Qualified Internal Auditor - QIA Exam Practice Test

Question 1

An internal auditor would trace copies of sales invoices to shipping documents in order to determine that:

A. Customer shipments were billed.

B. Shipments to customers were also recorded as receivables.

C. Sales that are billed were also shipped.

D. The subsidiary accounts receivable ledger was updated.

Correct Answer: C

Question 2

Working papers serve the following purpose for the internal auditor:

A. Provide the principal evidential support for the internal auditor's report.

B. Make the audit report more readable by providing a place to append exhibits.

C. Provide the auditee a place to make responses to audit recommendations.

D. Provide a place to summarise overall audit recommendations.

Correct Answer: A

Question 3

The appropriate sampling plan to use to identify at least one irregularity, assuming some number of such irregularities exist in a population, and then to discontinue sampling when one irregularity is observed is

A. Stop-and-go sampling.

B. Attributes sampling.

C. Variables sampling.

D. Discovery sampling.

Correct Answer: D

Question 4

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

A. Require that all donations be made by cheque.

B. Use a lockbox to receive all donations.

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

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

Correct Answer: B

Question 5

Management is legally required to prepare a shipping document for all movement of hazardous materials. The document must be filed with bills of lading. Management expects 100% compliance with the procedure.
Which of the following sampling approaches would be most appropriate?

A. Targeted sampling.

B. Attributes sampling.

C. Variables sampling.

D. Discovery sampling.

Correct Answer: D

Question 6

Which of the following is the best source for an audit team to use to identify common risks faced by a company?

A. Research reported in professional journals and text books

B. Flowcharts

C. Checklists or reminder lists

D. Questionnaires

Correct Answer: A

Question 7

In addition to controls over access, processing, program changes, and other functions, acomputerizedsystem needs to establish an audit trail of information.
Which of the following information would generally not be included in an audit trail log designed tosummariesunauthorizedsystem access attempts?

A. A list ofauthorizedusers.

B. The terminal used to make the attempt.

C. The type of event or transaction attempted.

D. The data in the program sought.

Correct Answer: A

Question 8

Which of the following is an example of intimidation threat to independence of the auditor?

A. The audit firm is working for long time for its client

B. The audit firm is acting as a legal advocate for the client in litigation

C. The audit firm has been involved in maintaining the accounting records, or undertaking valuations that are incorporated in the financial statements

D. Xenia Taliotis is an influential finance director of Winner Plc

Correct Answer: D

IQN Qualified Internal Auditor - QIA Exam Practice Test

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