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Free IIA CIA Exam Braindumps (page: 68)

Page 68 of 427
PDF with 1702 Questions

Which of the following examples of audit evidence is the most persuasive?

  1. Real estate deeds, which were properly recorded with a government agency.
  2. Canceled checks written by the treasurer and returned from a bank.
  3. Time cards for employees, which are stored by a manager.
  4. Vendor invoices filed by the accounting department.

Answer(s): A



During an operational audit of a chain of pizza delivery stores, an auditor determined that cold pizzas were causing customer dissatisfaction. A review of oven calibration records for the last six months revealed that adjustments were made on over 40 percent of the ovens.
Based on this, the auditor

  1. Has enough evidence to conclude that improperly functioning ovens are the cause.
  2. Needs to conduct further inquiries and reviews to determine the impact of the oven variations on the pizza temperature.
  3. Has enough evidence to recommend the replacement of some of the ovens.
  4. Must search for another cause since approximately 60 percent of the ovens did not require adjustment.

Answer(s): B



An auditor decides to vouch a sample of ledger entries back to their original documentation. In terms of whether all transactions had been recorded, this test would be

  1. Relevant to the completeness objective.
  2. Irrelevant to the completeness objective.
  3. A more timely test of completeness than evidence from interviews.
  4. A more biased test of completeness than evidence from interviews.

Answer(s): B



An internal auditor for a financial institution has just completed an audit of loan processing. Of the 81 loans approved by the loan committee, the auditor found seven loans which exceeded the approved amount. Which of the following actions would be inappropriate on the part of the auditor?

  1. Examine the seven loans to determine if there is a pattern. Summarize amounts and include in the engagement final communication.
  2. Report the amounts to the loan committee and leave it up to them to correct. Take no further followup action at this time and do not include the items in the engagement final communication.
  3. Follow up with the appropriate vice president and include the vice president's acknowledgment of the situation in the engagement final communication.
  4. Determine the amount of the differences and make an assessment as to whether the dollar differences are material. If the amounts are not material, not in violation of government regulations, and can be rationally explained, omit the observation from the engagement final communication.

Answer(s): B






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