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Free IIA IIA-CIA-Part2 Exam Questions (page: 19)

Page 19 of 103
PDF with 956 Questions

In a sampling application, the group of items about which the auditor wants to estimate some characteristic is called the.

  1. Population.
  2. Attribute of interest.
  3. Sample.
  4. Sampling unit.

Answer(s): A



An internal auditor would most likely use attributes sampling when testing which of the following?

  1. Accounts receivable balances.
  2. Correct coding of accounts payable disbursement vouchers.
  3. Year-end inventory value.
  4. Fixed asset book value.

Answer(s): B



An audit department has received anonymous information that an employee has allegedly been able to steal and cash checks sent to the organization by customers. What is the most efficient way for an auditor to determine how this type of fraud could occur and who might be the perpetrator?

  1. Confirm accounts receivable.
  2. Confirm accounts payable.
  3. Review the endorsements and banks of deposit on customers' canceled checks.
  4. Flowchart and analyze key controls in the cash receipts process.

Answer(s): D



If an auditor expects to find numerous discrepancies between recorded values and audited values of sample selections, which sampling technique would be most appropriate?

  1. Attributes sampling.
  2. Probability-proportional-to-size sampling.
  3. Difference estimation sampling.
  4. Discovery sampling.

Answer(s): C



During an audit of a retail organization, an internal auditor found a scheme in which the warehouse director and the purchasing agent diverted approximately $500,000 of goods to their own warehouse, then sold the goods to third parties. The fraud was not found earlier since the warehouse director updated the perpetual inventory records and then forwarded receiving reports to the accounts payable department for processing. Which of the following procedures would have
most likely led to the discovery of the missing materials and the fraud?

  1. Select a random sample of receiving reports and trace to the recording in the perpetual inventory records. Note differences and investigate by type of product.
  2. Select a random sample of purchase orders and trace to receiving reports and to the records in the accounts payable department.
  3. Take an annual physical inventory, reconciling amounts with the perpetual inventory records.
    Note the pattern of differences and investigate.
  4. Select a random sample of sales invoices and trace to the perpetual inventory records to see if inventory was on hand. Investigate any differences.

Answer(s): C



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