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Question 1:
The internal audit supervisor is reviewing the workpapers prepared by the staff. According to the Standards, which of the following statements regarding workpaper supervision is not true?
A. Review notes of questions that arise during the review process must be retained.
B. Dating and initialing each workpaper provides evidence of review.
C. Workpaper review allows for staff training and development.
D. Workpapers may be amended during the review process.
Correct Answer: A
Question 2:
A new chief audit executive (CAE) of a large internal audit activity (IAA) is dissatisfied with the current amount and quality of training being provided to the staff and wishes to implement improvements. According to IIA guidance, which of the following actions would best help the CAE reach this objective?
A. Require that all staff obtain a minimum of two relevant audit certifications.
B. Perform a gap analysis of the IAA\’s existing knowledge, skills and competencies.
C. Engage a consultant to benchmark the IAA\’s training program against its peers.
D. Assign one experienced manager to better coordinate staff training and development activities.
Correct Answer: B
Question 3:
Which of the following would provide the best guidance to a chief audit executive who is setting internal audit staff requirements?
A. A review of audit staff education and training records.
B. Information about the audit staff size and composition of comparable organizations.
C. Results from discussions of audit needs with executive management and the audit committee.
D. The results of the audit staff\’s most recent performance reviews.
Correct Answer: C
Question 4:
Which of the following is not one of the 10 core competencies identified in the IIA Competency Framework?
A. Governance, risk, and control.
B. Performance management.
C. Business acumen.
D. Internal audit delivery.
Correct Answer: B
Question 5:
Which of the following is a second line of defense in effective risk management and control?
A. Purchasing department.
B. Compliance department.
C. Credit department.
D. Internal audit department.
Correct Answer: B
Question 6:
Why is it important for the chief audit executive to periodically review the audit charter and present the results to senior management and the board?
A. Because management requires the review to measure effectiveness of the internal audit activity.
B. So that the individual objectivity of the internal audit staff can be more clearly established.
C. So that there is assurance of the internal audit staff\’s proficiency to complete audit activities.
D. Because changes in the organization may impair the internal audit activity\’s ability to meet its objectives.
Correct Answer: D
Question 7:
During an internal audit, the internal auditor compares the employee turnover rate in the area being audited with the employee turnover rate in the organization as a whole.
This is an example of which of the following analytical auditing procedures?
A. Reasonableness test.
B. Regression analysis.
C. Benchmarking.
D. Trend analysis.
Correct Answer: C
Question 8:
Allegations have been made that an organization\’s share price has been manipulated.
Which of the following would provide an internal auditor with the most objective evidence in this case?
A. Major shareholders of the organization.
B. Large customers of the organization.
C. Former members of management.
D. Former financial consultants.
Correct Answer: D
Question 9:
According to the Standards, for how long should internal auditors who have previously performed or had management responsibility for an operation wait to become involved in future internal audit activity with that same operation?
A. Three months.
B. Six months.
C. One year.
D. Two years.
Correct Answer: C
Question 10:
Which of the following actions does not violate the IIA Code of Ethics or Standards?
A. An internal auditor performing an audit on an operation that they managed less than a year ago.
B. An internal auditor performing an audit on procedures that they were responsible for creating.
C. An internal auditor disclosing details of an audit report to colleagues from a different organization.
D. An internal auditor disclosing confidential information in response to a lawsuit.
Correct Answer: D
Question 11:
Which of the following statements is true regarding the use of non-statistical sampling in auditing control tests?
A. It considers tolerable deviation rate more effectively than does statistical sampling.
B. Sampling risk will be accurately quantified through non-statistical sampling.
C. Non-statistical sample results must be projected to the population.
D. Lesser evidence is required to support a conclusion than for statistical sampling.
Correct Answer: C
Question 12:
Which of the following statements describes a control failure that is not directly attributable to a customer billing application?
1.
End users have raised a number of concerns regarding data integrity.
2.
An untested program change is transferred from the test environment to production.
3.
Purchase history does not reconcile with accounts receivable for some customers.
4.
End user security is inadvertently granted to an unauthorized individual by management.
A. 1 and 3.
B. 1 and 4.
C. 2 and 3.
D. 2 and 4.
Correct Answer: D
Question 13:
Management of a publicly-held organization requires the internal audit activity to be involved with quarterly financial statements, which are made public and used internally. Which of the following explanations of management\’s decision is least plausible?
A. Management may be concerned about its reputation in the financial markets.
B. Management is following best-practice protocol, as stipulated by the Standards, which states that internal auditors must review quarterly financial statements.
C. Management may be concerned about potential penalties that could occur if quarterly financial statements are misstated.
D. Management may perceive that having quarterly financial information examined by the internal auditors enhances the information\’s value to internal decision making.
Correct Answer: B
Question 14:
This chief audit executive (CAE) engaged an internal auditor to consult on an organization\’s complex information technology system. Shortly after beginning the engagement, the auditor unexpectedly resigned. Unfortunately, this auditor was the only available auditor with the necessary expertise. The CAE will not be able to hire someone with similar expertise in time to meet a regulatory deadline.
Which of the following would be the best course of action for the CAE to take?
A. Continue with the engagement in order to meet the regulatory deadline, but highlight areas in the final report that might need to be revised in the future.
B. Ask that a senior member of the organization\’s IT department with the required systems expertise join the audit team to assist in completing the engagement.
C. Delay the engagement and inform the board of the situation, asking them to provide acceptable alternatives for completing the engagement.
D. Remove the planned engagement from the audit plan and explain to senior management the problems with moving forward without an auditor with the necessary expertise.
Correct Answer: C
Question 15:
While reviewing the workpapers of a new auditor, the auditor in charge discovered that additional audit procedures might be necessary. According to IIA guidance, which of the following would be most relevant for the auditor in charge to consider when making this decision?
A. Resource management.
B. Coordination.
C. Due professional care.
D. Engagement supervision.
Correct Answer: C