Question # 1
A manager of one of a retailer's several retail outlets is stealing cash from cash sales, recording
the sales as accounts receivable, and subsequently writing off the fictitious accounts receivable as
bad debts. Which of the following comparisons would be most effective in signaling the possibility
of such a fraud?
| | A. Bad debt expense as a percentage of sales, compared to that of the other outlets.
| | B. Bad debt expense as a percentage of sales, compared to that of previous years.
| | C. Percentage of past-due accounts receivable, compared to that of the other outlets.
| | D. Percentage of past-due accounts receivable, compared to that of previous years |
A. Bad debt expense as a percentage of sales, compared to that of the other outlets.
Question # 2
As part of an operational audit of the shipping department, an auditor selected a sample of 45
daily shipping logs from the department's files. On 44 of the days, the log contained a sufficient
number of shipments to meet the department's daily quota. Based on this test, the auditor
concluded that the shipping department was effective at meeting its quotas. Which of the following
is true about the auditor's conclusion?
| | A. The number of items selected for testing is inadequate to justify the conclusion.
| | B. The shipping department is effective in meeting its responsibilities.
| | C. This conclusion would negate any need to perform tests of efficiency.
| | D. None of the above |
Question # 3
When establishing the internal audit activity's annual plan, which of the following would be the best
source of potential audit engagement topics?
| | A. The organization's budget.
| | B. Operations involving cash transactions.
| | C. Recent changes in management objectives.
| | D. Risk factors utilized in the organization's risk models. |
C. Recent changes in management objectives.
Question # 4
During an assurance engagement, an internal auditor noted that the time staff spent accessing
customer information in large Excel spreadsheets could be reduced significantly through the use
of macros. The auditor would like to train staff on how to use the macros. Which of the following is
the most appropriate course of action for the internal auditor to take?
| | A. The auditor must not perform the training, because any task to improve the business process
could impact audit independence.
| | B. The auditor must create a new, separate consulting engagement with the business process
owner prior to performing the improvement task.
| | C. The auditor should get permission to extend the current engagement, and with the process
owner's approval, perform the improvement task.
| | D. The auditor may proceed with the improvement task without obtaining formal approval, because
the task is voluntary and not time-intensive. |
C. The auditor should get permission to extend the current engagement, and with the process
owner's approval, perform the improvement task.
Question # 5
The chief audit executive (CAE) decided that based on management's oral response, the action
taken on an audit observation for a minor improvement in the client's process is sufficient and no
further follow-up is necessary. Which of the following would be the best statement regarding the
action of the CAE?
| | A. The CAE action is not acceptable, as a follow-up audit is needed to ensure that action is really
taken by management.
| | B. The CAE action is not acceptable, as follow-up on the issue is critical until a written response is
obtained from management.
| | C. The CAE action is acceptable as long as the follow-up is sufficient when weighed against the
relative importance of the recommendation.
| | D. The CAE action is acceptable as long as the issue has been escalated to the board to get their
position on the issue. |
C. The CAE action is acceptable as long as the follow-up is sufficient when weighed against the
relative importance of the recommendation.
Question # 6
Which of the following is a red flag associated with improper asset valuation?
| | A. Unusual increase in gross margin. | | B. Unusual decrease in the number of days' purchases in inventory.
| | C. Recurring positive cash flows from operations.
| | D. Allowance for bad debts that is increasing in percentage terms. |
A. Unusual increase in gross margin.
Question # 7
If an auditor used nonstatistical sampling instead of statistical sampling to estimate the value of
inventory, which of the following would be true?
| | A. The confidence level could not be quantified.
| | B. The precision would be larger.
| | C. The projected value of inventory would be less reliable.
| | D. The risk of incorrect acceptance would be higher. |
A. The confidence level could not be quantified.
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