QUESTION: 61

An internal auditor wants to sample data to test an audit theory in a cost-effective way.
Which of the following sampling strategies should she use?

Statistical sampling only
Nonstatistical sampling only
A combination of both statistical and nonstatistical sampling.
Neither approach to testing the audit theory would be cost effective.

Answer(s): B

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An internal auditor is performing analytical reviews as part of an audit of a supermarket's merchandising department. Because the economy has declined since midyear, the auditor can expect to encounter which of the following?

Higher inventory turnover.
Higher operating margin.
Lower obsolete stock disposal.
Lower sales volume.

Answer(s): D

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QUESTION: 63

The chief audit executive (CAE) is planning to conduct an internal assessment of the internal audit activity (IAA). Part of this assessment will include benchmarking. According to IIA guidance, which of the following qualitative metrics would be appropriate for the CAE to use?
1. Average client customer satisfaction score for a given year.
2. Client survey comments on how to improve the IAA.
3. Auditor interviews once an audit has been completed.
4. Percentage of audits completed within 90 days.