UNMATCHED IIA-CHAL-QISA GUIDE MATERIALS: QUALIFIED INFO SYSTEMS AUDITOR CIA CHALLENGE EXAM COMPOSE HIGH-PRAISED EXAM BRAINDUMPS - SUREPASSEXAMS

Unmatched IIA-CHAL-QISA Guide Materials: Qualified Info Systems Auditor CIA Challenge Exam Compose High-praised Exam Braindumps - SurePassExams

Unmatched IIA-CHAL-QISA Guide Materials: Qualified Info Systems Auditor CIA Challenge Exam Compose High-praised Exam Braindumps - SurePassExams

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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.

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IIA Qualified Info Systems Auditor CIA Challenge Exam Sample Questions (Q149-Q154):

NEW QUESTION # 149
Which of the following statements is true regarding partnership liquidation?

  • A. Operations can continue after the liquidation, if all partners agree.
  • B. Partnership liquidation occurs when there is capital deficiency.
  • C. Partnership liquidation ends both the legal and economic life of an entity
  • D. When a partnership Is liquidated, each partner pays creditors from cash received

Answer: C

Explanation:
Partnership liquidation refers to the process of dissolving a partnership, where all assets are sold, liabilities are paid off, and any remaining assets are distributed among the partners. This process marks the end of the partnership's legal existence and its economic activities.
* Legal and Economic Termination: Upon liquidation, the partnership ceases to exist legally and economically. This means that it can no longer operate or enter into new business transactions.
* Asset Distribution: The liquidation process ensures that all assets are sold, and the proceeds are used to pay off any outstanding debts. Any remaining funds are distributed to the partners according to the partnership agreement.
* Capital Deficiency: While capital deficiency might prompt liquidation, it is not a defining characteristic of the process.
* Creditors Payment: Creditors are paid from the partnership's assets, not directly by the partners unless agreed otherwise or if the assets are insufficient to cover the liabilities.
References:
* "Fundamentals of Partnership Accounting," which details the steps and consequences of partnership liquidation.


NEW QUESTION # 150
Which of the following actions should the internal audit activity take during an audit engagement when examining the effectiveness of risk management processes?

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

Answer: D

Explanation:
Risk Management Evaluation: During an audit engagement examining the effectiveness of risk management processes, the internal audit activity should focus on evaluating how the organization manages various types of risks, including fraud risk.
Fraud Risk Management: This involves assessing the organization's mechanisms for identifying, assessing, and responding to fraud risks. It also includes reviewing the effectiveness of controls in place to prevent and detect fraudulent activities.
IIA Standards: Standard 2120 - Risk Management emphasizes that internal auditors must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk.
Comprehensive Approach:
* Risk Assessment: Ensuring that the organization conducts thorough risk assessments to identify potential fraud risks.
* Control Environment: Evaluating the control environment to ensure it supports ethical behavior and reduces opportunities for fraud.
* Fraud Prevention and Detection: Reviewing the policies and procedures in place to prevent and detect fraud, including whistleblower mechanisms and fraud response plans.
References:
* Internal auditors play a crucial role in assessing the adequacy of fraud risk management, which is integral to the overall risk management process. By evaluating fraud risk management, auditors can provide assurance that the organization is effectively mitigating fraud risks.


NEW QUESTION # 151
Which of the following would be considered a violation of The IIA's mandatory guidance on independence?

  • A. The chief audit executive (CAE) reports functionally to the board and administratively to the chief financial officer
  • B. The CAE updates the internal audit charter and presents it to the board for approval periodically, not on a specific timeline
  • C. The CAE confirms to the board, at least once every five years, the organizational independence of the internal audit act/vity.
  • D. The board seeks senior managements recommendation before approving the annual salary adjustment of the CAE.

Answer: D

Explanation:
* Independence Requirement:The IIA's mandatory guidance emphasizes the importance of the CAE's independence to ensure unbiased internal audit activities.
* Conflict of Interest:Seeking senior management's recommendation for the CAE's salary adjustment can create a conflict of interest and potentially compromise the CAE's independence.
* Best Practices:To maintain independence, the CAE's compensation should be determined by the board without influence from senior management.
* Standard Compliance:According to the IIA's Attribute Standard 1110 - Organizational Independence, the CAE must report to a level within the organization that allows the internal audit activity to fulfill its responsibilities.
References:
* IIA Standard 1110 - Organizational Independence .


NEW QUESTION # 152
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. Market price of the product.
  • C. Full cost
  • D. Full cost plus a markup.

Answer: B

Explanation:
Using the market price of the product for internal transfer pricing leads to the best decisions for the organization because it reflects the true economic value of the goods or services being transferred. This method promotes efficiency and fairness within the divisions.
* Economic Value: Market price reflects the true economic value, ensuring that the internal transactions are conducted at fair and competitive prices.
* Performance Measurement: It provides a consistent basis for evaluating the performance of different divisions, as they are measured against external market conditions.
* Resource Allocation: Helps in optimal allocation of resources by ensuring that internal transactions are economically justified and comparable to external transactions.
References:
* "Management Accounting: Principles and Practices," which discusses the advantages of using market-based transfer pricing .


NEW QUESTION # 153
Which of the following recognized competitive strategies focuses on gaining efficiencies?

  • A. Focus
  • B. Differentiation
  • C. Innovation
  • D. Cost leadership.

Answer: D

Explanation:
Competitive Strategies: Recognized competitive strategies include cost leadership, differentiation, focus, and innovation. Each strategy emphasizes different aspects of competitive advantage.
Cost Leadership Strategy:
* Efficiency Focus: Cost leadership focuses on gaining efficiencies and reducing costs to offer products or services at a lower price than competitors. This strategy aims to achieve the lowest operational costs and prices in the industry.
* Economies of Scale: It involves optimizing production processes, achieving economies of scale, and minimizing expenses to maintain competitive pricing.
Comparison with Other Strategies:
* Focus Strategy: Concentrates on serving a particular market niche with specialized products or services.
* Innovation Strategy: Emphasizes creating unique products or services through innovation and technological advancement.
* Differentiation Strategy: Focuses on offering unique and superior products or services that stand out from competitors.
IIA Guidance and References:
* Cost leadership as a competitive strategy centers on achieving cost efficiencies to gain a competitive edge in pricing, making it a strategic choice for organizations looking to compete on price rather than product differentiation.


NEW QUESTION # 154
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