IIA Exam IIA-CIA-Part2 Topic 6 Question 78 Discussion

Actual exam question for IIA's IIA-CIA-Part2 exam

Question #: 78
Topic #: 6

An internal auditor is conducting a preliminary survey of the investments area, and sends an internal control questionnaire to the management of the function. (An extract of the survey is provided below).

1. Are there any restrictions for any company's investments?

2. Are there any written policies and procedures that document the flow of investment processing?

3. Are investment purchases recorded in the general ledger on the date traded?

4. Is the documentation easily accessible to an persons who need in to perform their job?

Which of the following is a drawback of testing methods like this?

AThey ore kitted as they do not allow the auditor to test many controls.

BThey do not highlight control gaps

CThey are not useful for identifying areas on which the auditor should locus.

DThey are limited as there is a risk that management may not answer fairly.

Show Suggested Answer

Suggested Answer: C

by Gabriele at May 18, 2024, 10:20 AM

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Annett

5 days ago

I think using a control questionnaire is a good way to gather information.

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