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Free IIA CIA Exam Braindumps (page: 79)

Page 79 of 427
PDF with 1702 Questions

An audit of customer accounts receivable found that outstanding receivables as a percentage of revenue had increased significantly during the past two years. The increase was attributed to the extension of credit, at the urging of the marketing department, to a number of companies that were not creditworthy. Which of the following would be least useful in monitoring the disposition of this finding?

  1. Responses from the manager of accounts receivable regarding collection of outstanding receivables.
  2. Periodic updates from the controller regarding the status of corrective actions.
  3. Information from the credit and marketing personnel assigned the responsibility for reevaluating credit policies.
  4. Updates from the information technology division regarding implementation of a new accounts receivable system.

Answer(s): D



Given the scarcity of internal audit resources, a chief audit executive (CAE) decided not to schedule a followup of audit recommendations when developing engagement work schedules. Does the CAE's decision violate the Standards?

  1. No, because the Standards do not specify whether followup is needed.
  2. No, because when there is evidence of sufficient motivation by the client, there is no need for followup action.
  3. Yes, because scarcity of resources is not a sufficient reason to omit followup action.
  4. Yes, because the Standards require the auditors to determine whether the client has appropriately implemented all of the auditor's recommendations.

Answer(s): C



At the conclusion of an audit of an organization's treasury department, a report was issued to the treasurer, chief financial officer, president, and board. Because of the sensitivity of some findings, a followup review was performed. The auditor should provide the report of followup findings to the

I). Treasurer.
II). Chief financial officer.
III). President.
IV). Board.

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

Answer(s): D



Which of the following conditions is the strongest indicator of possible fraud?

  1. An assistant treasurer who refuses to take vacations.
  2. Independent reconciliations of subsidiary to general ledgers that are not always completed on a timely basis.
  3. A condition of excess manufacturing waste material.
  4. A manager who is often over budget at the end of a reporting period.

Answer(s): A






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