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Qualified Internal Auditor Questions and Answers

Question 1

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?

Options:

A.

A decrease in population standard deviation.

B.

An increase in population standard deviation.

C.

A decrease in required sample size

D.

An increase in required sample size

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Question 2

In order to ensure the proper addition/deletion of authorizations in an operational audit of data access security, an internal auditor would verify that

Options:

A.

Individuals who are not employees have no access privileges.

B.

Revoked access privileges are cancelled on a weekly cycle.

C.

Access privileges are activated promptly after they areauthorized.

D.

A systemsprogramkeeps records of all additions/deletions of access changes.

Question 3

Which of the following is not a stage of risk management process?

Options:

A.

Identiļ¬cation

B.

Assessment

C.

Migration

D.

Review

Question 4

Which of the following is an example of an efficiency measure?

Options:

A.

The rate of absenteeism.

B.

The goal of becoming a leading manufacturer.

C.

The number of insurance claims processed per day.

D.

The rate of customer complaints.

Question 5

Computer fraud is discouraged by

Options:

A.

Being willing to prosecute.

B.

Ostracizingwhistle-blowers.

C.

Overlooking inefficiencies in the judicial system.

D.

Accepting the lack of integrity in the system.

Question 6

A Qualified Internal Auditor directs the audit function for a large city and is planning the audit schedule for the next year. The city has a number of different funds, some that are restricted in use by government grants and some that require compliance reports to the government. One of the programs for which the city has received a grant is job retraining and placement. The grant specifies certain conditions a participant in the program must meet in order to be eligible for the funding.

The auditor must determine the applicable laws and regulations.

Which of the following procedures would be the least effective in learning about the applicable laws and regulations?

Options:

A.

Make inquiries of the city's chief financial officer, legal counsel, or grant administrators.

B.

Review prior year working papers and enquire of officials as to changes.

C.

Review applicable grant agreements.

D.

Discuss the matter with the audit committee and make inquiries as to the nature of the requirements and the audit committee's objectives for the audit.

Question 7

Which of the following is not an argument for principles-based approach to corporate governance?

Options:

A.

The same rules might not be suitable for every company

B.

There are some aspects of corporate governance that cannot be regulated easily

C.

Companies do not have the choice of ignoring the rules

D.

The most suitable corporate governance practices can differ between companies

Question 8

During an interview with a data input clerk to discuss a computerized system used to track employee training requirements and compliance, an auditor identifies a potentially significant weakness in the system.

The auditor should

Options:

A.

Not mention the weakness, directly or indirectly, to avoid making the clerk uncomfortable.

B.

Ask indirect questions that will help get more factual information relating to the potential weakness.

C.

Ask the clerk about the weakness and determine immediately if the finding should be reported.

D.

Conduct a second interview after determining whether the weakness actually exists.

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:

A.

Include this finding in the current audit report.

B.

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

C.

Withhold conclusions about payroll internal control in the maintenance department.

D.

Instruct the employees to sign their time cards

Question 10

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

Options:

A.

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

B.

Desired benefits are being achieved.

C.

The entity has complied with laws and regulations.

D.

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:

A.

Apply the retail method of inventory valuation.

B.

Compare physical inventory counts to perpetual records.

C.

Develop inventory estimates based on the gross profit percentage method.

D.

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:

A.

Customer shipments were billed.

B.

Sales that are billed were also shipped.

C.

Shipments to customers were also recorded as receivables.

D.

The subsidiary accounts receivable ledger was updated.

Exam Detail
Vendor: IQN
Certification: Professional Qualifications
Exam Code: QIA
Exam Name: Qualified Internal Auditor
Last Update: Nov 21, 2024
QIA Question Answers
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Total 80 questions
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