QIA IQN Qualified Internal Auditor exact Exam Questions

Qualified Internal Auditor

Last Update 19 hours ago Total Questions : 80

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Question # 4

Which of the following documents would provide the best evidence that a purchase transaction has actually occurred?

Cancelled cheque issued in payment of the procured goods.

Ordering department's original requisition for the goods.

Receiving memorandum documenting the receipt of the goods.

Supplier's invoice for the procured goods.

Question # 5

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?

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.

Question # 6

Which of the following is not a component of audit risk?

Inherent risk

Control risk

Defective risk

Detection risk

Question # 7

During the audit of inventories, an internal auditor specified a precision of 5% instead of the 4% contained in the preliminary audit program.

What would be the impact of the change in precision?

A decrease in population standard deviation.

An increase in population standard deviation.

A decrease in required sample size

An increase in required sample size

Question # 8

An internal audit director has noticed that staff auditors are presenting more oral reports to supplement written reports.

The best reason for the increased use of oral reports by the auditors is that they

Reduce the amount of testing required to support audit findings.

Can be delivered in an informal manner without preparation.

Can be prepared using a flexible format, thereby increasing overall audit efficiency.

Permit auditors to counter arguments and provide additional information that the audience may require.

Question # 9

An organization uses a service bureau to process its hourly payroll transactions. The internal auditor is concerned that the hourly payroll for the year has been processed correctly and, in particular, the computation of employee withholding for pension contributions is in accordance with the union contract, which specifies charges each quarter.

Which of the following audit procedures would best accomplish the audit objective?

Select a random sample of all hourly payroll transactions for the reporting period, re-compute pay and withholding items, and compare the result with that obtained from the service bureau.

Select a stratified sample of all hourly and salaried payroll transactions for an entire reporting period, perform the necessary activities, and then compare the result with that obtained from the service bureau.

Select a discovery sampling of all payroll transactions for an entire reporting period and then follow up on any findings.

Submit a set of test data to the service bureau during an annual audit and compare the service bureau's processing with the auditor's predetermined computations on the same test data.