QIA Qualified Internal Auditor Questions and Answers

Compliance audit of company's overtime policy.

Operational audit of the personnel function hiring and firing procedures.

Performance audit of the marketing department.

Financial control audit over payroll procedures.

Cancelled cheque issued in payment of the procured goods.

Ordering department's original requisition for the goods.

Receiving memorandum documenting the receipt of the goods.

Supplier's invoice for the procured goods.

An expression of an audit opinion.

A tick mark legend.

A complete flowchart of the system of internal controls for the area being reviewed.

A descriptive heading.

Examination of the shipping documents supporting recorded transfers to and from the warehouse.

Obtaining written confirmation from management.

Physically observing the inventory in the warehouse.

Examination of warehouse receipts contained in the auditee's records.

Negatively skewed.

Positively skewed.

Symmetrically skewed.

Evenly distributed between the mean and median.

Employee morale over the two time periods.

Scrap and rework costs over the two time periods.

Customer returns over the two time periods.

Manufacturing and distribution costs per unit over the two time periods.

Delivering a lecture on the findings.

Showing a series of slides or overheads that graphically depict the findings; limit verbal commentary.

Using slides/overheads to support a discussion of major points.

Handing out copies of the report, asking the participants to read the report, and asking for questions.

Directive auditing tool.

Preventive auditing tool.

Detective auditing tool.

Corrective auditing tool.

Special investigations, for instance, into suspected fraud

Confirm that the final result (the sum) is correct

To evaluate the system of internal control that are mainly concerned with the financial statements and accounting

To give an opinion on overall fairness of the financial statements and accounting