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Free IIA-CIA-Part2 Exam Braindumps (page: 39)

Page 38 of 128
PDF with 508 Questions

An internal auditor found that the cost of some material installed on capital projects had been transferred to the inventory account because the capital budget had been exceeded. Which of the following would be an appropriate technique for the auditor to use to determine the extent of the problem?

  1. Identify variances between amounts capitalized each month and the capital budget.
  2. Analyze a sample of capital transactions each quarter to detect instances in which installed material was transferred to inventory.
  3. Review all journal entries that transferred costs from capital to inventory accounts.
  4. Compare inventory receipts with debits to the inventory account and investigate discrepancies.

Answer(s): C



When conducting audit follow-up of a finding related to cash management routines, an internal auditor would expect to find that all of the following changes have occurred except:

  1. The steps being taken are resolving the condition disclosed by the finding.
  2. Inherent risk has been eliminated as a result of resolution of the condition.
  3. Controls have been implemented to deter or detect a recurrence of the finding.
  4. Benefits have accrued to the entity as a result of resolving the condition.

Answer(s): B



Which of the following represents appropriate evidence of supervisory review of engagement workpapers?

  1. A supervisor's initials on each workpaper.
    II. An engagement workpaper review checklist.
    III. A memorandum specifying the nature, extent, and results of the supervisory review of workpapers.
    IV. Performance appraisals that assess the quality of workpapers prepared by auditors.
  2. II and IV only
  3. I, II, and III only
  4. I, III, and IV only
  5. I, II, III, and IV.

Answer(s): B



Recommendations should be included in the audit report in order to:

  1. Provide management with options for addressing audit findings.
  2. Ensure that audit findings are resolved in the manner suggested by the auditor.
  3. Minimize the amount of time required to correct audit findings.
  4. Ensure that audit findings are addressed by management.

Answer(s): A






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