Free Access IIA.IIA-CIA-Part2.v2023-04-08.q383 Practice Test (Page 11)

Question 46

An organization's policies allow buyers to authorize expenditures up to $50,000 without any other approval. Which of the following audit procedures would be most effective in determining if fraud in the form of payments to fictitious companies has occurred?

A.Use generalized audit software to select a sample of paid invoices to new vendors and examine evidence that shows that services or goods were received.

B.Develop a snapshot technique to trace all transactions by suspected buyers.

C.Use generalized audit software to take a random sample of all expenditures under $50,000 to determine whether they were properly approved.

D.Use generalized audit software to list all purchases over $50,000 to determine whether they were properly approved.

Question 47

An audit department has received anonymous information that an employee has allegedly been able to steal and cash checks sent to the organization by customers. What is the most efficient way for an auditor to determine how this type of fraud could occur and who might be the perpetrator?

A.Confirm accounts receivable.

B.Review the endorsements and banks of deposit on customers' canceled checks.

C.Flowchart and analyze key controls in the cash receipts process.

D.Confirm accounts payable.

Question 48

The most effective method of reporting engagement results to management and stimulating action is to:

A.Deliver a lecture on the engagement results.

B.Limit verbal commentary and present a series of slides that graphically depict the engagement results.

C.Use slides to support a discussion of major points.

D.Distribute copies of the report, ask the participants to read the report, and ask for questions.

Question 49

If observed during fieldwork by an internal auditor, which of the following activities is least important to communicate formally to the chief audit executive?

A.Acts that favor one party to the detriment of another.

B.Acts that conceal inappropriate activities in the organization.

C.Acts that damage or have an adverse effect on the environment.

D.Acts that may endanger the health or safety of individuals.

Question 50

Cross-referencing individual payroll time cards to personnel department records and reports would allow an internal auditor to determine whether:

A.Individuals are bona fide employees.

B.Personnel department records agree with payroll accounting records.

C.Individuals were paid at the proper rates.

D.Individuals were paid only for time worked.

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Question 46

Question 47

Question 48

Question 49

Question 50

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