IQN QIA - Qualified Internal Auditor Exam
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Total 80 questions
Question #11 (Topic: )
An operational audit is being performed to evaluate the productivity of telephone sales
representatives relative to last year. Theorganizationsells two similar products, one of
which is priced 20% higher than the other. Prices did not change during the two years
subject to the audit, and the gross profit percentage is the same for both products. The
sales representatives are paid a base salary plus a commission.
Which one of the following items represents the best evidence that theorganizationssales
representatives are more productive this year than last year?
representatives relative to last year. Theorganizationsells two similar products, one of
which is priced 20% higher than the other. Prices did not change during the two years
subject to the audit, and the gross profit percentage is the same for both products. The
sales representatives are paid a base salary plus a commission.
Which one of the following items represents the best evidence that theorganizationssales
representatives are more productive this year than last year?
A. The revenue per representative is higher this year than last year.
B. The number of sales calls is higher this year than last year.
C. The ratio of the number of new customers to the number of prospects contacted is higher this year than last year.
D. Unit sales increased at a higher rate this year than last year.
Answer: A
Question #12 (Topic: )
In planning a system of internal operating controls, the role of the internal auditor is to
A. Design the controls.
B. Appraise the effectiveness of the controls.
C. Establish the policies for controls.
D. Create the procedures for the planning process.
Answer: B
Question #13 (Topic: )
An example of an internal non-financial benchmark is
A. Thelaborrate of comparably skilled employees at a major competitor's plant.
B. The average actual cost per pound of a specific product at the company's most efficient plant becomes the benchmark for the company's other plants.
C. The company setting a benchmark of $50,000 for employee training programs at each of the company's plants.
D. The percent of customer orders delivered on time at the company's most efficient plant becomes the benchmark for the companys other plants.
Answer: D
Question #14 (Topic: )
Auditorsrealizethat at times corrective action is not taken even when agreed to by the
appropriate parties. This should lead an internal auditor to
appropriate parties. This should lead an internal auditor to
A. Decide the extent of necessary follow-up work.
B. Allow management to decide when to follow-up, since it is managements ultimate responsibility.
C. Decide to conduct follow-up work only if management requests the auditor's assistance.
D. Write a follow-up audit report with all findings and their significance to the operations.
Answer: A
Question #15 (Topic: )
Reporting to senior management and the board is an important part of the auditor's
obligation.
Which of the following items is not required to be reported to senior management and/or
the board?
obligation.
Which of the following items is not required to be reported to senior management and/or
the board?
A. Subsequent to the completion of an audit, but prior to the issuance of an audit report, the audit senior in charge of the audit was offered a permanent position in the auditee's department.
B. An annual report summary of the department's audit work schedule and financial budget.
C. Significant interim changes to the approved audit work schedule and financial budget.
D. An audit plan was approved by senior management and the board. Subsequent to the approval, senior management informed the audit director not to perform an audit of a division because the division's activities were very sensitive.
Answer: A
