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Exit VCEDump IIA-CIA-PART1 Certified Internal Auditor - Part 1, The Internal Audit Activity's Role in Governance, Risk, and Control

Q8 Single choice

The results of an internal control questionnaire revealed that all investment activity exceeding $10,000

must be approved by the assistant treasurer. A sample of these transactions with a ve-percent acceptable error rate found that 98 of the 100 items tested included the assistant treasurer's approval. Based on this data, the auditor should:

A
Con rm all investment activity with the rm's broker since errors in approval had occurred.
B
Decide not to perform further testing of investment authorizations.
C
Contact the corporate finance department to verify all of the investments held.
D
Perform an analytical review of investment transactions in comparison with prior years to identify significant uctuations.

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