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Free IIA CIA Exam Braindumps (page: 66)

Page 66 of 427
PDF with 1702 Questions

A company regularly invests excess short-term cash in trading securities. A reliable test of the valuation of those securities would be a

  1. Recalculation of investment carrying value using the equity method.
  2. Comparison of cost data with current market quotations.
  3. Confirmation of securities held by the broker.
  4. Calculation of premium or discount amortization.

Answer(s): B



Which of the following sampling plans should an internal auditor use to estimate the number of units in a certain class of inventory without counting each item?

  1. Attributes sampling.
  2. Discovery sampling.
  3. Variables sampling.
  4. Stop or go sampling.

Answer(s): C



Which of the following is an example of sampling risk?

  1. Overlooking material errors.
  2. Failing to analyze results properly.
  3. Checking invoices that are not representative of the population.
  4. Using audit procedures that are not appropriate for the given audit objective.

Answer(s): C



Which of the following would constitute a violation of the IIA Code of Ethics?

  1. An internal auditor, who has recently joined the organization, has accepted an assignment to audit the electronics manufacturing division. The auditor previously served as senior auditor for the external audit of that division and has audited many electronics companies during the past two years.
  2. An internal auditor has accepted an assignment to audit the warehousing function six months from now. The auditor has no expertise in that area but has signed up for courses in warehousing that will be completed before the assignment begins.
  3. An internal auditor has no ambitions for promotion and has not engaged in training or other professional development activities during the last three years. The auditor's performance assessments indicate consistent quality of work.
  4. An internal auditor discovered an internal financial fraud during the year, and the financial statements were adjusted to properly reflect the loss associated with the fraud.
    The auditor discussed the fraud with the external auditor during the external auditor's review of the working papers detailing the incident.

Answer(s): C






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