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An internal audit activity is participating in the due diligence work for an acquisition that a company is considering. One engagement objective is to determine if the acquisition's accounts payable contain all outstanding liabilities. Which of the following audit procedures would not be relevant for this objective?
A. Examine supporting documentation of subsequent (after-period) cash disbursements and verify period of liability.
B. Send confirmations, including zero-balance accounts, to vendors with whom the company normally does business.
C. Select a sample of accounts payable from the accounts payable list and verify the supporting receiving reports, purchase orders, and invoices.
D. Trace receiving reports issued before the period end to the related vendor invoices and accounts payable list.
ANSWER : C
During an audit of a branch bank, an internal auditor learned that a series of system failures had resulted in a four-day delay in processing customers' scheduled payroll direct deposits. The first failure was that of a disk drive, followed by software and other minor failures. Which of the following controls should the auditor recommend to avoid similar delays in processing?
A. Contingency planning.
B. Redundancy checks.
C. Process monitoring.
D. Preventive maintenance.
ANSWER : A
An auditor prepared a workpaper that consisted of a list of employee names and identification numbers as well as the following statement:
A. Use of audit verification symbols to show that each file was examined.
B. Removal of the employee names to protect their confidentiality.
C. Justification for the sample size.
D. Listing of the actual documents examined for each employee.
ANSWER : C
If management expects 100 percent compliance with a procedure, which of the following sampling approaches would be most appropriate?
A. Attributes sampling.
B. Discovery sampling.
C. Targeted sampling.
D. Variables sampling.
ANSWER : B
The chief audit executive (CAE) determined that based on management's oral response, the action taken regarding an audit observation was sufficient when weighted against the relative importance of the audit recommendation. Which of the following is the most appropriate step for the internal auditor to take next?
A. Initiate a follow-up audit to ensure that action has really been taken.
B. Follow-up with management until a written response is obtained.
C. Escalate the issue to the board and get their position on the issue.
D. Note in the permanent file that follow-up needs to be performed as part of the next engagement.
ANSWER : D