IIA IIA-CIA-Part2 Quiz 200 Topic 3 Questions 996-1000

Question: 1

After completing a net present value (NPV) calculation on a proposed project, an analyst explores the change in NPV with changes in the interest rate. This additional analysis is referred to as

ADecision analysis

BSimulation

CSensitivity analysis

DVariance analysis

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Question: 2

Which of the following factors could interfere with effective problem solving by an internal auditor?

i. Reacting to previous experiences with clients

ii. Focusing only on the most likely cause

iii. Correcting the symptoms of problems

AI only

BIII only

CI and II only

DI, II, and III

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Question: 3

Which of the following would not be characteristic of control self assessment implemented by an audit department?

AAn auditor usually facilitates the discussion during the workshop phase while another records comments for subsequent use.

BAuditors and business unit employees work as a team.

CAuditors perform traditional audit tests to identify control weaknesses.

DParticipants discuss the control weaknesses that hinder the achievement of objectives.

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Question: 4

A retail company uses a computer program that matches electronic vendor invoices with the applicable purchase orders and receiving information, which are also maintained electronically. If an invoice does not match the other items within predefined ranges, a report is generated and sent to the accounts payable department for further investigation. All of the applicable documents are electronically marked, cross referenced, and retained in open files. Both an integrated test facility and a systems control audit review file (SCARF) have been included in the system. An auditor wants to determine the extent to which items are not matched at year end and to investigate the potential causes of the unmatched items. Which of the following audit procedures would be most effective in determining the items to investigate?

AUse generalized audit software to read the electronically marked unmatched items.

BUse generalized audit software to read the purchase orders and trace to applicable receiving and vendor invoice files.

CUse the SCARF to identify unusual items. Select an attributes sample and trace to the underlying documentation.

DSubmit test data to identify attributes of unmatched items

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Question: 5

Which of the following is the best course of action for an internal auditor to take when new, relevant information is revealed immediately after an exit conference?

ADocument the situation for future followup and continue with the next assignment.

BRequest that management provide additional resources so that the audit can be extended.

CPostpone the next audit assignment and continue to investigate the issue.

DReport the issue immediately to senior management of the internal audit activity.

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IIA IIA-CIA-Part2 Quiz:200 Topic:3 Questions:996-1000