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IQN
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QIA
Qualified Internal Auditor Questions and Answers

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Questions # 1:

Auditors realize that at times corrective action is not taken even when agreed to by the appropriate parties. This should lead an internal auditor to

Options:

Decide the extent of necessary follow-up work.

Allow management to decide when to follow-up, since it is management’s ultimate responsibility.

Decide to conduct follow-up work only if management requests the auditor's assistance.

Write a follow-up audit report with all findings and their significance to the operations.

Answer

Questions # 2:

The requirements for staffing level, education and training, and audit research should be included in

Options:

The internal auditing department's charter.

The internal auditing department's policies and procedures manual.

The annual plan for the internal auditing department.

Job descriptions for the various staff positions.

Answer

Questions # 3:

Each individual work paper should, at a minimum, contain

Options:

An expression of an audit opinion.

A tick mark legend.

A complete flowchart of the system of internal controls for the area being reviewed.

A descriptive heading.

Answer

Questions # 4:

Why should organizations require auditees to promptly reply and outline the corrective action that has been implemented on reported deficiencies?

Options:

To close the open audit issues as soon as possible.

To effect savings as early as possible.

To indicate concurrence with the audit findings.

To ensure that the auditor performance is evaluated.

Answer

Questions # 5:

Your assurance firm is auditor of Happy Goods. The audit manager has just become engaged to the managing director’s daughter, who he met through a mutual friend. The managing director owns 51% of the shares in Happy Goods. Which of the threat is not there in this case?

Options:

Intimidation threat

Familiarity threat

Self-interest threat

Advocacy threat

Answer

Questions # 6:

Which of the following investigative tools is most effective when large volumes of evidence need to be analyzed?

Options:

Interviews

Questionnaires

Forensic analysis

Computer

Answer

Questions # 7:

Purchases from two new vendors increased dramatically after a new buyer was hired. The buyer was obtaining kickbacks from the two vendors based on sales volume.

A possible means of detection is

Options:

Periodic vendor surveys regarding potential buyer conflict of interest or ethics violations.

The receipt of an invoice to put new vendors on the master file.

The use of purchase orders for all purchases.

The use of change analysis and trend analysis of buyer or vendor activity.

Answer

Questions # 8:

Which of the following audit procedures would be most effective in determining whether vendor invoices are being processed on a timely basis while maximizing the company's use of cash?

Options:

Determine the length of processing time between the receipt of the vendor's invoice to the payment date for the related disbursement.

Interview the accounts payable manager to determine the procedures and standards for processing vendor invoices.

Compare the vendor's invoice due date with the payment date as indicated on the cancelled check.

Compare the date stamped on the invoice for receipt with the corresponding payment date for the disbursement.

Answer

Questions # 9:

Which technique is most appropriate for testing the quality of the pre-audit of payment vouchers described in an internal control questionnaire (ICQ)?