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    IIA Essentials of Internal Auditing Sample Questions (Q22-Q27):

    NEW QUESTION # 22
    While reviewing first quarter sales transactions, an internal auditor discovered that 10 invoices for a new customer had not been posted into the accounts receivable subsidiary ledger. Those 10 invoices were listed in an error report automatically generated by the sales processing system. The system had rejected the invoices because the customer's account number was not found in the customer master file. In this scenario, which of the following controls was lacking?

    • A. Preventive control.
    • B. Directive control.
    • C. Detective control.
    • D. Corrective control.

    Answer: D


    NEW QUESTION # 23
    What is the ultimate goal of establishing a robust risk management framework in an organization?

    • A. To facilitate the organization's achievement of business goals and objectives.
    • B. To assist the organization in identifying and mitigating key risks.
    • C. To support the organization's risk culture, involving employees at all levels.
    • D. To ensure that the organization attains a better financial position.

    Answer: A


    NEW QUESTION # 24
    Which of the following best demonstrates organizational independence of the internal audit activity?

    • A. The CAE's compensation is approved by the chief financial officer.
    • B. The chief audit executive (CAE) reports functionally to the CEO.
    • C. The CAE reports administratively to the chief operating officer.
    • D. The CAE's appointment Is determined by the CEO

    Answer: C


    NEW QUESTION # 25
    Which of the following are components of the COSO enterprise risk management framework?
    Objective setting.
    External environment.
    Data collection.
    Control activities.

    • A. 1 and 3 only.
    • B. 2 and 4 only.
    • C. 1 and 4 only.
    • D. 2 and 3 only.
      ----

    Answer: C


    NEW QUESTION # 26
    Which of the following is true for consulting engagements'?

    • A. The nature of consulting services does not have to be in the internal audit charter
    • B. The internal audit activity must ensure management actions have been effectively implemented or risk accepted
    • C. A work program for the engagement is not required but may be developed
    • D. Risks identified from the engagement must be considered when evaluating the organization's risk management processes

    Answer: D


    NEW QUESTION # 27
    ......

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