Free Practice Questions for IQN QIA Exam

Financial statements are presented in accordance with International Financial Reporting Standards.

Desired benefits are being achieved.

The entity has complied with laws and regulations.

Resources are managed economically and efficiently.

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.

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.

Review and approval of auditprograms.

Assurance that the external auditor will rely on the work of the internal auditing department whenever possible.

Review and endorsement of all internal audit reports prior to their release.

Support for appropriate follow-up of recommendations made by the internal auditing department.

The audit firm has been involved in maintaining the accounting records, or undertaking valuations that are incorporated in the financial statements

The audit firm is acting as a legal advocate for the client in litigation

Xenia Taliotis is an influential finance director of Winner Plc

The audit firm is working for long time for its client

Periodic vendor surveys regarding potential buyer conflict of interest or ethics violations.

The receipt of an invoice to put new vendors on the master file.

The use of purchase orders for all purchases.

The use of change analysis and trend analysis of buyer or vendor activity.

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

Comparing the items on the schedule with the accounts payable ledger or unpaid voucher file.

Comparing the balance on the schedule with the balances of prior years.

Comparing confirmations received from selected creditors with the accounts payable ledger.

Examining vendors' invoices in support of selected items on the schedule.

Completeness of input, such as a computer sequence check.

Correct master files, such as a header label.

Input accuracy, such as a check of detail reports.

Accuracy of file maintenance, such as review of exception reports.