QIA Exam Dumps - Qualified Internal Auditor

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Question # 4

Which of the following is not an activity of internal audit function?

Examining financial and operating information

Review of the economy, efficiency and effectiveness of operations

Review of compliance with laws, regulations and other external requirements

Confirming that the final result (the sum) is correct

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Question # 5

Which of the following audit procedures would be most effective in determining whether vendor invoices are being processed on a timely basis while maximizing the company's use of cash?

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.

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Question # 6

What evidence is appropriate to determine that recorded purchase transactions were valid and at the best price?

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.

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Question # 7

Each individual work paper should, at a minimum, contain

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.

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Question # 8

Due to the small number of staffs, one remote unit's petty cash custodian also had responsibility for the imprest fund checking account reconciliation. The cashier concealed a diversion of funds by altering the beginning balance on the monthly reconciliations sent to the group office.

A possible audit test to detect this would be to

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.

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