[Free] Download New Updated (October 2016) IIA IIA-CIA-Part2 Real Exam 31-40

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QUESTION 31

An auditor plans to analyze customer satisfaction, including. (1) customer complaints recorded by the customer service department during the last three months; (2) merchandise returned in the last three months; and (3) responses to a survey of customers who made purchases in the last three months. Which of the following statements regarding this audit approach is correct?

 

A.

Although useful, such an analysis does not address any risk factors.

B.

The survey would not consider customers who did not make purchases in the last three months.

C.

Steps 1 and 2 of the analysis are not necessary or cost-effective if the customer survey is comprehensive.

D.

Analysis of three months’ activity would not evaluate customer satisfaction.

 

Correct Answer: B

 

 

QUESTION 32

Which of the following is the best problem-solving technique to use when analyzing performance and cost?

 

A.

Value analysis.

B.

Attribute listing.

C.

Brainstorming.

D.

Component analysis.

 

Correct Answer: A

 

 

QUESTION 33

What is the most important risk in determining the validity of construction delay claims?

 

A.

Contractor claims may be submitted prior to completion of the work.

B.

Contractor claims may include costs considered in the fixed-price portion of the work.

C.

Contractor claims may include subcontractor estimates of balances due to the subcontractor.

D.

Contractor claims may be understated.

 

Correct Answer: B

 

 

QUESTION 34

An internal audit activity is participating in the due diligence work for an acquisition that a company is considering. One engagement objective is to determine if the acquisition’s accounts payable contain all outstanding liabilities. Which of the following audit procedures would not be relevant for this objective?

 

A.

Examine supporting documentation of subsequent (after-period) cash disbursements and verify period of liability.

B.

Send confirmations, including zero-balance accounts, to vendors with whom the company normally does business.

C.

Select a sample of accounts payable from the accounts payable list and verify the supporting receiving reports, purchase orders, and invoices.

D.

Trace receiving reports issued before the period end to the related vendor invoices and accounts payable list.

 

Correct Answer: C

 

 

QUESTION 35

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.

 

Correct Answer: D

 

 

QUESTION 36

What would be used to determine the collectability of accounts receivable balances?

 

A.

The file of related shipping documents.

B.

Negative accounts receivable confirmations.

C.

Positive accounts receivable confirmations.

D.

An aged accounts receivable listing.

 

Correct Answer: D

 

 

QUESTION 37

An organization’s internal auditors are reviewing production costs at a gas-powered electrical generating plant. They identify a serious problem with the accuracy of carbon dioxide emissions reported to the environmental regulatory agency, due to computer errors. The auditors should immediately report the concern to:

 

A.

The regulatory agency.

B.

Plant management.

C.

A plant health and safety officer.

D.

The risk management function.

 

Correct Answer: B

 

 

 

 

 

QUESTION 38

A code of ethics within the internal auditing profession is necessary in order to:

 

A.

Reduce the likelihood that members of the profession will be sued for substandard work.

B.

Ensure that all members of the profession perform at approximately the same level of competence.

C.

Provide guidance to internal auditors in their service to others.

D.

Require members of the profession to exhibit loyalty in all matters pertaining to the affairs of their organization.

 

Correct Answer: C

 

 

QUESTION 39

Access control software on an organization’s mainframe computer records detailed information concerning both successful and unsuccessful log-on attempts to applications. Which of the following audit tools would be best suited to review the access information that has been recorded?

 

A.

Generalized audi
t software.

B.

Flowcharting.

C.

Integrated test facility.

D.

Test data.

 

Correct Answer: A

 

 

QUESTION 40

An auditor for a major retail company suspects that inventory fraud is occurring at three stores which have high costs of goods sold. Which of the following audit activities would provide the most persuasive evidence that fraud is occurring?

 

A.

Use an integrated test facility (ITF) to compare individual sales transactions with test transactions submitted through the ITF and investigate all differences.

B.

Interview the three individual store managers to determine if their explanations about the observed differences are the same, and then compare their explanations to that of the section manager.

C.

Schedule a surprise inventory audit to include a physical inventory and investigate areas of inventory shrinkage.

D.

Select a sample of individual store prices and compare them with the sales entered on the cash register for the same items.

 

Correct Answer: C

 

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