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Certified Internal Auditor Exam Questions 471–475 (page: 96)

Checklists used to assess audit risk have been criticized for all of the following reasons except

After completing a net present value (NPV) calculation on a proposed project, an analyst explores the change in NPV with changes in the interest rate. This additional analysis is referred to as

Which of the following factors could interfere with effective problem solving by an internal auditor?

I). Reacting to previous experiences with clients
II). Focusing only on the most likely cause
III). Correcting the symptoms of problems

Which of the following would not be characteristic of control self assessment implemented by an audit department?

A retail company uses a computer program that matches electronic vendor invoices with the applicable purchase orders and receiving information, which are also maintained electronically. If an invoice does not match the other items within predefined ranges, a report is generated and sent to the accounts payable department for further investigation. All of the applicable documents are electronically marked, cross referenced, and retained in open files. Both an integrated test facility and a systems control audit review file (SCARF) have been included in the system. An auditor wants to determine the extent to which items are not matched at year end and to investigate the potential causes of the unmatched items. Which of the following audit procedures would be most effective in determining the items to investigate?