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IIA CIA Exam
Certified Internal Auditor Exam (Page 32 )

Updated On: 12-Feb-2026
Page 32 of 342
PDF with 1702 Questions

An objective for an audit of a medical research corporation is to evaluate management's controls to ensure that timely reports are submitted to sponsors of contracted research projects. In planning the audit to achieve this objective, the auditor should begin by

  1. Reviewing policies and procedures.
  2. Interviewing a group of research managers.
  3. Observing report preparation in a number of laboratories.
  4. Sending a questionnaire to a sample of research sponsors.

Answer(s): A



Which of the following internal control weaknesses would an auditor most likely detect while reviewing a flowchart that depicts the purchasing function of an organization?

  1. Purchasing policies have not been updated.
  2. The organization is not taking advantage of quantity discounts available from its suppliers.
  3. Payments for goods received have not been authorized at the appropriate level.
  4. Payments to suppliers are made before goods are received.

Answer(s): D



Inadequate risk assessment would have the strongest negative impact in which of the following phases of an audit engagement?

  1. Determining the scope.
  2. Reviewing internal controls.
  3. Testing.
  4. Evaluating findings.

Answer(s): A



An organization has a policy requiring two signatures on all checks written for amounts in excess of $10, 000. When evaluating controls over disbursements, an auditor would conclude that a greater risk exists if

  1. The auditor located two checks for $9, 000 each that contained one authorized signature.
  2. The $10, 000 was an immaterial amount to the organization and very few cash disbursements required an amount in excess of $10, 000.
  3. The director of accounting was not one of the authorized signers.
  4. There were several instances in which successively numbered checks for amounts between $5, 000 and $10, 000 were made payable to the same vendor.

Answer(s): D



Which of the following corporate travel policies is least likely to be cost-effective?

  1. Negotiating corporate agreements with hotels, airlines, and car rental firms.
  2. Tracking credits for canceled airline reservations.
  3. Selecting the least expensive airline travel available, without regard to total travel time and distance.
  4. Traveling to facilities in tourist areas during the off-season when possible.

Answer(s): C






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