Exam (elaborations)
Assignment 3 AUI S1
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By: otarelKg • 5 months ago
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Started on Friday, 12 April 2024, 9:22 AMState Finished
Completed on Friday, 12 April 2024, 10:22 AM
Time taken 60 mins 15 secs
Marks 55.00/55.00
Grade 100.00 out of 100.00
Question 1
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Question text
If an auditor’s preliminary evaluation on internal controls results in a finding that controls
may be inadequate, the next step would be to:
a.
Expand audit work prior to the preparation of an audit report.
b.
Prepare a flowchart depicting the internal control system.
c.
Note an exception in the audit report if losses have occurred.
d.
Implement the desired controls.
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The correct answer is: Expand audit work prior to the preparation of an audit report.
Question 2
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Which of the following observations made during the preliminary survey of a local
department store’s payment cycle reflect a control strength?
a.
Individual department managers use prenumbered forms to order merchandise from
vendors.
b.
The receiving department is given a copy of the purchase order complete with a description
of goods, quantity ordered, and extended price for all merchandise ordered.
c.
The finance office prepares electronic fund transfer (eft) payment for suppliers based on
vouchers prepared by the accounts payable department.
d.
Individual department managers are responsible for the movement of merchandise from
the receiving dock to storage or sales areas as appropriate.
, Feedback
The correct answer is: The finance office prepares electronic fund transfer (eft) payment for
suppliers based on vouchers prepared by the accounts payable department.
Question 3
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Which of the following statements best describes an internal control questionnaire?
a.
Provide detail evidence regarding the substance of the internal control system.
b.
Takes less of the client’s time to complete than other control evaluation devices.
c.
Requires that the auditor be in attendance to properly administer it.
d.
Provides indirect audit evidence that might need corroboration.
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The correct answer is: Provides indirect audit evidence that might need corroboration.
Question 4
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The Standards requires that the CAE seek the approval of management and acceptance by
the board of a formal written charter for the internal auditing department. The purpose of
this charter is to:
a.
Protect the internal auditing department from undue outside influence.
b.
Establish the purpose, authority, and responsibility of internal auditing department.
c.
Clearly define the relationship between internal and external auditing.
d.
Establish the CAE’s status as a staff executive.
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The correct answer is: Establish the purpose, authority, and responsibility of internal
auditing department.
Question 5
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