QIA by IQN Actual Free Exam Questions And Answers

Question 1

Which of the following statements conveys negative information in such a way that afavorableresponse from the auditee may still be achieved?

A. Unfortunately, your bookkeeper has not taken the time to reconcile the bank statement each month.

B. Your bookkeeper has failed to reconcile the bank statement each month.

C. You have apparently failed to inform your book keeper that the bank statements should be reconciled on a timely basis.

D. The bank statements have not been reconciled each month.

Discussion 0

Correct Answer: D Vote an answer

Question 2

The objective of aprogramresults audit requires the auditor to

A. Place an emphasis on outputs rather than inputs.

B. Include only historical data in the audit.

C. Look for cost savings or waste.

D. Render an opinion on the fairness of financial presentation.

Discussion 0

Correct Answer: A Vote an answer

Question 3

Your assurance firm is auditor of Happy Goods. The audit manager has just become engaged to the managing director's daughter, who he met through a mutual friend. The managing director owns 51% of the shares in Happy Goods. Which of the threat is not there in this case?

A. Advocacy threat

B. Self-interest threat

C. Intimidation threat

D. Familiarity threat

Discussion 0

Correct Answer: A Vote an answer

Question 4

In a variables sampling application, which of the following factors will vary directly with a change in confidence level from 90% to 95%?

A. Standard error of the mean.

B. Achieved precision.

C. Non-sampling error.

D. Point estimate of the arithmetic mean.

Discussion 0

Correct Answer: B Vote an answer

Question 5

One concern of a user of a computer service centre is that one firm's transactions may accidentally be used in the process of updating a second firm's master files. The control procedure that would best provide assurance of the integrity of the master files during updating processes is a check for

A. Correct master files, such as a header label.

B. Completeness of input, such as a computer sequence check.

C. Input accuracy, such as a check of detail reports.

D. Accuracy of file maintenance, such as review of exception reports.

Discussion 0

Correct Answer: A Vote an answer

Question 6

Purchases from two new vendors increased dramatically after a new buyer was hired. The buyer was obtaining kickbacks from the two vendors based on sales volume.
A possible means of detection is

A. The use of change analysis and trend analysis of buyer or vendor activity.

B. Periodic vendor surveys regarding potential buyer conflict of interest or ethics violations.

C. The receipt of an invoice to put new vendors on the master file.

D. The use of purchase orders for all purchases.

Discussion 0

Correct Answer: A Vote an answer

Question 7

In order for internal auditors to be able torecognizepotential fraud, they must be aware of the basic characteristics of fraud. Which of the following is not a characteristic of fraud?

A. Negligence on the part of executive management.

B. Taking unfair or dishonest advantage.

C. Intentional deception.

D. Perpetration for the benefit or detriment of theorganization.

Discussion 0

Correct Answer: A Vote an answer

Question 8

Which of the following control procedures would provide the greatest assurance that all donations to a non-profitorganizationare immediately deposited to theorganization'saccount?

A. Perform periodic internal audits of theorganization'scash receipts by tracing deposits to the original posting in the cash receipts records.

B. Require issuance of a confirmation receipt to all donors, with the receipt issued by the person who opens and deposits the cash receipts.

C. Use a lockbox to receive all donations.

D. Require that all donations be made by cheque.

Discussion 0

Correct Answer: C Vote an answer

IQN Qualified Internal Auditor - QIA Exam Practice Test

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