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1. Advantages of using Internal Audit Data Analytics includes all but which of the following? A. B. C. D. Continuous auditing Utilization of Cloud Computing Increased efficiency Ability to test 100% of the population 2. The possibility that a sample drawn will provide the results that are not representative of the population is called A. B. C. D. Nonsampling error Nonstatistical error Sampling error Extrapolation error 3. Which of the following is the least persuasive form of evidence? A. B. C. D. Vendor's invoice issued to the client and obtained from the client Mathematical computation made by the auditor Client bank statement obtained directly from the bank Invoice issued by the client and obtained directly from the client 4. Audit Evidence is generally considered sufficient when: A. B. C. D. It is relevant, reliable and free from bias It is competent There is enough of it to support well-founded conclusions It has been obtained from a client 5. Advantages of Statistical sampling do not include A. Sample results are objective and defensible B. Conclusions may be drawn regarding an entire population of data C. Exact information can be obtained about a population of items based on just a sample D. Audit coverage of multiple locations is often more convenient 6. All but which of the following will be part of a general audit program for auditing purchases/procurement? A. Determine that valid/authorized purchase orders exist for each purchase transaction. B. Verify that receipt of goods is processed and recorded only once 1 C. Verify that all employees in purchasing department have their tax deduction elections on file. D. Verify that all receiving transactions are processed and recorded in the proper period. 7. A communication to the auditee that describes what internal audit is planning to accomplish, who will be doing the review, and the approximate timing of the review is known as the: A. B. C. D. Internal Audit Engagement Letter Preliminary survey Field Survey Audit Program 8. All the following certifications, except one, predominantly relate to information systems and security management and audit. Identify the exception. A. B. C. D. CISA CGAP CISSP CISM 9. Final audit reports issued to the management and Audit Committee include all of the following except: A. B. C. D. Objectives and Scope Audit Programs Audit Recommendations Management Action Plans 10. All the following activities are part of the planning stage of an audit except: A. B. C. D. Audit scheduling and time estimates Preliminary surveys Determining audit objectives Issuing formal audit report 11. Which of the following statements best describes the responsibility of Internal Audit department's responsibility for follow-up activities related to findings/recommendations in a previous engagement? A. The CAE should schedule follow-up activities only if directed by management. B. Internal Audit should determine if the management has taken appropriate action as agreed to and the desired results are being achieved. 2 C. Internal Audit's responsibility is over by including the recommendations and management action plans in the audit report. No further action is needed. D. Internal Audit has no responsibility at all for follow-up activities related to findings/recommendations in a previous engagement 12. Communications with the auditee extend during various phases of audit engagement and reporting. This includes all except: A. B. C. D. Entrance/kick-off meeting Exit meeting Preparing relevant Audit Program(s) Draft Audit report 13. Which of the following is least likely to be placed on the agenda for discussion at a pre-engagement meeting? A. B. C. D. Expected starting and completion dates Sampling methodology that will be used Objectives and scope of the engagement Client personnel needed 14. The objectives of Internal Audit Procedures/Operations Manual do not include A. Provide guidelines in planning and performance of audits and ensure consistency B. Educate audit staff on internal audit function's methods of operation and provide linkage to related standards, policies and procedures C. Detail the position of Internal Audit function in the firm and its relationship to the other units/departments D. Be an electronic storage facility for detailed work papers of all completed audits 15. Audit programs are useful tools to do all of the following except: A. B. C. D. Document detailed audit procedures Control the execution of audit work performed Communicate the audit results Develop and document audit plans 16. An internal auditor has uncovered illegal acts committed by a member of senior management. Such information A. May be discussed orally with the senior manager concerned B. May be disclosed in a separate communication and distributed to all senior management 3 C. May be disclosed in a separate communication and distributed to the board D. Must be immediately reported to the appropriate government authorities 17. Which of the following is the most comprehensive description of the contents of internal audit engagement work papers? A. B. C. D. Audit engagement objectives, procedures and conclusions List of audit contacts and previous audit results Purpose, criteria, timelines Audit engagement objectives, procedures, facts, conclusions and recommendations 18. Building the right relationship with auditees is critical to your success as an internal auditor. This can be accomplished in several ways. Which of the following is not one such? 19. A. Show true interest in what the audit contacts are telling you. B. Make it evident that your job is to find faults in what they do. C. When you identify an issue, keep its criticality in context. D. Learn about the business process prior to speaking with the owner. 