IIA IIA-CHAL-QISA Online Practice Questions and Exam Preparation

IIA IIA-CHAL-QISA Online Questions & Answers

• Question 81:

  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?

  A. Present the revised audit plan directly to the board for approval
  B. Communicate with the chief financial officer and present the revised audit plan to the CEO for approval.
  C. Present the revised audit plan directly to the CEO for approval.
  D. Communicate with the CEO and present the revised audit plan to the board for approval
  D. Communicate with the CEO and present the revised audit plan to the board for approval

• Question 82:

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

• Question 83:

  What would be the effect if an organization paid one of its liabilities twice during the year, in error?

  A. Assets, liabilities, and owners' equity would be understated.
  B. Assets, net income, and owners' equity would be unaffected
  C. Assets and liabilities would be understated.
  D. Assets, net income, and owners' equity would be understated, but liabilities would be overstated
  D. Assets, net income, and owners' equity would be understated, but liabilities would be overstated

• Question 84:

  Which of the following best describes the guideline for preparing audit engagement workpapers?

  A. Workpapers should be understandable to the auditor in charge and the chief audit executive
  B. Workpapers should be understandable to the audit client and the board.
  C. Workpapers should be understandable to another internal auditor who was not involved in the engagement.
  D. Workpapers should be understandable to external auditors and regulatory agencies
  C. Workpapers should be understandable to another internal auditor who was not involved in the engagement.

• Question 85:

  Which of the following statements is true regarding engagement planning?

  A. The scope of the engagement should be planned according to the internal audit activity's budgetand then aligned to the risk universe.
  B. The audit engagement objectives should be based on operational managements view of risk objectives
  C. The planning phase of the engagement should be completed and approved before the fieldwork of the engagement begins.
  D. The main purpose of the engagement work program is to determine the nature and timing of procedures required to gather audit evidence
  C. The planning phase of the engagement should be completed and approved before the fieldwork of the engagement begins.

• Question 86:

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

• Question 87:

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

  A. Many of the areas explored by CSR are normally included in an audit universe or annual audit plan
  B. Despite significant corporate resources spent on CSR reporting, investors generally do not rely on CSR information.
  C. Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary.
  D. Typically, operating management does not have a major role to play based on the public nature of reporting
  C. Unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary.

• Question 88:

  According to IIA guidance, which of the following corporate social responsibility (CSR) evaluation activities may be performed by the internal audit activity?

  1.Consult on CSR program design and implementation

  2.Serve as an advisor on CSR governance and risk management.

  3.Review third parties for contractual compliance with CSR terms

  4.Identify and mitigate risks to help meet the CSR program objectives

  A. 1,2, and 3.
  B. 1.2. and 4.
  C. 1, 3, and 4.
  D. 2. 3. and 4.
  B. 1.2. and 4.

• Question 89:

  Which requirement should the chief audit executive consider when communicating results of the quality assurance and improvement program to the board of a large organization?

  A. The internal assessment results should be discussed once every five years
  B. The rating conclusions and the impact from results of the external assessment should be explained
  C. The results of the external assessment should be discussed every seven years.
  D. The qualifications and independence of the internal assessment team should be discussed
  B. The rating conclusions and the impact from results of the external assessment should be explained

• Question 90:

  Which of the following actions should the internal audit activity take during an audit engagement when examining the effectiveness of risk management processes?

  A. Evaluate how the organization manages fraud risk.
  B. Establish procedures for improving risk management processes.
  C. Ensure risk responses are aligned with industry standards
  D. Verify that organizational objectives are aligned with each departments objectives.
  A. Evaluate how the organization manages fraud risk.