Free IIA-CHAL-QISA Exam Dumps

Which of the following is essential for ensuring that the internal audit activity??s findings and recommendations receive adequate consideration?

Correct Answer:B
✑ Ensuring Compliance:To ensure that audit findings and recommendations are addressed, formal follow-up procedures are necessary.
✑ Follow-up Procedures:These procedures involve tracking the implementation of recommendations and verifying that management has taken appropriate action or has accepted the risks of not acting.
✑ Reporting to Management:Regular reporting on the status of follow-up actions helps maintain accountability and transparency.
✑ Standard Requirement:This aligns with the IIA??s Standard 2500 – Monitoring Progress, which requires internal audit activities to establish and maintain a system to monitor the disposition of results communicated to management.
References:
✑ The IIA??s International Standards for the Professional Practice of Internal Auditing, specifically Standard 2500 on Monitoring Progress.

Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?

Correct Answer:B
Self-assessment of controls can be efficiently conducted using various client-facilitated approaches. The choice of method depends on factors such as the size of the department, the nature of the controls, and the need for comprehensive feedback.
✑ Efficiency in Large Groups:Surveys are particularly effective for large groups (such
as a 200-person department) as they allow for the collection of data from many individuals quickly and efficiently.
Reference:IIA Practice Guide on "Control Self-Assessment," which suggests using surveys for broad-based data collection when assessing control effectiveness across larger groups.
Standardized Feedback:Surveys provide standardized questions, ensuring consistent data collection and making it easier to analyze the responses.
Practical Example:A survey might include questions rating the effectiveness of different control measures on a scale, allowing management to identify areas of strength and weakness.
Anonymity and Honest Responses:Surveys can be conducted anonymously, encouraging more honest and candid feedback from employees who might hesitate to speak openly in workshops or interviews.
Advantage:This anonymity can lead to more accurate assessments of the controls'
effectiveness, as employees might feel more comfortable pointing out issues without fear of repercussions.
Comparison to Other Methods:
Workshops (A):While useful for in-depth discussions, they are time-consuming and less efficient for large groups.
Interviews (C):Provide detailed insights but are also time-consuming and not practical for a 200-person department.
Observation (D):Useful for firsthand assessment but not efficient for gathering widespread feedback across a large department.
Conclusion:The correct answer is B, as surveys are the most efficient method for self- assessing the overall effectiveness of controls in a large department, offering a balance of broad coverage, standardized data, and anonymity.

During which phase of the contracting process are contracts drafted for a proposed business activity??

Correct Answer:C
Contracts are typically drafted during the development phase of the contracting process. This phase follows the initiation and bidding phases and involves detailed negotiations and the preparation of formal agreements that outline the terms and conditions of the proposed business activity. This ensures that both parties have a clear understanding of their obligations and expectations before the contract is finalized and executed

In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?

Correct Answer:C
✑ Introduction:
✑ Scenario Analysis:
✑ Conclusion:
:
IIA??s International Standards for the Professional Practice of Internal Auditing, Standard 1130: Impairment to Independence or Objectivity.

Which of the following best describes the internal audit activity's responsibility within a risk and control framework?

Correct Answer:C
✑ Introduction:
✑ Responsibilities of Internal Audit:
✑ Options Analysis:
✑ Conclusion:
:
Internal Audit Standards and Practice Guides .