and approved by the appropriate parties.

C. The mission statement and strategy of the internal audit activity demonstrates alignment to organizational objectives

D. An independent third party has assessed the organization's system of internal controls to be adequate and effective.

Discussion 0

Correct Answer: B Vote an answer

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Question #3

Which of the following BEST describes the board's responsibility regarding risk management?

A. Identifying operational risks.

B. Providing oversight of risk management processes.

C. Implementing risk mitigation controls.

D. Conducting detailed risk assessments.

Discussion 0

Correct Answer: B Vote an answer

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Question #4

Which of the following best describes why an internal audit activity would consider sending written preliminary observations to the audit client?

A. Written observations allow for more interpretation.

B. Written observations help the internal auditors express the significance.

C. Written observations limit premature agreement

D. Written and verbal observations are equally effective.

Discussion 0

Correct Answer: D Vote an answer

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Question #5

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

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

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

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

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

Discussion 0

Correct Answer: C Vote an answer

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Question #6

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?

A. Application controls

B. Logical access controls

C. General IT controls.

D. Batch controls.

Discussion 0

Correct Answer: A Vote an answer

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Question #7

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

A. Organizational culture, objectives, and processes.

B. Risk treatment method based on risk evaluation.

C. The method of determining the risk level

D. The regulatory and competitive environment.

Discussion 0

Correct Answer: D Vote an answer

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Question #8

An auditor discovers that all production database administrators have unrestricted access to modify financial transaction records.
Which control weakness is MOST significant?

A. Inadequate business continuity planning.

B. Excessive privileged access.

C. Lack of documentation.

D. Insufficient user training.

Discussion 0

Correct Answer: B Vote an answer

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Question #9

Which of the following is most appropriate for internal auditors to do during the internal audit recommendations monitoring process?

A. Include all types of observations in the monitoring process

B. Assist management with implementing corrective actions.

C. Report the monitoring status to senior management when requested.

D. Determine the frequency and approach to monitoring

Discussion 0

Correct Answer: D Vote an answer

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Question #10

According to IIA guidance, which of the following statements regarding the internal audit charter is true?

A. The charter typically defines the internal audit activity's position within the organization.

B. The nature of assurances provided to parties outside of the organization typically is not included in the charter.

C. The nature of consulting services typically is not included in the charter.

D. The chief audit executive must formally review the charter at least once a year

Discussion 0

Correct Answer: A Vote an answer

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Question #11

An internal auditor is performing testing to gather evidence regarding an organization's inventory account balance and is mindful of the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is The auditor's concern best describes which of the following risks?

A. Tolerable misstatement risk

B. Incorrect acceptance risk.

C. Anticipated misstatement risk

D. Incorrect rejection risk.

Discussion 0

Correct Answer: B Vote an answer

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Question #12

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

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

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

C. Qualitative factors cannot be incorporated into a heat map

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

Discussion 0

Correct Answer: D Vote an answer

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Question #13

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?

A. Monitoring gap.

B. Communication failure

C. Accountability reward failure

D. Knowledge/skills gap.

Discussion 0

Correct Answer: A Vote an answer

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Question #14

A multinational organization has multiple divisions that sell their products internally to other divisions When selling internally, which of the following transfer prices would lead to the best decisions for the organization?

A. Variable cost plus a markup.

B. Full cost plus a markup.

C. Market price of the product.

D. Full cost

Discussion 0

Correct Answer: C Vote an answer

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