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IQN QIA Exam -

Free QIA Sample Questions:

Q: 1
Which of the following is the best source for an audit team to use to identify common risks faced by a company?
A. Checklists or reminder lists
B. Flowcharts
C. Questionnaires
D. Research reported in professional journals and text books
Answer: D

Q: 2
To identify shortages of specific items in an inventory of expensive goods held for retail sale, the most appropriate audit work step is to
A. Apply the retail method of inventory valuation.
B. Compare physical inventory counts to perpetual records.
C. Develop inventory estimates based on the gross profit percentage method.
D. Analyzecurrent and previous inventory turnover rates.
Answer: B

Q: 3
Which of the following audit procedures would be most effective in determining whether vendor invoices are being processed on a timely basis while maximizing the company's use of cash?
A. Determine the length of processing time between the receipt of the vendor's invoice to the payment date for the related disbursement.
B. Interview the accounts payable manager to determine the procedures and standards for processing vendor invoices.
C. Compare the vendor's invoice due date with the payment date as indicated on the cancelled check.
D. Compare the date stamped on the invoice for receipt with the corresponding payment date for the disbursement.
Answer: C

Q: 4
How does CSA differ from traditional methods of auditing?
A. Shifts some of the responsibilities away from the auditors towards others such as work teams.
B. Allocated additional responsibilities to internal audit.
C. Reduces the level of collaboration required between managers and internal auditor.
D. Allows assessment to be carried out without any internal audit involvement whatsoever, therefore allowing them to focus their attention on other areas of theorganization.
Answer: A

Q: 5
Which of the following is not an activity of internal audit function?
A. Examining financial and operating information
B. Review of the economy, efficiency and effectiveness of operations
C. Review of compliance with laws, regulations and other external requirements
D. Confirming that the final result (the sum) is correct
Answer: D

Q: 6
Which of the following areas are addressed by attribute standards?
A. Independence, objectivity, and nature of the work
B. Independence, communication of findings, and the resolution of problems affecting the risks accepted by management
C. Independence, objectivity and proficiency
D. Engagement planning, engagement execution, and progress monitoring
Answer: C

Q: 7
In order to ensure the proper addition/deletion of authorizations in an operational audit of data access security, an internal auditor would verify that
A. Individuals who are not employees have no access privileges.
B. Revoked access privileges are cancelled on a weekly cycle.
C. Access privileges are activated promptly after they areauthorized.
D. A systemsprogramkeeps records of all additions/deletions of access changes.
Answer: C

Q: 8
Which of the following control procedures would provide the greatest assurance that all donations to a non-profit organization are immediately deposited to the organization’s account?
A. Use a lockbox to receive all donations.
B. Perform periodic internal audits of theorganization’scash receipts by tracing deposits to the original posting in the cash receipts records.
C. Require that all donations be made by cheque.
D. Require issuance of a confirmation receipt to all donors, with the receipt issued by the person who opens and deposits the cash receipts.
Answer: A

Q: 9
Which technique is most appropriate for testing the quality of the pre-audit of payment vouchers described in an internal control questionnaire (ICQ)?
A. Analysis
B. Evaluation
C. Verification
D. Observation
Answer: C

Q: 10
Which of the following documents would provide the most persuasive evidence concerning the existence and valuation of a receivable?
A. A credit approval document supported by the customer's audited financial statements.
B. A copy of a sales invoice to the customer in the auditee's records.
C. A positive confirmation received directly from the customer.
D. A customer's purchase order in the auditee's records related to the credit sale.
Answer: C

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