Free Access IIA.IIA-CIA-Part2.v2023-04-08.q383 Practice Test (Page 9)

Question 36

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.

Question 37

Which of the following would provide the best evidence of compliance with an airline's standard of having aircraft refueled and cleaned within a specified time of arrival at an airport?

A.Comparison of the standard hourly labor costs for cleaning and fueling personnel with actual labor charges.

B.Vendor fuel invoices that have been reconciled to inventory records.

C.Observation of selected aircraft while they are being refueled and cleaned.

D.Time cards completed by aircraft cleaning and fueling crews.

Question 38

During the development of a purchasing system, an auditor reviewed the payment authorization program. Which of the following actions should the auditor recommend for a situation in which the quantity invoiced is greater than the quantity received?

A.Return the invoice to the vendor for correction.

B.Authorize payment of the full invoice, but maintain an open purchase order record for the missing goods.

C.Issue an exception report.

D.Pay the amount billed and adjust the inventory account for the difference.

Question 39

Which of the following would be an appropriate improvement to controls over large quantities of consumable material that are charged to expense when placed in bins which are accessible to production workers?

A.Lock the bins during normal working hours.

B.Require management to compare the cost of consumable items used to the budget.

C.Relocate bins to the inventory warehouse.

D.None of the above actions are needed for items of minor cost and size.

Question 40

When determining if appropriate resources exist to achieve engagement objectives, which of the following factors should a chief audit executive consider?
1.Nature and complexity of the audit engagement.
2.Time constraints.
3.Effectiveness of the audit committee.
4.Availability of resources for the engagement.

A.1, 3, and 4 only

B.1 and 2 only

C.1, 2, and 3 only

D.1, 2, and 4 only

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