IQN QIA - Qualified Internal Auditor

Your bookkeeper has failed to reconcile the bank statement each month.

The bank statements have not been reconciled each month.

Unfortunately, your bookkeeper has not taken the time to reconcile the bank statement each month.

You have apparently failed to inform your book keeper that the bank statements should be reconciled on a timely basis.

Internal auditing department's written charter.

Mission statement of the audit committee.

Engagement memo issued prior to each audit assignment.

Purpose statement within applicable audit reports.

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.

A credit approval document supported by the customer's audited financial statements.

A copy of a sales invoice to the customer in the auditee's records.

A positive confirmation received directly from the customer.

A customer's purchase order in the auditee's records related to the credit sale.

Analysis

Evaluation

Verification

Observation

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.

Determine the length of processing time between the receipt of the vendor's invoice to the payment date for the related disbursement.

Interview the accounts payable manager to determine the procedures and standards for processing vendor invoices.

Compare the vendor's invoice due date with the payment date as indicated on the cancelled check.

Compare the date stamped on the invoice for receipt with the corresponding payment date for the disbursement.

Indicate another sample is needed.

Prove there are no errors in accounts payable.

Indicate the null hypothesis is false.

Fail to prove the error rate is above 0.5%.

Shifts some of the responsibilities away from the auditors towards others such as work teams.

Allocated additional responsibilities to internal audit.

Reduces the level of collaboration required between managers and internal auditor.

Allows assessment to be carried out without any internal audit involvement whatsoever, therefore allowing them to focus their attention on other areas of theorganization.

Stop-and-go sampling.

Discovery sampling.

Variables sampling.

Attributes sampling.