Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

IIA Exam IIA-CIA-Part2 Topic 3 Question 95 Discussion

Actual exam question for IIA's IIA-CIA-Part2 exam
Question #: 95
Topic #: 3
[All IIA-CIA-Part2 Questions]

An internal auditor selects a sample of paid invoices and matches them to receiving reports. What is the most likely purpose for this procedure?

Show Suggested Answer Hide Answer
Suggested Answer: B

Matching invoices to receiving reports ensures the organization only pays for goods it has actually received, addressing completeness and accuracy in financial transactions. This procedure aligns with the COSO Internal Control Framework's principles regarding transaction processing and control activities. It mitigates risks of paying for unordered or unreceived goods, a common source of errors and potential fraud in the accounts payable process. The IIA's CIA Part 2 syllabus emphasizes testing of key controls in financial systems, including those preventing overpayments (Section II: Audit Engagements).


by Lindsey at Jan 13, 2025, 08:29 PM

Limited Time Offer

25%

Off

Get Premium IIA-CIA-Part2 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
Pansy
2 months ago
C? Really? Satisfying all liabilities? That's like saying I should audit my fridge to ensure I've eaten all the food in my house. Option B is the way to go.
upvoted 0 times
...
Lorrine
2 months ago
Haha, option D is a bit too specific. Auditors aren't just looking for goods ordered, they want to make sure the business is paying for what it actually received!
upvoted 0 times
Krissy
1 months ago
B) To ensure invoices are only paid for goods received.
upvoted 0 times
...
Billi
2 months ago
A) To ensure all customer shipments are billed appropriately.
upvoted 0 times
...
...
Deangelo
2 months ago
I believe the purpose could also be to ensure all customer shipments are billed appropriately.
upvoted 0 times
...
Gianna
3 months ago
I agree, B is the correct answer. Auditing the invoice-receipt process is a great way to catch any discrepancies or potential fraud.
upvoted 0 times
Layla
2 months ago
C) To ensure all liabilities have been satisfied.
upvoted 0 times
...
Arlette
2 months ago
B) To ensure invoices are only paid for goods received.
upvoted 0 times
...
Minna
2 months ago
A) To ensure all customer shipments are billed appropriately.
upvoted 0 times
...
...
Rhea
3 months ago
I agree with Shawna. It's important to match invoices to receiving reports to avoid overpaying.
upvoted 0 times
...
Shawna
3 months ago
I think the purpose is to ensure invoices are only paid for goods received.
upvoted 0 times
...
Kaycee
3 months ago
Option B seems like the most logical choice. Matching invoices to receiving reports helps ensure we're only paying for goods that were actually received.
upvoted 0 times
Troy
2 months ago
It's definitely a key procedure to ensure accuracy in our financial transactions. Option B is the best choice for this purpose.
upvoted 0 times
...
Bernardo
2 months ago
Matching invoices to receiving reports is a good way to prevent paying for goods that were never received. It's a crucial internal control procedure.
upvoted 0 times
...
Karol
3 months ago
I agree, option B makes the most sense. It's important to verify that we're only paying for goods that were actually received.
upvoted 0 times
...
...

Save Cancel