20. In which phase of an audit engagement are the activities such as, review of prior work papers, review of prior audit reports and obtaining data on the structure, responsibilities and other details of an organization being audited, performed? A. B. C. D. Preparation of relevant Audit Programs Fieldwork Preliminary survey Examination and evaluation of evidence 21. The auditor should describe the audit objectives in which section of the audit report? A. B. C. D. Purpose Results of audit Audit opinion Management responses 22. In an engagement covering the area of sales operations, an auditor found that the procedures in use did not agree with the stated company procedures. The audit tests revealed no errors; in fact, the auditor found that the procedures in use were more efficient and contained well designed controls. The auditor should A. Suspend the audit till management documents the new procedure B. Report the non-adherence to the documented procedures as an issue in the nature of an operational deficiency C. Do nothing. No issues were noted 4 D. Note the change and suggest that the change in the procedures be documented and the company procedures updated appropriately. 23. Which of the following is not an element/component of audit findings? A. B. C. D. Cause Recipients of the audit report Condition Criteria 24. All of the following certifications is administered by the Institute of Internal Auditors except: A. B. C. D. CIA CFSA CISA CCSA 25. A Chief Audit Executive (CAE) wants to release the audit results to parties outside the organization. Presume that the release is not mandated by legal, statutory, or regulatory requirements. Which of the following is not a proper action for the CAE? A. B. C. D. Must assess the potential risk to the organization. Must consult with senior management and/or legal counsel as appropriate. Must control dissemination by restricting the use of the results. Can freely distribute the audit results to outside parties since the audit findings are decided by internal audit. 26. Determining if the audit objectives identified for an engagement have been met is ultimately the responsibility of the: A. B. C. D. Audit Supervisor on the engagement CAE Audit Committee Internal auditor 5 1. Advantages of using Internal Audit Data Analytics includes all but which of the following? A. B. C. D. Continuous auditing Utilization of Cloud Computing Increased efficiency Ability to test 100% of the population 2. The possibility that a sample drawn will provide the results that are not representative of the population is called A. B. C. D. Nonsampling error Nonstatistical error Sampling error Extrapolation error 3. Which of the following is the least persuasive form of evidence? A. B. C. D. Vendor's invoice issued to the client and obtained from the client Mathematical computation made by the auditor Client bank statement obtained directly from the bank Invoice issued by the client and obtained directly from the client 4. Audit Evidence is generally considered sufficient when: A. B. C. D. It is relevant, reliable and free from bias It is competent There is enough of it to support well-founded conclusions It has been obtained from a client 5. Advantages of Statistical sampling do not include A. Sample results are objective and defensible B. Conclusions may be drawn regarding an entire population of data C. Exact information can be obtained about a population of items based on just a sample D. Audit coverage of multiple locations is often more convenient 6. All but which of the following will be part of a general audit program for auditing purchases/procurement? A. Determine that valid/authorized purchase orders exist for each purchase transaction. B. Verify that receipt of goods is processed and recorded only once 1 C. Verify that all employees in purchasing department have their tax deduction elections on file. D. Verify that all receiving transactions are processed and recorded in the proper period. 7. A communication to the auditee that describes what internal audit is planning to accomplish, who will be doing the review, and the approximate timing of the review is known as the: A. B. C. D. Internal Audit Engagement Letter Preliminary survey Field Survey Audit Program 8. All the following certifications, except one, predominantly relate to information systems and security management and audit. Identify the exception. A. B. C. D. CISA CGAP CISSP CISM 9. Final audit reports issued to the management and Audit Committee include all of the following except: A. B. C. D. Objectives and Scope Audit Programs Audit Recommendations Management Action Plans 10. All the following activities are part of the planning stage of an audit except: A. B. C. D. Audit scheduling and time estimates Preliminary surveys Determining audit objectives Issuing formal audit report 11. Which of the following statements best describes the responsibility of Internal Audit department's responsibility for follow-up activities related to findings/recommendations in a previous engagement? A. The CAE should schedule follow-up activities only if directed by management. 2 B. Internal Audit should determine if the management has taken appropriate action as agreed to and the desired results are being achieved. C. Internal Audit's responsibility is over by including the recommendations and management action plans in the audit report. No further action is needed. D. Internal Audit has no responsibility at all for follow-up activities related to findings/recommendations in a previous engagement 12. Communications with the auditee extend during various phases of audit engagement and reporting. This includes all except: A. B. C. D. Entrance/kick-off meeting Exit meeting Preparing relevant Audit Program(s) Draft Audit report 13. Which of the following is least likely to be placed on the agenda for discussion at a pre-engagement meeting? A. B. C. D. Expected starting and completion dates Sampling methodology that will be used Objectives and scope of the engagement Client personnel needed 14. The objectives of Internal Audit Procedures/Operations Manual do not include A. Provide guidelines in planning and performance of audits and ensure consistency