An internal auditor in a small broadcasting organization was assigned to review the revenue collection process. The auditor discovered that some checks from three customers were never recorded in the organization's financial records. Which of the following documents would be the least useful for the auditor to verify the finding?
A. Bank statements.
B. Customer confirmation letters.
C. Copies of sales invoices.
D. Copies of deposit slips.
The internal audit activity is planning a procurement audit and needs to obtain a thorough understanding of
the subcontracting process, which can involve multiple individuals in multiple countries.
Which of the following internal audit tools would be most effective to document the process and the key
controls?
A. Internal control checklist.
B. Procurement employee survey.
C. Cross-functional flow chart.
D. Segregation of duties matrix.
Which of the following controls could an internal auditor reasonably conclude is effective by observing the physical controls of a large server room?
A. Adequate signs are in place to assist in locating safety equipment.
B. Servers are secured individually to their racks by locks.
C. Foam fire extinguishers are operable to protect against electrical fires.
D. Swipe card access is required to gain access to the server room.
The chief audit executive (CAE) is planning to conduct an internal assessment of the internal audit activity (IAA). Part of this assessment will include benchmarking. According to IIA guidance, which of the following qualitative metrics would be appropriate for the CAE to use?
1.
Average client customer satisfaction score for a given year.
2.
Client survey comments on how to improve the IAA.
3.
Auditor interviews once an audit has been completed.
4.
Percentage of audits completed within 90 days.
A. 1 and 2.
B. 1 and 3.
C. 2 and 3.
D. 3 and 4.
An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?
A. Higher inventory turnover.
B. Higher operating margin.
C. Lower obsolete stock disposal.
D. Lower sales volume.
Which of the following is a weakness of observation as audit evidence?
A. It cannot be used to test the completeness assertion.
B. It cannot be used to test the existence assertion.
C. It cannot be used to test the occurrence assertion.
D. It cannot be relied upon because the evidence is not persuasive.
An internal auditor wants to sample data to test an audit theory in a cost-effective way. Which of the following sampling strategies should she use?
A. Statistical sampling only
B. Nonstatistical sampling only
C. A combination of both statistical and nonstatistical sampling.
D. Neither approach to testing the audit theory would be cost effective.
Which of the following would not be considered part of preliminary survey of an engagement area?
A. Interviews with individuals affected by the entity.
B. Functional walk through test.
C. Analytical reviews.
D. Sampling scope.
Which of the following is the most common method of fraud detection?
A. Analytical reviews of high-risk areas.
B. Detective controls built into the daily processes.
C. Unannounced audits or reviews of programs or departments.
D. Tips received from employees or citizens.
Which of the following is the best way to detect fraud?
A. Conduct anti-fraud training.
B. Perform background investigations.
C. Implement process controls.
D. Activate a whistleblower hotline.
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