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QUESTION NO: 3

Human resources and payroll are separate departments. Which of the following combinations

would provide the best segregation of duties?

A. Human resources personnel add employees, payroll personnel process hours, and human

resources personnel deliver paychecks to employees.

B. Human resources personnel add employees, review and submit payroll hours to the payroll

department for processing, and deliver paychecks to employees.

C. Human resources personnel add employees, and payroll personnel process hours and enter

employee bank account numbers. Paychecks are automatically deposited in the employee\’s bank

account.

D. Payroll personnel add employees and enter employee bank account numbers but process

hours only as approved by the human resources department. Paychecks are automatically

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deposited in the employee\’s bank account.

Answer: C


QUESTION NO: 6

According to the Standards, the organizational status of the internal audit activity:

A. Must be sufficient to permit the accomplishment of its audit responsibilities.

B. Is best when the reporting relationship is direct to the board of directors.

C. Requires the board\’s annual approval of the audit schedules, plans, and budgets.

D. Is guaranteed when the charter specifically defines its independence.

Answer: A


QUESTION NO: 7

A high-volume retailer of consumer goods has used point-of-sale data to record sales and update

inventory records for several years. When price changes are scheduled, corporate headquarters

downloads a price change file to a computer server system at each store. Each store\’s assistant

manager is responsible for checking the server for downloads and running the program that

updates the store\’s price file at the authorized price update time. In comparison with having

headquarters initiate the price update centrally, this approach to price updating will most likely:

A. Decrease the risk that customers will be undercharged consistently for sales items.

B. Decrease the risk that item prices will sometimes be inaccurate.

4

C. Increase the risk that customers will be undercharged consistently for sales items.

D. Increase the risk that item prices will sometimes be inaccurate.

Answer: D


QUESTION NO: 4

Which of the following is an appropriate role for the board in governance?

A. Preparing written organizational policies that relate to compliance with laws, regulations, ethics,

and conflicts of interest.

B. Ensuring that financial statements are understandable, transparent, and reliable.

C. Assisting the internal audit activity in performing annual reviews of governance.

D. Working with the organization\’s attorneys to develop a strategy regarding current litigation,

pending litigation, or regulatory proceedings governance.

Answer: B


QUESTION NO: 2

Which of the following factors affects the control risk of a company?

A. Potential problems like technological obsolescence.

B. Unusual pressures on management.

C. Complex accounts that require expert valuations.

D. Segregation of duties.

Answer: D


QUESTION NO: 1

The top three sales representatives for a company consistently include non-allowable charges on

their expense reports. Line management is reluctant to deny reimbursement of the charges for

fear of losing the sales representatives. This situation has the greatest negative impact on which

of the following internal control components?

A. Monitoring.

B. Control environment.

C. Information and communication.

D. Control activities.

Answer: B


QUESTION NO: 11

Which of the following lists the audit activities in the order in which they would generally be

completed during a preliminary survey?

I.

Write detailed audit procedures.

II.

Identify client objectives, goals, and standards.

III.

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Identify risks and controls intended to prevent associated losses.

IV.

Determine relevant engagement objectives.

A. II, I, IV, III.

B. II, III, IV, I.

C. III, IV, II, I.

D. II, IV, I, III.

Answer: B


QUESTION NO: 8

An internal auditor is reviewing a new automated human resources system. The system contains a

table of pay rates which are matched to the employee job classifications. The best control to

ensure that the table is updated correctly for only valid pay changes would be to:

A. Limit access to the data table to management and line supervisors who have the authority to

determine pay rates.

B. Require a supervisor in the department, who does not have the ability to change the table, to

compare the changes to a signed management authorization.

C. Ensure that adequate edit and reasonableness checks are built into the automated system.

D. Require that all pay changes be signed by the employee to verify that the change goes to a

bona fide employee.

Answer: B


QUESTION NO: 9

According to the International Professional Practices Framework, internal auditors should possess

which of the following competencies?

I.

Proficiency in applying internal auditing standards, procedures, and techniques.

II.

Proficiency in accounting principles and techniques.

III.

An understanding of management principles.

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IV.

An understanding of the fundamentals of economics, commercial law, taxation, finance, and

quantitative methods.

A. I only.

B. II only.

C. I and III only.

D. I, III, and IV only.

Answer: D


QUESTION NO: 5

According to the International Professional Practices Framework, which of the following is the

appropriate division of responsibilities for the coordination of internal and external audit efforts?

I.

Oversight of Work

Coordination of Activities

Chief audit executive

Senior management

II.

Board

Chief audit executive

III.

3

Chief financial officer

Chief audit executive

IV.

Board

Chief financial officer

A. I

B. II.

C. III.

D. IV.

Answer: B


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