QUESTION: 69 Topic 1, Volume A

An objective for an audit of a medical research corporation is to evaluate management's controls to ensure that timely reports are submitted to sponsors of contracted research projects. In planning the audit to achieve this objective, the auditor should begin by:

Reviewing policies and procedures.
Interviewing a group of research managers.
Observing report preparation in a number of laboratories.
Sending a questionnaire to a sample of research sponsors.

Answer(s): A

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QUESTION: 70 Topic 1, Volume A

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Which of the following internal control weaknesses would an auditor most likely detect while reviewing a flowchart that depicts the purchasing function of an organization?

Purchasing policies have not been updated.
The organization is not taking advantage of quantity discounts available from its suppliers.
Payments for goods received have not been authorized at the appropriate level.
Payments to suppliers are made before goods are received.

Answer(s): D

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QUESTION: 71 Topic 1, Volume A

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Which source of audit evidence would provide the least value in flowcharting an organization's purchasing process?

An interview with the purchasing supervisor.
A review of a sample of purchase orders which were completed during the last month.
A review of the purchasing policies and procedures manual.
A walk-through of the process with a member of the purchasing staff.

Answer(s): B

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