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Qualified Internal Auditor Questions and Answers

Question 9

An internal auditor found that employees in the maintenance department were not signing their time cards. This situation also existed during the last audit.

The auditor should

Options:

Include this finding in the current audit report.

Ask the manager of the maintenance department to assume the resulting risk.

Withhold conclusions about payroll internal control in the maintenance department.

Instruct the employees to sign their time cards

Question 10

The primary concern in a program results audit is a determination that

Options:

Financial statements are presented in accordance with International Financial Reporting Standards.

Desired benefits are being achieved.

The entity has complied with laws and regulations.

Resources are managed economically and efficiently.

Question 11

To identify shortages of specific items in an inventory of expensive goods held for retail sale, the most appropriate audit work step is to

Options:

Apply the retail method of inventory valuation.

Compare physical inventory counts to perpetual records.

Develop inventory estimates based on the gross profit percentage method.

Analyzecurrent and previous inventory turnover rates.

Question 12

An internal auditor would trace copies of sales invoices to shipping documents in order to determine that:

Options:

Customer shipments were billed.

Sales that are billed were also shipped.

Shipments to customers were also recorded as receivables.

The subsidiary accounts receivable ledger was updated.

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Qualified Internal Auditor Questions and Answers

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