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| Section | Objectives |
|---|---|
| Topic 1: Practice of Internal Auditing | - Audit execution and evidence collection - Audit planning and risk assessment |
| Topic 2: Essentials of Internal Auditing | - Internal audit fundamentals and governance - Ethics and professional standards |
| Topic 3: Business Knowledge for Internal Auditing | - Financial and managerial accounting basics - Information systems and IT auditing concepts |
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NEW QUESTION # 94
Which of the following should be included in a company's year-end inventory valuation?
Answer: C
Explanation:
Year-end inventory valuation should include all goods owned by the company, regardless of their location. This includes goods for sale on consignment at a consignment shop, as these items remain the property of the company until sold. Goods sold FOB shipping point and goods purchased FOB destination that have not yet been received are not included, as ownership has transferred or not yet been acquired respectively. Goods on consignment that the company is trying to sell for others are also excluded because the company does not own them.
NEW QUESTION # 95
When reviewing workpapers, engagement supervisors may ask for additional evidence or clarification via review notes. According to IIA guidance, which of the following statements is true regarding the engagement supervisors review notes?
Answer: A
Explanation:
* Introduction:
* Review notes are comments or questions posed by engagement supervisors during the review of workpapers to ensure audit quality and completeness.
* IIA Guidance on Review Notes:
* According to the IIA, review notes serve as a tool for engagement supervisors to seek additional evidence or clarification.
* Options Analysis:
* Option A: This is correct as per IIA guidance, once concerns have been addressed, review notes can be cleared from the final documentation.
* Option B: Management does not typically address review notes; these are internal audit processes.
* Option C: The CAE does not need to initial or sign the review notes, as the engagement supervisor's review is sufficient.
* Option D: While review notes must be addressed, they do not necessarily need to be retained after being resolved.
* Conclusion:
* The correct procedure allows for review notes to be cleared once the engagement supervisor's concerns are addressed, streamlining the documentation process.
NEW QUESTION # 96
An internal auditor has discovered that duplicate payments were made to one vendor Management has recouped the duplicate payments as a corrective action Which of the following describes managements action in this case?
Answer: C
Explanation:
* Introduction:
* When duplicate payments are identified and corrected, the management's response typically addresses the immediate impact or effect of the issue.
* Types of Action Plans:
* Condition-Based: Addresses the condition or the issue itself.
* Cause-Based: Focuses on the underlying cause of the issue.
* Root Cause-Based: Delves deeper to identify and address the fundamental reason for the issue.
* Effect-Based: Focuses on addressing the consequences or the effects of the issue.
* Options Analysis:
* Option A: A condition-based action plan would involve identifying and rectifying the condition that led to the duplicate payments.
* Option B: A cause-based action plan would address the immediate causes of the duplicate payments.
* Option C: A root cause-based action plan would investigate and mitigate the fundamental reasons behind the duplicate payments.
* Option D: An effect-based action plan addresses the consequences of the duplicate payments, such as recouping the funds, which is what management did in this scenario.
* Conclusion:
* Management's action in recouping the duplicate payments is an effect-based action plan as it focuses on addressing the impact of the error.
NEW QUESTION # 97
Which of the following statements is true regarding an organization's inventory valuation?
Answer: B
Explanation:
Inventory Valuation Principles: Inventory valuation must accurately reflect the ownership of goods. The accounting treatment of inventory in transit depends on the shipping terms, specifically whether it is FOB (Free on Board) shipping point or FOB destination.
FOB Shipping Point:
Ownership Transfer: When goods are shipped FOB shipping point, ownership transfers to the buyer as soon as the goods leave the seller's premises.
Impact on Inventory Valuation: If goods shipped FOB shipping point are in transit at the end of the reporting period, they should be included in the buyer's inventory, not the seller's.
FOB Destination:
Ownership Transfer: When goods are shipped FOB destination, ownership transfers to the buyer only when the goods arrive at the buyer's premises.
Impact on Inventory Valuation: Goods in transit under FOB destination terms should remain in the seller's inventory until they reach the buyer.
Consignment:
Goods Received on Consignment: Goods held on consignment should not be included in the inventory of the consignee (the holder) but remain in the inventory of the consignor (the owner).
Goods Sent on Consignment: Goods sent out on consignment should still be included in the inventory of the consignor until they are sold by the consignee.
NEW QUESTION # 98
Following an IT systems audit, management agreed to implement a specific control in one of the IT systems.
After a period, the internal auditor followed up and learned that management had not implemented the agreed management action due to the decision to move to another IT system that has built-in controls, which may address this risks highlighted by the Internal audit Which of the following Is the most appropriate action to address the outstanding audit recommendation?
Answer: A
Explanation:
Verification of Controls: The auditor should verify that the new IT system addresses the previously identified risks. This involves reviewing the system documentation and ensuring that the controls in the new system effectively mitigate the risks.
NEW QUESTION # 99
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