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Free IIA CIA Exam Braindumps (page: 69)

Page 69 of 427
PDF with 1702 Questions

The following is an excerpt from an audit engagement workpaper A Company Accounts Receivable Date Objective To determine if the computer system is correctly recording all accounts receivable transactions. Procedures Judgmental selection of a sample of all accounts receivable balances greater than $50, 000 for positive confirmation of balances. Conclusion Based on the results of testing wherein all but three confirmations were returned, the accounts receivable balance is fairly presented in all material respects. Which of the following is true regarding the workpaper?

  1. It is not appropriate to judgmentally select a sample when testing accounts receivable.
  2. A conclusion should be reached only for the results of overall testing, not for individual procedures.
  3. The audit procedures used are not consistent with the audit objective.
  4. The format of the workpaper does not conform to the standard format for workpapers.

Answer(s): C



The efficiency of internal audit operations is best enhanced if workpaper standards

  1. Permit the extent of documentation to vary according to engagement objectives.
  2. Require supervisors to initial and date each workpaper that they review.
  3. Allow access to workpapers by external parties if approved by senior management or the audit committee.
  4. Mandate the workpaper retention period.

Answer(s): A



Which of the following represents appropriate evidence of supervisory review of engagement workpapers?

I). A supervisor's initials on each workpaper.
II). An engagement workpaper review checklist.
III). A memorandum specifying the nature, extent, and results of the supervisory review of workpapers.
IV). Performance appraisals that assess the quality of workpapers prepared by auditors.

  1. II and IV only.
  2. I, II, and III only.
  3. I, III, and IV only.
  4. I, II, III, and IV.

Answer(s): B



Which of the following conclusions would be appropriate for a beginning auditor performing an audit of a payroll department?

  1. Employee taxes have been deducted at the correct rates, and the taxes have been forwarded to the appropriate government agency.
  2. Although there is insufficient segregation of duties, the impact is mitigated by compensating controls.
  3. The payroll computer system should be replaced.
  4. The payroll department staff has the appropriate level of skills.

Answer(s): A






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