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IIA Internal Audit Practitioner Sample Questions:

1. An internal auditor wants to establish the reasonableness of the current period's total payroll costs for the finance department. She divides the actual monthly payroll cost by the number of employees to derive an average cost per employee. Which of the following comparisons to this average cost would be considered trend analysis?

A) Similar data for the department from two prior periods.
B) The mean of all actual salary amounts.
C) Budgeted information of another organization in the same industry.

2. During an assurance engagement of an organization's procurement process, an internal auditor obtained the policy that specified the authorized dollar limits for invoices. This document would best support which of the following attributes of an audit report?

A) Condition
B) Criteria
C) Effect

3. An internal auditor is performing an internal control assessment at a manufacturing company. The auditor observed that the accounts payable clerks have the ability to create new vendors without management's review and approval. How should the auditor document this observation?

A) The observation doesn't affect the adequacy of the internal controls because the existing process controls ensure that invoices are promptly and accurately paid.
B) The observation is an internal control weakness; therefore, additional testing should be performed to determine whether secondary mitigating controls exist or whether the control should be redesigned.
C) The observation is a sign of adequate internal controls; however, effectiveness testing should be performed to ensure that the controls are operating as designed and intended.

4. An internal auditor discovers that a vendor had submitted invoices and was paid for services not rendered. Which of the following controls is most appropriate to address this type of issue?

A) The accounts payable clerk should compare the acknowledgment of goods and services to the invoice.
B) The supervisor should observe the input of invoices into the payment system.
C) The supervisor should verify that the amount paid agrees with the contracted amount.

5. What are the typical elements of a risk and control matrix used in the engagement planning process?

A) Business objectives, risks to the objectives, and impact and likelihood of the risk occurring.
B) Experience level of key management personnel, susceptibility of the process to fraud, and process automation.
C) Inherent process risks, as defined in a globally accepted risk and control framework.

Solutions: