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IIA Practice of Internal Auditing Sample Questions (Q371-Q376):

NEW QUESTION # 371
The scope of a consulting engagement performed by internal auditors should:

A. Be limited to activities within the current operating period.
B. Be sufficient to address the objectives agreed upon with the client.
C. Be preapproved in conjunction with the annual plan of consulting engagements.
D. Exclude areas that might be the subject of subsequent assurance engagements.

Answer: B

Explanation:
Section: Volume B

NEW QUESTION # 372
During the development of a purchasing system, an auditor reviewed the payment authorization program. Which of the following actions should the auditor recommend for a situation in which the quantity invoiced is greater than the quantity received?

A. Pay the amount billed and adjust the inventory account for the difference.
B. Return the invoice to the vendor for correction.
C. Issue an exception report.
D. Authorize payment of the full invoice, but maintain an open purchase order record for the missing goods.

Answer: C

NEW QUESTION # 373
An internal auditor reviewed bank reconciliations prepared by management of the area under review. The auditor noted that the bank statements attached did not have the bank heading, logo, or address. Which of the following statements is true regarding this situation?

A. The evidence may not be sufficient.
B. The evidence may not be reliable.
C. The evidence is not relevant.
D. The information missing is not relevant to the audit.

Answer: B

Explanation:
For audit evidence to be considered reliable, it must be accurate, truthful, and verifiable. The absence of the bank heading, logo, or address on the bank statements raises concerns about the authenticity and integrity of the documents. Without these elements, there is no assurance that the statements are legitimate and have not been tampered with or falsified. Therefore, this evidence may not be reliable for audit purposes.References:
* The Institute of Internal Auditors (IIA), International Standards for the Professional Practice of Internal Auditing (Standards)
* "Auditing: A Risk-Based Approach to Conducting a Quality Audit" by Karla M. Johnstone, Audrey A.
Gramling, Larry E. Rittenberg

NEW QUESTION # 374
According to IIA guidance, which of the following statements is true regarding the authority of the chief audit executive (CAE) to release previous audit reports to outside parties?

A. The CAE can only release prior information outside the organization when mandated by legal or statutory requirements.
B. The CAE can release prior information provided it is as originally published and distributed within the organization.
C. The CAE can employ judgment and release prior audit results as they deem appropriate and necessary.
D. The CAE can release prior internal audit reports with the approval of the board and senior management.

Answer: C

NEW QUESTION # 375
The internal auditor of a bank has developed a multiple regression model which has been used for a number of years to estimate the amount of interest income from commercial loans. During the current year, the auditor applies the model and discovers that the R2 value has decreased dramatically, but that the model otherwise seems to be working correctly. Which of the following conclusions is justified by the change?

A. Some new factors, not included in the model, are causing interest income to change.
B. Regression analysis is no longer an appropriate technique to estimate interest income.
C. A linear regression analysis would increase the model's reliability.
D. Changing to a cross-sectional regression analysis should cause the R2 to increase.

Answer: A

Explanation:
Section: Volume B
Explanation

NEW QUESTION # 376
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