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IIA Qualified Info Systems Auditor CIA Challenge - IIA-CHAL-QISA Exam Practice Test

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Total 177 questions

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Question 1

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. Full cost B. Full cost plus a markup. C. Market price of the product. D. Variable cost plus a markup.

Correct Answer: C

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Question 2

Which of the following is the BEST example of a preventive IT control?

A. Multi-factor authentication. B. Security incident investigation. C. Exception reporting. D. Log monitoring.

Correct Answer: A

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Question 3

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?

A. Visiting the grantee to assess whether the execution of the project was in line with the defined grant scope. B. Verifying that the grantee's final report is in line with what was depicted in the initial budget request. C. Interviewing employees of the corporate affairs department, which is responsible for charitable activities D. Reconciling general ledger accounts used by management of the area under review for reflecting expenses on charitable contributions

Correct Answer: A

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Question 4

An internal auditor concludes that a control operates effectively only 60% of the time.
The auditor should conclude that:

A. The control is ineffective. B. No deficiency exists. C. The control eliminates risk. D. The control is properly designed.

Correct Answer: A

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Question 5

The internal audit activity is responsible for which of the following actions related to an organization's internal controls?

A. Attesting to fairness of financial statements B. Analyzing and advising regarding costs versus benefits of control activities. C. Enabling opportunities affecting achievement of organizational objectives. D. Mitigating risks affecting achievement of organizational objectives.

Correct Answer: B

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Question 6

An internal auditor believes that the internal audit activity's independence is impaired Which of the following actions should the internal auditor take first?

A. Discuss the impairment with the audit manager. B. Ascertain the best approach to disclose the impairment. C. Report the impairment to senior management D. Decide on the extent of impact of the impairment

Correct Answer: A

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Question 7

If the skills and competencies are not present within the internal audit activity to complete an ad- hoc assurance engagement, which of the following is an acceptable resolution?

A. Change the scope of the testing to ensure that only available staff proficiencies are used B. Complete the engagement as requested, with the best of the current staff's abilities. C. Consider using employees from other departments in the organization on the audit team. D. Politely decline the engagement due to a lack of qualified staff available at the time.

Correct Answer: C

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Question 8

When reviewing workpapers, engagement supervisors may ask for additional evidence or clarification via review notes. According to IIA guidance, which of the following statements is true regarding the engagement supervisors review notes?

A. Management of the area under review must address the engagement supervisors review notes before the audit report can be finalized. B. The chief audit executive must initial or sign the engagement supervisors review notes to provide evidence of appropriate engagement supervision. C. Review notes provide documented proof that the engagement is supervised properly and must be retained for the quality assurance and improvement program D. The review notes may be cleared from the final documentation once the engagement supervisors concerns have been addressed

Correct Answer: D

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Question 9

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?

A. The scope of the engagement, the estimated time frame, and the names of the auditors. B. The names of the auditors, the resources and travel budget, and the scope of the engagement. C. The estimated time frame, the names of the auditors, and the resources and travel budget D. The resources and travel budget, the scope of the engagement, and the estimated time frame.

Correct Answer: A

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Question 10

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

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

Correct Answer: B

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Question 11

Which of the following is an example of a properly supervised engagement?

A. Auditors are asked to keep a daily record of their activity for review by the auditor in charge following the engagement. B. A new internal auditor is accompanied by an experienced auditor during a highly sensitive fraud investigation. C. The senior internal auditor requires each auditor to review and initial colleagues' workpapers for completeness and format D. The auditor in charge provides reasonable assurance that engagement objectives were met

Correct Answer: D

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Question 12

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. 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. 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. 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 D. 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.

Correct Answer: B

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Question 13

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

A. To ensure report style and grammar are appropriate. B. To ensure senior management supports the reports conclusions C. To ensure the objectives of the area under review are met D. To ensure report findings are substantiated

Correct Answer: D

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Question 14

Which of the following must be in existence as a precondition to developing an effective system of internal controls?

A. An information and communication process B. A risk assessment process. C. A strategic objective-setting process. D. A monitoring process

Correct Answer: B

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Total 177 questions

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