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Total 1029 Questions | Updated On: Nov 18, 2024

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Question 1

An internal auditor e assessing the design of a control and has identified a potential significant weakness. The auditor shared his concern with management however management does not agree that the weakness is significant. What should the internet auditor do next?

A : Perform additional audit work to better articulate the risk

B : Report the finding that management has accepted a level of risk that is unacceptable.

C : Proceed to testing how effectively the control is opening.

D : Because the design weakness has been identified no additional audit work is needed

Answer: A

Question 2

Which of the following is an appropriate documentation of proper engagement supervision?

A : A completed engagement workpaper review checklist.

B : The supervisor's review notes on engagement workpapers.

C : The email exchanges between the audit team and the supervisor.

D : A supervisor's approval of resources allocated to the engagement

Answer: B

Question 3

Where should internal auditor focus their attention when identify and assessing key risks during the planning stage of an assurance engagement?

A : Sampling risk.

B : Audit risk.

C : Residual risk.

D : Inherent risk

Answer: D

Question 4

As part of a preliminary study during an audit of the payment process in accounts payable, an internal auditor requests a list of procedures from the finance manager. The auditor intends to establish whether activities documented in the procedures are undertaken by respective employees as prescribed. Which of the following internal audit techniques will provide the most persuasive information to achieve this objective?

A : Interviewing the finance manager regarding the activities.

B : Mailing questionnaires to the accounts payable employees about the activities

C : Observing the activities as performed by the employees.

D : Reperforming the activities indicated in the payment procedures.

Answer: D

Question 5

Which of the following audit steps would an internal auditor perform when reviewing cash disbursements to satisfy IIA guidance on due professional care?

A : The calculated statistical sample size is 50 however the internal auditor believes errors exist so he decides to increase the sample size to 80

B : The internal auditor traces serial numbers of computer equipment listed on an invoice to the fixed asset inventory

C : The internal auditor reviews the accounts payable manager's petty cash fund and vouchers

D : The internal auditor reviews the related invoice purchase order and receiving report for each sample selection

Answer: D

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Total 1029 Questions | Updated On: Nov 18, 2024

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