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IIA Practice of Internal Auditing Sample Questions (Q84-Q89):

NEW QUESTION # 84
An internal auditor is conducting a review of the procurement function and uncovers a potential conflict of interest between the chief operating officer and a significant supplier of IT software development services.
Which of the following actions is most appropriate for the internal auditor to take?

A. Inform the audit supervisor.
B. Inform the external auditors of the potential conflict of interest.
C. Investigate the potential conflict of interest.
D. Disregard the potential conflict, because it is outside the scope of the audit assignment.

Answer: A

Explanation:
Section: Volume E

NEW QUESTION # 85
The balanced scorecard approach differs from traditional performance measurement approaches because it adds which of the following measures?
1. Financial measures.
2. Internal business process measures.
3. Client satisfaction measures.
4. Innovation and learning measures.

A. I only
B. II and IV only
C. III and IV only
D. II, III, and IV only

Answer: D

NEW QUESTION # 86
A manufacturer is under contract to produce and deliver a number of aircraft to a major airline. As part of the contract, the manufacturer is also providing training to the airline's pilots. At the time of the audit, the delivery of the aircraft had fallen substantially behind schedule while the training had already been completed. If half of the aircraft under contract have been delivered, which of the following should the internal auditor expect to be accounted for in the general ledger?

A. Training costs allocated to the number of aircraft delivered, and the cost of actual production hours completed to date.
B. Training costs allocated to the number of aircraft delivered, and 50% of contracted production costs.
C. All completed training costs, and 50% of the contracted production costs.
D. All completed training costs, and the cost of actual production hours completed to date.

Answer: D

Explanation:
The accounting treatment should reflect the actual costs incurred. Training costs are recognized as they are completed, regardless of the delivery status of the aircraft. For the aircraft production, the costs should be accounted for based on the actual production hours completed to date. This ensures that the financial records accurately represent the work performed and the expenses incurred. Reference: = Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) on contract accounting and cost recognition.

NEW QUESTION # 87
An internal auditor recommended that an organization implement computerized controls in its sales system in order to prevent sales representatives from executing contracts in excess of their delegated authority levels. A follow-up review found that the sales system had not been modified, but a process had been implemented to obtain written approval by the vice president of sales for all contracts in excess of $1 million. The chief audit executive (CAE) would be justified in reporting this situation to the organization's board iF.
I.In the opinion of the CAE, the level of residual risk assumed by senior management is too high.
II.
Testing of compliance with the new process finds that all new contracts in excess of $1 million have been approved by the vice president of sales.
III.
The cost of modifying the sales system to include a preventive control is less than $100,000.

A. I and III only.
B. I only.
C. III only.
D. I, II, and III.

Answer: B

NEW QUESTION # 88
A chief audit executive (CAE) reviews the supervision of an internal audit engagement Which of the following would most likely assure the CAE that the engagement had adequate supervision?

A. The engagement supervisor has an open door pokey for audit team members to discuss concerns
B. The supervisor meets periodically with management in the reviewed area to get feedback during the engagement.
C. The supervisor reviews and initials internal audit workpapers for the engagement
D. The supervisor reviews weekly progress reports from the audit team members

Answer: C

Explanation:
Reviewing and initialing internal audit workpapers ensures that the engagement has adequate supervision. This practice demonstrates that the supervisor has reviewed the work performed by the audit team, verified the accuracy and completeness of the documentation, and provided necessary guidance. It is a critical step in the quality assurance process, ensuring that the audit findings and conclusions are supported by sufficient and appropriate evidence.
Reference:
Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards), Standard 2340 - Engagement Supervision.

NEW QUESTION # 89
......

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IIA-CIA-Part2 Practice Engine, Exam Dumps IIA-CIA-Part2 Collection

Hot IIA-CIA-Part2 Practice Engine & Pass for Sure Exam Dumps IIA-CIA-Part2 Collection: Practice of Internal Auditing

IIA Practice of Internal Auditing Sample Questions (Q84-Q89):

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