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IIA-ACCA Exam - Topic 7 Question 2 Discussion

Actual exam question for IIA's IIA-ACCA exam
Question #: 2
Topic #: 7
[All IIA-ACCA Questions]

While performing an accounts payable engagement, a senior auditor wants to conduct several tests of controls for travel expenses. Which of the following actions are most appropriate for the senior auditor to undertake?

1. Ensure all tests use a random sampling technique.

2. Consider a judgmental approach for the sample size.

3. Assess testing errors through root cause analysis.

4. Ensure that the entire data set is tested.

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Suggested Answer: C

by Garry at May 04, 2022, 06:33 PM

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Rosio
5 months ago
I’d stick with 1 and 3 for sure.
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Daren
5 months ago
Root cause analysis is a must for understanding errors!
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Reuben
5 months ago
Wait, testing the entire data set? That seems excessive.
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Ruthann
5 months ago
I think a judgmental approach can be useful too.
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Elly
5 months ago
Random sampling is definitely the way to go!
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Lucina
5 months ago
I feel like testing the entire data set might be overkill; we usually focus on representative samples, right?
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Aleta
5 months ago
Root cause analysis sounds familiar, but I can't recall if it's specifically required for testing errors in this context.
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Eric
5 months ago
I think using a judgmental approach for sample size can be valid, especially if we focus on high-risk transactions.
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Laurel
6 months ago
I remember we discussed the importance of random sampling in class, but I'm not entirely sure if it's always necessary for every test.
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Willow
6 months ago
Hmm, I'm a bit unsure about this one. The question is asking us to interpret the results of the internal auditor's testing, but I'm not sure how to weigh the different findings. I'll need to think through the potential impacts of the incorrect and unsupported time reports.
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Veta
6 months ago
Hmm, I'm a bit confused on the differences between the managed identity options. I'll need to review those concepts again before deciding on the answer.
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