Master IIA-CHAL-QISA Exam with Reliable Practice Questions
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Operational management In the IT department has developed key performance indicator reports, which are reviewed in detail during monthly staff meetings. This activity is designed to prevent which of the following conditions?
Correct : B
Key performance indicator (KPI) reports are essential tools for tracking and evaluating the performance of various processes and activities within an organization. By reviewing these reports in detail during monthly staff meetings, operational management in the IT department aims to identify any discrepancies or issues promptly. This continuous monitoring helps to prevent a 'monitoring gap,' which is the failure to adequately oversee and assess operations, potentially leading to undetected problems or inefficiencies
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Which of the following offers the best explanation of why the auditor in charge would assign a junior auditor to complete a complex part of the audit engagement?
Correct : B
Assigning a junior auditor to complete a complex part of an audit engagement can be a strategic decision aimed at providing the junior auditor with valuable experience. This exposure to complex tasks helps in their professional development, building their skills and knowledge for future responsibilities. Although tight deadlines or the unavailability of senior auditors might be factors, the primary reason is often to enhance the junior auditor's competence and career growth.
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Which of the following is the next step in understanding a business process once an internal auditor has identified the process?
Correct : C
Once an internal auditor has identified a business process, the next step is to understand the specific activities involved in that process. This includes mapping out each step or action taken within the process to gain a detailed understanding of how it operates. Identifying process activities helps in evaluating the efficiency, effectiveness, and potential risks associated with the process
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Which of the following should be included in a company's year-end inventory valuation?
Correct : D
Year-end inventory valuation should include all goods owned by the company, regardless of their location. This includes goods for sale on consignment at a consignment shop, as these items remain the property of the company until sold. Goods sold FOB shipping point and goods purchased FOB destination that have not yet been received are not included, as ownership has transferred or not yet been acquired respectively. Goods on consignment that the company is trying to sell for others are also excluded because the company does not own them
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During which phase of the contracting process are contracts drafted for a proposed business activity'
Correct : 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
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