Free Access IIA.IIA-CIA-Part2.v2026-06-24.q355 Practice Test (Page 12)

Question 51

The following is an excerpt from an audit engagement workpaper:
* A Company
* Accounts Receivable
* Date
Objective. To determine if the computer system is correctly recording all accounts receivable transactions.
Procedures: Judgmental selection of a sample of all accounts receivable balances greater than $50,000 for positive confirmation of balances.
Conclusion: Based on the results of testing wherein all but three confirmations were returned, the accounts receivable balance is fairly presented in all material respects.
Which of the following is true regarding the workpaper?

A.It is not appropriate to judgmentally select a sample when testing accounts receivable.

B.A conclusion should be reached only for the results of overall testing, not for individual procedures.

C.The audit procedures used are not consistent with the audit objective.

D.The format of the workpaper does not conform to the standard format for workpapers.

Question 52

The chief audit executive (CAE) should determine whether the internal audit activity has confirmed the status of all of management's corrective actions Doing so would help the CAE assess which of the following?

A.Disclosure risk.

B.Residual risk

C.Compliance risk

D.Inherent risk

Question 53

Which sampling plan requires no additional sampling once the first error is found?

A.Stratified sampling.

B.Attributes sampling.

C.Stop-or-go sampling.

D.Discovery sampling.

Question 54

An internal auditor is planning a consuming engagement and the objective is to identify opportunities to improve the efficiency of the organization's procurement process. The auditor is preparing to conduct a preliminary survey of the are a. Which of the following approaches would be most useful to obtain relevant information to support the engagement objective?

A.Conduct interviews with senior management to obtain their input and insights regarding operational controls.

B.Review the procurement process map w*h employees who carry out key activities to obtain their input and insights.

C.Complete a transaction walkthrough fiat focuses on the design and operation of financial reporting controls

D.Perform a comprehensive review of the organization s existing policies and standard operating procedures.

Question 55

An internal audit activity is participating in the due diligence work for an acquisition that a company is considering. One engagement objective is to determine if the acquisition's accounts payable contain all outstanding liabilities. Which of the following audit procedures would not be relevant for this objective?

A.Examine supporting documentation of subsequent (after-period) cash disbursements and verify period of liability.

B.Send confirmations, including zero-balance accounts, to vendors with whom the company normally does business.

C.Select a sample of accounts payable from the accounts payable list and verify the supporting receiving reports, purchase orders, and invoices.

D.Trace receiving reports issued before the period end to the related vendor invoices and accounts payable list.

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Question 51

Question 52

Question 53

Question 54

Question 55

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