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Free IIA CIA Exam Braindumps (page: 78)

Page 78 of 427
PDF with 1702 Questions

Which of the following potential performance measures should an auditor recommend excluding from a performance scorecard?

  1. Number of employees.
  2. Market share.
  3. Number of customer complaints.
  4. Training dollars per employee.

Answer(s): A



An audit of a company's accounts payable found that the individuals responsible for maintaining the vendor master file could also enter vendor invoices into the accounts payable system. During the exit conference, management agreed to correct this problem. When performing a follow-up engagement of accounts payable, the auditor should expect to find that management has

  1. Transferred the individuals who maintained the vendor master file to another department to ensure that responsibilities are appropriately segregated.
  2. Compared the vendor and employee master files to determine if any unauthorized vendors have been added to the vendor master file.
  3. Changed the access control system to prevent employees from both entering invoices and approving payments.
  4. Modified the accounts payable system to prevent individuals who maintain the vendor master file from entering invoices.

Answer(s): D



An audit of an organization's claims department determined that a large number of duplicate payments had been issued due to problems in the claims processing system. During the exit conference, the vice president of the claims department informed the auditors that attempts to recover the duplicate payments would be initiated immediately and that the claims processing system would be enhanced within six months to correct the problems. Based on this response, the chief audit executive should

  1. Adjust the scope of the next regularly scheduled audit to assess controls within the claims processing system.
  2. Discuss the findings with the audit committee and ask the committee to determine the appropriate followup action.
  3. Schedule a followup engagement within six months to assess the status of corrective action.
  4. Monitor the status of corrective action and schedule a followup engagement when appropriate.

Answer(s): D



What is the primary factor that determines the depth and breadth of audit followup?

  1. The engagement client's written response to the audit findings.
  2. The auditor's assessment of risk associated with the audit findings.
  3. The auditor's assessment of personnel responsible for correcting audit findings.
  4. The availability of audit personnel and financial resources.

Answer(s): B






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