Question # 1
When forming an opinion on the adequacy of management's systems of internal control, which of
the following findings would provide the most reliable assurance to the chief audit executive?
• During an audit of the hiring process in a law firm, it was discovered that potential employees'
credentials were not always confirmed sufficiently. This process remained unchanged at the
following audit.
• During an audit of the accounts payable department, auditors calculated that two percent of
accounts were paid past due. This condition persisted at a follow up audit.
• During an audit of the vehicle fleet of a rental agency, it was determined that at any given time,
eight percent of the vehicles were not operational. During the next audit, this figure had increased.
• During an audit of the cash handling process in a casino, internal audit discovered control deficiencies in the transfer process between the slot machines and the cash counting area. It was
corrected immediately. | | A. 1 and 3 only | | B. 1 and 4 only
| | C. 2 and 3 only
| | D. 2 and 4 only |
Question # 2
An auditor decides to perform an inventory turnover analysis for both raw materials inventory and
finished goods inventory. The analysis would be potentially useful in:
I. Identifying products for which management has not been attuned to changes in market demand.
II. Identifying potential problems in purchasing activities. III. Identifying obsolete inventory.
| | A. III only
| | B. I and II only
| | C. II and III only
| | D. I, II, and III |
Question # 3
Which of the following audit procedures is most suitable for verifying that all sales transactions
have been recorded?
| | A. Observation.
| | B. Tracing.
| | C. Re-computation.
| | D. Vouching |
Question # 4
What is the primary factor that determines the depth and breadth of audit follow-up?
| | A. The engagement client's written response to the audit findings.
| | B. The auditor's assessment of risk associated with the audit findings.
| | C. The auditor's assessment of personnel responsible for correcting audit findings.
| | D. The availability of audit personnel and financial resources. |
B. The auditor's assessment of risk associated with the audit findings.
Question # 5
Which of the following factors would the auditor in charge be least likely to consider when
assigning tasks to audit team members for an engagement?
| | A. The amount of experience the auditors have conducting audits in the specific area of the
organization.
| | B. The availability of the auditors in relation to the availability of key client staff.
| | C. Whether the budgeted hours are sufficient to complete the audit within the current scope.
| | D. Whether outside resources will be needed, and their availability. |
C. Whether the budgeted hours are sufficient to complete the audit within the current scope.
Question # 6
Which of the following is not an outcome of control self-assessment?
| | A. Informal, soft controls are omitted, and greater focus is placed on hard controls.
| | B. The entire objectives-risks-controls infrastructure of an organization is subject to greater
monitoring and continuous improvement.
| | C. Internal auditors become involved in and knowledgeable about the self-assessment process.
| | D. Nonaudit employees become experienced in assessing controls and associating control
processes with managing risks. |
A. Informal, soft controls are omitted, and greater focus is placed on hard controls.
Question # 7
During an assurance engagement, an internal auditor discovered that a sales manager approved
numerous sales contracts for values exceeding his authorization limit. The auditor reported the
finding to the audit supervisor, noting that the sales manager had additional new contracts under
negotiation. According to IIA guidance, which of the following would be the most appropriate next
step?
| | A. The audit supervisor should include the new contracts in the finding for the final audit report.
| | B. The audit supervisor should communicate the finding to the supervisor of the sales manager
through an interim report.
| | C. The audit supervisor should remind the sales manager of his authority limit for the contracts
under negotiation.
| | D. The auditor should not reference the new contracts, because they are not yet signed and
therefore cannot be included in the final report. |
B. The audit supervisor should communicate the finding to the supervisor of the sales manager
through an interim report.
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