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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q131-Q136):

NEW QUESTION # 131
A multinational organization has asked the internal audit activity to assist in setting up the organization's risk management system The chief audit executive (CAE) agrees to take on the engagement as a consultant. Which of the following tasks is appropriate for the CAE to undertake?

A. Establish the degree of risk appetite for management to accept.
B. Set risk Indicators and mitigation plans for management to Implement.
C. Determine the number of significant risks for management to report to the board
D. Coordinate and facilitate risk workshops for management to attend

Answer: D

Explanation:
Role of CAE as Consultant: The chief audit executive (CAE) can act as a consultant to help management establish a risk management system. Their role should be facilitative rather than directive, ensuring that management owns the risk management process.
Appropriate Tasks:
* Risk Workshops: Coordinating and facilitating risk workshops (option A) helps management identify and assess risks, allowing them to develop appropriate responses. This is a suitable task for the CAE.
* Risk Appetite and Indicators: Establishing risk appetite (option B) and setting risk indicators and mitigation plans (option C) are management's responsibilities.
* Reporting Risks: Determining the number of significant risks to report (option D) should also be a management function.

NEW QUESTION # 132
According to IIA guidance, which of the following statements is true regarding reporting the results of the quality assurance and improvement program?

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

Answer: B

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 # 133
A bank uses customer departmentalization to categorize its departments. Which of the following groups best exemplifies this method of categorization?

A. Community, institutional, and agricultural banking
B. Teller, manager, and IT specialist
C. South, southwest and east.
D. Mortgages, credit cards, and savings.

Answer: A

Explanation:
Customer Departmentalization: This method categorizes departments based on the type of customers they serve. It aligns services and strategies with the specific needs and characteristics of different customer groups.
Examples of Customer Departmentalization:
* Community Banking: Focuses on services tailored for local communities, often involving personal banking services.
* Institutional Banking: Caters to large organizations, offering specialized financial products and services.
* Agricultural Banking: Provides financial services to farmers and agricultural businesses, addressing their unique needs.
Comparison with Other Options:
* Product Departmentalization: Option B categorizes by products offered, such as mortgages and credit cards.
* Geographical Departmentalization: Option C categorizes by regions, such as south and southwest.
* Functional Departmentalization: Option D categorizes by job functions, such as teller and manager.
References:
* Customer departmentalization is exemplified by categorizing banking services into community, institutional, and agricultural sectors, focusing on the distinct needs of different customer groups.

NEW QUESTION # 134
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. Anticipated misstatement risk
B. Incorrect rejection risk.
C. Incorrect acceptance risk.
D. Tolerable misstatement risk

Answer: C

Explanation:
* Introduction:
* When performing audit testing, internal auditors must consider the risk that their sample may lead to incorrect conclusions about the accuracy of account balances.
* Understanding Incorrect Acceptance Risk:
* This risk refers to the possibility that the sample used might support the conclusion that the recorded account balance is not materially misstated when, in fact, it is. This is a type of sampling risk that auditors need to mitigate through proper sampling techniques and sufficient sample sizes.
* Options Analysis:
* Option A: Incorrect rejection risk is the risk that the sample leads to the conclusion that the account balance is materially misstated when it is not.
* Option B: Incorrect acceptance risk directly addresses the concern described, where the sample fails to detect a material misstatement.
* Option C: Tolerable misstatement risk relates to the maximum error in a population that the auditor is willing to accept.
* Option D: Anticipated misstatement risk is not a standard audit term and does not describe the risk in question.
* Conclusion:
* The auditor's concern best describes the incorrect acceptance risk, which is the risk of concluding that the account balance is accurate based on a sample when it is actually misstated.

NEW QUESTION # 135
According to IIA guidance, which of the following statements is true regarding engagement planning?

A. For both consulting and assurance engagements, internal auditors usually form the engagement objectives prior to completing the preliminary risk assessment
B. The expectations and objectives of an assurance engagement are usually determined by. or in conjunction with, the engagement client
C. Internal auditors may not need to complete a preliminary risk assessment for a consulting engagement as they would when planning an assurance engagement.
D. For both assurance and consulting engagements, planning typically occurs after the engagement objectives and scope have already been determined.

Answer: B

Explanation:
The expectations and objectives of an assurance engagement are often determined in conjunction with the engagement client, aligning with the client's needs and the scope of the engagement. In consulting engagements, internal auditors provide advice and services tailored to the client's requests, which may not always follow a preliminary risk assessment process like in assurance engagements.

NEW QUESTION # 136
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IIA-CHAL-QISA Valid Mock Test - Latest IIA-CHAL-QISA Test Cost

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q131-Q136):

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