16)

Which of the following audit evidence is considered the least reliable?

Select one:

a. Process maps

b. Bank confirmations

c. Receiving reports

d. Customer purchase orders

17)

An engagement objective is to determine if a company's accounts payable contain all outstanding liabilities. Which of the following audit procedures would not be relevant for this objective?

Select one:

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

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

c. Select a sample of accounts payable from the accounts payable listing 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 listing.

18)

Assume that you are the Chief Audit Executive for MANAR Company. You want to analyze risk for the purpose of preparing work schedules. Indicate which of the following is not regarded in performing a risk analysis?

Select one:

a. Issues relating to organizational governance

b. Skills available on the internal audit staff.

c. Results of prior engagements.

d. Major operating changes.

19)

A document that lists the procedures to be followed during the engagement is called:

Select one:

a. Work program

b. Audit plan

c. Audit program

d. Work plan

20 )

An internal auditor has uncovered illegal acts committed by a member of senior management. According to the Standards, such information

Select one:

a. May be disclosed in a separate report and distributed to the company's audit committee of the board of directors

b. May be disclosed in a separate report and distributed to all senior management.

c. Should be excluded from the internal auditor's report and discussed orally with the senior manager.

d. Must be immediately reported to the appropriate local authorities.

21)

The subject of the auditing procedure inspection is least likely to be:

Select one:

a. Personnel.

b. Accounting records.

c. Physical assets.

d. Lease agreements.

22)

The reliability of following documentary evidence is considered to be:

Documents created by the organization, sent to third party, returned to the organization, and then requested from the organization by the internal auditor.

Select one:

a. Low

b. Medium

c. Depends on type of documents created

d. High

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