B. Educate audit staff on internal audit function's methods of operation and provide linkage to related standards, policies and procedures C. Detail the position of Internal Audit function in the firm and its relationship to the other units/departments D. Be an electronic storage facility for detailed work papers of all completed audits 15. Audit programs are useful tools to do all of the following except: A. B. C. D. Document detailed audit procedures Control the execution of audit work performed Communicate the audit results Develop and document audit plans 16. An internal auditor has uncovered illegal acts committed by a member of senior management. Such information 3 A. May be discussed orally with the senior manager concerned B. May be disclosed in a separate communication and distributed to all senior management C. May be disclosed in a separate communication and distributed to the board D. Must be immediately reported to the appropriate government authorities 17. Which of the following is the most comprehensive description of the contents of internal audit engagement work papers? A. B. C. D. Audit engagement objectives, procedures and conclusions List of audit contacts and previous audit results Purpose, criteria, timelines Audit engagement objectives, procedures, facts, conclusions and recommendations 18. Building the right relationship with auditees is critical to your success as an internal auditor. This can be accomplished in several ways. Which of the following is not one such? 19. A. Show true interest in what the audit contacts are telling you. B. Make it evident that your job is to find faults in what they do. C. When you identify an issue, keep its criticality in context. D. Learn about the business process prior to speaking with the owner. 20. In which phase of an audit engagement are the activities such as, review of prior work papers, review of prior audit reports and obtaining data on the structure, responsibilities and other details of an organization being audited, performed? A. B. C. D. Preparation of relevant Audit Programs Fieldwork Preliminary survey Examination and evaluation of evidence 21. The auditor should describe the audit objectives in which section of the audit report? A. B. C. D. Purpose Results of audit Audit opinion Management responses 22. In an engagement covering the area of sales operations, an auditor found that the procedures in use did not agree with the stated company procedures. The audit tests revealed no errors; in fact, the auditor found that the procedures in use were more efficient and contained well designed controls. The auditor should 4 A. Suspend the audit till management documents the new procedure B. Report the non-adherence to the documented procedures as an issue in the nature of an operational deficiency C. Do nothing. No issues were noted D. Note the change and suggest that the change in the procedures be documented and the company procedures updated appropriately. 23. Which of the following is not an element/component of audit findings? A. B. C. D. Cause Recipients of the audit report Condition Criteria 24. All of the following certifications is administered by the Institute of Internal Auditors except: A. B. C. D. CIA CFSA CISA CCSA 25. A Chief Audit Executive (CAE) wants to release the audit results to parties outside the organization. Presume that the release is not mandated by legal, statutory, or regulatory requirements. Which of the following is not a proper action for the CAE? A. Must assess the potential risk to the organization. B. Must consult with senior management and/or legal counsel as appropriate. C. Must control dissemination by restricting the use of the results. D. Can freely distribute the audit results to outside parties since the audit findings are decided by internal audit. 26. Determining if the audit objectives identified for an engagement have been met is ultimately the responsibility of the: A. B. C. D. Audit Supervisor on the engagement CAE Audit Committee Internal auditor 5 1. Advantages of using Internal Audit Data Analytics includes all but which of the following? A. B. C. D. Continuous auditing Utilization of Cloud Computing Increased efficiency Ability to test 100% of the population 2. The possibility that a sample drawn will provide the results that are not representative of the population is called A. B. C. D. Nonsampling error Nonstatistical error Sampling error Extrapolation error 3. Which of the following is the least persuasive form of evidence? A. B. C. D. Vendor's invoice issued to the client and obtained from the client Mathematical computation made by the auditor Client bank statement obtained directly from the bank Invoice issued by the client and obtained directly from the client 4. Audit Evidence is generally considered sufficient when: A. B. C. D. It is relevant, reliable and free from bias It is competent There is enough of it to support well-founded conclusions It has been obtained from a client 5. Advantages of Statistical sampling do not include A. Sample results are objective and defensible B. Conclusions may be drawn regarding an entire population of data C. Exact information can be obtained about a population of items based on just a sample D. Audit coverage of multiple locations is often more convenient 6. All but which of the following will be part of a general audit program for auditing purchases/procurement? A. Determine that valid/authorized purchase orders exist for each purchase transaction. B. Verify that receipt of goods is processed and recorded only once 1 C. Verify that all employees in purchasing department have their tax deduction elections on file. D. Verify that all receiving transactions are processed and recorded in the proper period. 