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QIA – Qualified Internal Auditor

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Showing 4–6 of 10 questions

Question 4

Auditors realize that at times corrective action is not taken even when agreed to by the appropriate parties. This should lead an internal auditor to

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    Decide the extent of necessary follow-up work.
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    Allow management to decide when to follow-up, since it is management’s ultimate responsibility.

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    Decide to conduct follow-up work only if management requests the auditor's assistance.
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    Write a follow-up audit report with all findings and their significance to the operations.
Question 5

In an audit of the procurement system, which of the following procedures would an auditor perform to determine whether competitive bidding procedures were adequate?

I. Bids are solicited based on properly approved requests.

II. A sufficient number of vendors were selected to ensure competition.

III. Incoming bids are first returned to the buyer for control purposes.

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    I and III.
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    II and III.
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    I, II, and III.
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    I and II.
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    Bids are solicited based on properly approved requests.
    II. A sufficient number of vendors were selected to ensure competition.
    III. Incoming bids are first returned to the buyer for control purposes.
Question 6

A company with 14,344 customers determines that the mean and median accounts receivable balances for the year are $15,412 and $10,382, respectively.

From this information, the auditor can conclude that the distribution of the accounts receivable balances is continuous and

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    Negatively skewed.
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    Positively skewed.
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    Symmetrically skewed.
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    Evenly distributed between the mean and median.