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Q136. During which of the following systems development stages would it be most useful for an internal auditor to be involved? 

A. Coding and testing. 

B. User acceptance and post-implementation. 

C. Design and implementation. 

D. Testing and user acceptance. 


125. An auditor decides to vouch a sample of ledger entries back to their original documentation. In terms of whether all transactions had been recorded, this test would bE. 

A. Relevant to the completeness objective. 

B. Irrelevant to the completeness objective. 

C. A more timely test of completeness than evidence from interviews. 

D. A more biased test of completeness than evidence from interviews. 


Q137. Which of the following best defines an audit opinion? 

A. A summary of the significant audit observations and recommendations. 

B. An auditor's evaluation of the effects of the observations and recommendations on the activities reviewed. 

C. A conclusion which must be included in the audit report. 

D. A recommendation for corrective action. 


Q138. During an audit of a major metropolitan museum, an auditor was unable to locate selected items from the museum's collection. The director of the museum informed the auditor that the upcoming replacement of the museum's inventory tracking system would address the auditor's concerns. What follow-up activity should the auditor propose? 

A. Receive periodic feedback from museum staff regarding the status of the system implementation. 

B. Monitor the system implementation and schedule a follow-up review once the new system is in place. 

C. Determine whether the items are indeed missing and assess the ability of the new system to remedy the problem. 

D. Schedule an audit of the museum's security systems to determine if theft is a problem. 


Q139. Because of an abundance of high priority requests from management, an internal audit activity no longer has the resources to meet all of its commitments contained in the annual audit plan. Which of the following would be the best course of action for the chief audit executive to follow? 

A. Continue with the plan and seek opportunities to adjust priorities and reallocate resources. 

B. Present a reassessment of the plan to the board and senior management for consideration. 

C. Reassess the plan and either cancel or divert resources away from the lowest priority activities. 

D. Advise the board immediately and seek their support for additional resources to meet the needs of the plan. 


273. Why should internal auditors develop a strong relationship with the external auditors? 

A. External auditors offer an additional layer of approval to internal auditors' reports. 

B. External auditors can help improve the effectiveness of internal control sampling techniques. 

C. External auditors can offer an independent and knowledgeable viewpoint. 

D. External auditors can share information gained from work with similar clients. 


Q140. If an auditor used nonstatistical sampling instead of statistical sampling to estimate the value of inventory, which of the following would be true? 

A. The confidence level could not be quantified. 

B. The precision would be larger. 

C. The projected value of inventory would be less reliable. 

D. The risk of incorrect acceptance would be higher. 


Q141. Which of the following techniques could be used to evaluate the effectiveness of changes to the operation of a computer help line? 

A. Benchmarking. 

B. Baseline measurements. 

C. Walk-throughs. 

D. Quality circles. 


Q142. If participants in a control self-assessment workshop begin breaking their agreed-upon ground rules, the facilitator should: 

A. Ignore the behavior and continue the workshop. 

B. Allow them to continue briefly and then remind them of the ground rules. 

C. Have the participants modify the ground rules. 

D. Strictly enforce the ground rules. 


Q143. Which of the following types of internal audit consulting engagements is an example of a facilitation service? 

I. Conducting control self-assessment workshops. 

II. Participating on standing committees. 

III. Reviewing regulatory compliance. 




 Estimating savings from outsourcing processes. 


I and IV only 


I, III, and IV only 


II, III, and V only 


I, II, III, IV, and V. 


Q144. During an engagement, an internal auditor discovered that an organization’s policy on delegation of authority listed six individuals who were no longer employed with the organization. In addition, four individuals acting with disbursement authority were not identified in the policy as having such authority. Which of the following is the most effective course of action to address the control weakness? 

A. Immediately initiate a complete audit of the disbursement function to determine if significant frauds have occurred. 

B. Recommend that management review the process supporting the policy and make improvements. 

C. Advise management to add the four additional names and remove the incorrect names from the policy to make it current. 

D. Review further to ensure that the four individuals do not have the appropriate authority through delegation. 


Q145. According to IIA guidance, which of the following individuals should receive the final audit report on a compliance engagement for the organization's cash disbursements process? 

A. The accounts payable supervisor, accounts payable manager, and controller. 

B. The accounts payable manager, purchasing manager, and receiving manager. 

C. The accounts payable supervisor, controller, and treasurer. 

D. The accounts payable manager, chief financial officer, and audit committee. 


Q146. Which of the following would be the most important reason for the chief audit executive (CAE) to 

use inputs from management strategy to update the audit universe? 

A. The audit charter requires the CAE to update the audit universe before embarking on the selection of potential audit engagements. 

B. The CAE wants to consider the organization's strategic plan including attitude toward risk and the degree of difficulty to achieving planned objectives. 

C. The CAE wants to cover management planned activities for the upcoming year in the audit plan. 

D. The CAE wants to determine internal audit resourcing requirements to cover the organization's major processes and activities over time. 


Q147. An internal auditor for a financial institution has just completed an audit of loan processing. Of the 81 loans approved by the loan committee, the auditor found seven loans which exceeded the approved amount. Which of the following actions would be inappropriate on the part of the auditor? 

A. Examine the seven loans to determine if there is a pattern. Summarize amounts and include in the engagement final communication. 

B. Report the amounts to the loan committee and leave it up to them to correct. Take no further follow-up action at this time and do not include the items in the engagement final communication. 

C. Follow up with the appropriate vice president and include the vice president's acknowledgment of the situation in the engagement final communication. 

D. Determine the amount of the differences and make an assessment as to whether the dollar differences are material. If the amounts are not material, not in violation of government regulations, and can be rationally explained, omit the observation from the engagement final communication. 


Q148. Which of the following data collection strategies systematically tests the effects of various factors on an outcome? 

A. Content analysis. 

B. Sampling. 

C. Evaluation synthesis. 

D. Modeling. 


Q149. According to IIA guidance, which of the following strategies would be the least effective in helping a chief audit executive build a stronger relationship with the board? 

A. Consider formality and tone of communications to ensure they are appropriate. 

B. Minimize instances of ad hoc communications with board members. 

C. Consider the possible repercussions created by commentary on deficiencies. 

D. Avoid making presumptuous comments without sufficient facts. 


Q150. The internal audit activity (IAA) wants to measure its performance related to the quality of audit recommendations. Which of the following client survey questions would best help the IAA meet this objective? 

A. Were audit findings relevant and useful to management? 

B. Does the audit report format present issues clearly and concisely? 

C. Does the IAA work with a high degree of professionalism and objectivity? 

D. Were the findings reported in a timely manner?