7. A communication to the auditee that describes what internal audit is planning to accomplish, who will be doing the review, and the approximate timing of the review is known as the: A. B. C. D. Internal Audit Engagement Letter Preliminary survey Field Survey Audit Program 8. All the following certifications, except one, predominantly relate to information systems and security management and audit. Identify the exception. A. B. C. D. CISA CGAP CISSP CISM 9. Final audit reports issued to the management and Audit Committee include all of the following except: A. B. C. D. Objectives and Scope Audit Programs Audit Recommendations Management Action Plans 10. All the following activities are part of the planning stage of an audit except: A. B. C. D. Audit scheduling and time estimates Preliminary surveys Determining audit objectives Issuing formal audit report 11. Which of the following statements best describes the responsibility of Internal Audit department's responsibility for follow-up activities related to findings/recommendations in a previous engagement? A. The CAE should schedule follow-up activities only if directed by management. 2 B. Internal Audit should determine if the management has taken appropriate action as agreed to and the desired results are being achieved. C. Internal Audit's responsibility is over by including the recommendations and management action plans in the audit report. No further action is needed. D. Internal Audit has no responsibility at all for follow-up activities related to findings/recommendations in a previous engagement 12. Communications with the auditee extend during various phases of audit engagement and reporting. This includes all except: A. B. C. D. Entrance/kick-off meeting Exit meeting Preparing relevant Audit Program(s) Draft Audit report 13. Which of the following is least likely to be placed on the agenda for discussion at a pre-engagement meeting? A. B. C. D. Expected starting and completion dates Sampling methodology that will be used Objectives and scope of the engagement Client personnel needed 14. The objectives of Internal Audit Procedures/Operations Manual do not include A. Provide guidelines in planning and performance of audits and ensure consistency B. Educate audit staff on internal audit function's methods of operation and provide linkage to related standards, policies and procedures C. Detail the position of Internal Audit function in the firm and its relationship to the other units/departments D. Be an electronic storage facility for detailed work papers of all completed audits 15. Audit programs are useful tools to do all of the following except: A. B. C. D. Document detailed audit procedures Control the execution of audit work performed Communicate the audit results Develop and document audit plans 16. An internal auditor has uncovered illegal acts committed by a member of senior management. Such information 3 A. May be discussed orally with the senior manager concerned B. May be disclosed in a separate communication and distributed to all senior management C. May be disclosed in a separate communication and distributed to the board D. Must be immediately reported to the appropriate government authorities 17. Which of the following is the most comprehensive description of the contents of internal audit engagement work papers? A. B. C. D. Audit engagement objectives, procedures and conclusions List of audit contacts and previous audit results Purpose, criteria, timelines Audit engagement objectives, procedures, facts, conclusions and recommendations 18. Building the right relationship with auditees is critical to your success as an internal auditor. This can be accomplished in several ways. Which of the following is not one such? 19. A. Show true interest in what the audit contacts are telling you. B. Make it evident that your job is to find faults in what they do. C. When you identify an issue, keep its criticality in context. D. Learn about the business process prior to speaking with the owner. 20. In which phase of an audit engagement are the activities such as, review of prior work papers, review of prior audit reports and obtaining data on the structure, responsibilities and other details of an organization being audited, performed? A. B. C. D. Preparation of relevant Audit Programs Fieldwork Preliminary survey Examination and evaluation of evidence 21. The auditor should describe the audit objectives in which section of the audit report? A. B. C. D. Purpose Results of audit Audit opinion Management responses 22. In an engagement covering the area of sales operations, an auditor found that the procedures in use did not agree with the stated company procedures. The audit tests revealed no errors; in fact, the auditor found that the procedures in use were more efficient and contained well designed controls. The auditor should 4 A. Suspend the audit till management documents the new procedure B. Report the non-adherence to the documented procedures as an issue in the nature of an operational deficiency C. Do nothing. No issues were noted D. Note the change and suggest that the change in the procedures be documented and the company procedures updated appropriately. 23. Which of the following is not an element/component of audit findings? A. B. C. D. Cause Recipients of the audit report Condition Criteria 24. All of the following certifications is administered by the Institute of Internal Auditors except: A. B. C. D. CIA CFSA CISA CCSA 25. A Chief Audit Executive (CAE) wants to release the audit results to parties outside the organization. Presume that the release is not mandated by legal, statutory, or regulatory requirements. Which of the following is not a proper action for the CAE? A. Must assess the potential risk to the organization. B. Must consult with senior management and/or legal counsel as appropriate. C. Must control dissemination by restricting the use of the results. D. Can freely distribute the audit results to outside parties since the audit findings are decided by internal audit. 26. Determining if the audit objectives identified for an engagement have been met is ultimately the responsibility of the: A. B. C. D. Audit Supervisor on the engagement CAE Audit Committee Internal auditor 5