Free Access IIA.IIA-CIA-Part2.v2023-04-08.q383 Practice Test (Page 76)

Question 371

According to the Standards, which of the following would have the least direct interest in the draft report of a compliance review of the purchasing function?

A.Purchasing staff.

B.Purchasing manager.

C.Director of finance.

D.Audit committee.

Question 372

While planning for an accounts payable audit an internal auditor performs an entity level controls analysis. Which of the following statements is true regarding me approach used by the auditor?

A.it enables the auditor to understand the accounts payable process and its flow, including key steps and systems.

B.It enables the auditor to categorize the population of transactions within the accounts payable process

C.It enables the auditor to understand the framework of the activities and associated accounts payable subprocesses

D.It enables the auditor to identify the inherent risks to the effective operation of accounts payable process controls.

Question 373

An audit engagement objective at a manufacturer is to determine the quality of raw materials purchased.
Which of the following actions would best enable an internal auditor to satisfy this objective?

A.Evaluate the volume and characteristics of products rejected during processing.

B.Analyze the provision for sales allowances.

C.Analyze the percentage of scrap incurred during production.

D.Research the rationale for customer returns.

Question 374

An engagement work program o of greatest value to audit management when which of the following is true?

A.The work program helps ensure tie achievement of the engagement objectives

B.The work program assists the auditor n developing and managing audit tests

C.The work program provides more detailed support for the audit report

D.The work program helps determined the required amount of audit resources

Question 375

Persuasive evidence indicates that a member of senior management has been involved in insider trading that would be considered fraudulent. However, the evidence was encountered during an operational audit and is not considered relevant to the audit. Which of the following is the most appropriate action for the chief audit executive to take?

A.Report the evidence to external legal counsel for investigation. Report the legal counsel findings to management.

B.Report the evidence to the chairperson of the audit committee and recommend an investigation.

C.Conduct sufficient audit work to conclude whether fraudulent activity has taken place, then report the findings to the chairperson of the audit committee and to government officials if appropriate action is not taken.

D.Discontinue audit work associated with the insider trading since it is not relevant to the existing audit.

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