QIA Practice Exam Questions with Answers Qualified Internal Auditor Certification

The same rules might not be suitable for every company

There are some aspects of corporate governance that cannot be regulated easily

Companies do not have the choice of ignoring the rules

The most suitable corporate governance practices can differ between companies

Checklists or reminder lists

Flowcharts

Questionnaires

Research reported in professional journals and text books

Shifts some of the responsibilities away from the auditors towards others such as work teams.

Allocated additional responsibilities to internal audit.

Reduces the level of collaboration required between managers and internal auditor.

Allows assessment to be carried out without any internal audit involvement whatsoever, therefore allowing them to focus their attention on other areas of theorganization.

Individuals who are not employees have no access privileges.

Revoked access privileges are cancelled on a weekly cycle.

Access privileges are activated promptly after they areauthorized.

A systemsprogramkeeps records of all additions/deletions of access changes.

Interviews

Questionnaires

Forensic analysis

Computer

Process all personnel agency invoices via a purchase order through the purchasing department.

Verify new vendors to firms listed in a professional association catalogue and/or verify the vendor name and address through the telephone book.

Monitor the closeness of the relationships of recruiters with specific vendors.

Require all employees to sign an annual conflict of interest statement.

Cancelled cheque issued in payment of the procured goods.

Ordering department's original requisition for the goods.

Receiving memorandum documenting the receipt of the goods.

Supplier's invoice for the procured goods.

A self-interest threat

An intimidation threat

A management threat

No threat

Compare monthly balances and use change and trend analysis.

Require additional monitoring by headquarters whenever improper segregation of duties exists at remote units.

Determine if any employees have high personal debt.

Determine if any employees are leading expensive lifestyles.

The rate of absenteeism.

The goal of becoming a leading manufacturer.

The number of insurance claims processed per day.

The rate of customer complaints.

An expression of an audit opinion.

A tick mark legend.

A complete flowchart of the system of internal controls for the area being reviewed.

A descriptive heading.

Being willing to prosecute.

Ostracizingwhistle-blowers.

Overlooking inefficiencies in the judicial system.

Accepting the lack of integrity in the system.

Determine the length of processing time between the receipt of the vendor's invoice to the payment date for the related disbursement.

Interview the accounts payable manager to determine the procedures and standards for processing vendor invoices.

Compare the vendor's invoice due date with the payment date as indicated on the cancelled check.

Compare the date stamped on the invoice for receipt with the corresponding payment date for the disbursement.

A list ofauthorizedusers.

The type of event or transaction attempted.

The terminal used to make the attempt.

The data in the program sought.

Financial statements are presented in accordance with International Financial Reporting Standards.

Desired benefits are being achieved.

The entity has complied with laws and regulations.

Resources are managed economically and efficiently.

Stop-and-go sampling.

Discovery sampling.

Variables sampling.

Attributes sampling.

The supplier maintained prices in the short run but later returned to a pattern of increasing prices.

The supplier decided to stop providing the direct materials to the manufacturing company, since holding the line on prices would have a negative impact.

The supplier maintained prices but substituted a lower grade of direct materials.

The supplier worked through the president of the manufacturing company to force the purchasing manager to cancel the mandate.

Trend analysis.

Ratio analysis.

Unobtrusive measures or observations.

Rating scales.

Purchase requisitions, journal voucher entries, and bid quotes.

Purchase requisitions, purchase orders, and bid quotes.

Receiving reports, purchase orders, and purchase requisitions.

Purchase orders, receiving reports, and bid quotes.