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| Section | Objectives |
|---|---|
| Topic 1: Managing the Internal Audit Function | - Audit plan development and resource management - Quality assurance and improvement program (QAIP) - Internal audit role in governance, risk, and control |
| Topic 2: Engagement Execution | - Sampling methods and data analysis - Control testing and documentation - Audit evidence collection and evaluation |
| Topic 3: Communicating Results and Monitoring | - Audit report preparation and communication - Issue tracking and follow-up procedures |
| Topic 4: Engagement Planning | - Risk assessment for audit engagements - Audit program design - Engagement objectives and scope definition |
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NEW QUESTION # 489
Which of the following would be the best audit procedure to use to determine if a division's unusually high sales and gross margin for November and December were the result of fraudulently recorded sales?
Answer: B
NEW QUESTION # 490
An organization does not have a formal risk management function. According to the Standards, which of the following are conditions where the internal audit activity (IAA) may provide risk management consulting?
1. There is a clear strategy and timeline to migrate risk management responsibility back to management.
2. The IAA has the final approval on any risk management decisions.
3. The IAA does not give objective assurance on any part of the risk management framework for which it is responsible.
4. The nature of services provided to the organization is documented in the internal audit charter.
Answer: C
NEW QUESTION # 491
An organization owns vehicles that are kept off-site by employees to pick up and deliver orders. An internal auditor selects a specific vehicle from the fixed asset register for testing. Which of the following would best provide sufficient, indirect evidence for the auditor to confirm the existence of the vehicle?
Answer: C
Explanation:
To confirm the existence of a specific vehicle selected from the fixed asset register, the best indirect evidence would be to compare the registered details of the vehicle with a date-stamped photograph. This method provides a verifiable form of evidence that the vehicle exists and matches the details recorded in the asset register. It ensures that the vehicle is still in possession of the organization and can be indirectly verified without the need for physical presence at an off-site location.
References:
* IIA Practice Guide: "Auditing Fixed Assets"
* COSO Internal Control - Integrated Framework
NEW QUESTION # 492
During an internal audit engagement, which of the following is true regarding the decision to use statistical sampling or nonstatistical sampling?
Answer: D
Explanation:
A). The decision affects the test procedures performed:Correct. The choice between statistical and nonstatistical sampling affects the design of the sample selection, execution of audit procedures, and the nature of conclusions drawn. Statistical sampling involves probabilistic techniques that influence sample size and evaluation, whereas nonstatistical sampling relies on auditor judgment.
B). The auditor ' s response to errors detected will be influenced:While error response is critical, it is influenced more by the nature and materiality of the errors than by the sampling approach.
C). The competence of the evidence obtained is greater with statistical sampling:This is incorrect because the competence of evidence depends on the procedure itself, not the sampling method used. Both methods can yield competent evidence if applied correctly.
D). Nonstatistical sampling may be more cost effective:While this can sometimes be true, it is context- dependent and not universally applicable, so it is not the best answer.
CIA Exam Syllabus Reference:
Domain II: Risk Management and Control - Sampling Techniques and Audit Evidence.
NEW QUESTION # 493
According to IIA guidance, which of the following individuals should receive the final audit report on a compliance engagement for the organization's cash disbursements process?
Answer: B
Explanation:
For compliance engagements, particularly those related to critical processes such as cash disbursements, it is important to distribute the final audit report to individuals with oversight and decision-making responsibilities. The accounts payable manager oversees the process, the chief financial officer (CFO) has overall financial oversight, and the audit committee provides governance and oversight of the audit function.
This ensures that the report is reviewed by those with the authority to implement changes and address any issues identified. References:
* IIA Standards - 2440: Disseminating Results
* IIA Practice Advisory - 2440-1: Disseminating Results
NEW QUESTION # 494
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