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Free IIA-CIA-Part2 Exam Braindumps
Certified Internal Auditor - Part 2, Practice of Internal Auditing Questions 101–105 (page: 22)

Updated On: 10-Feb-2026
Page 22 of 103
PDF with 956 Questions

The use of standard operating procedure questionnaires in audit fieldwork can be beneficial because.

  1. These questionnaires can both identify discrepancies and educate clients.
  2. Standard operating procedures are essential to the effectiveness and efficiency of operations.
  3. These questionnaires are more comprehensive than are other types of techniques for gathering data during fieldwork.
  4. These questionnaires do not normally require prior clearance with management of the audited area.

Answer(s): A



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

  1. Providing a false sense of security that all relevant factors are addressed.
  2. Inappropriately implying equal weight to each item on the checklist.
  3. Decreasing the uniformity of data acquisition.
  4. Being incapable of translating the experience or sound reasoning intended to be captured by each item on the checklist.

Answer(s): C



A limitation of using ratio analysis in an audit engagement is that it:

  1. Often uses financial information provided by management which has not been reviewed for reliability and validity.
  2. Is an expensive method of testing.
  3. Requires computer software in order to develop meaningful interpretations of data.
  4. Is useful only when comparisons can be made across other industries.

Answer(s): A



Which of the following would cause a company's accounts receivable turnover ratio to decrease steadily over a three-year period?

  1. An increase in the discount offered for early payment.
  2. A more liberal credit policy.
  3. Invoices provided on a weekly rather than a monthly basis.
  4. Increased cash sales.

Answer(s): B



Which of the following would be the best audit procedure to use to determine if a division's unusually high sales and gross margin for November and December were the result of fraudulently recorded sales?

  1. Trace a sample of shipping documents to related sales invoices to verify proper billing.
  2. Confirm accounts receivable balances with customers.
  3. Compare sales and gross margin totals with those of the previous ten months and the first month of the following year.
  4. Use regression analysis techniques to estimate the sales and cost of goods sold for November and December.

Answer(s): B



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