IIA CPEA Practice Questions| TestInsights

Question 1

The purpose of a quality auditing program is to:

AProvide management with objective feedback

BEstablish commercial intentions

CEstablish written procedures

DPrevent all unfit products from reaching the customer

Correct : A

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AProvide management with objective feedback

BEstablish commercial intentions

CEstablish written procedures

DPrevent all unfit products from reaching the customer

Question 2

A product quality audit always requires:

AAn assessment of product conformance

BThe use of a scoring checklist

CAn appraisal of process completeness

DAn examination of processing procedures

Correct : A

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AAn assessment of product conformance

BThe use of a scoring checklist

CAn appraisal of process completeness

DAn examination of processing procedures

Question 3

Objective evidence can only be expressed via:

AThe lead auditor's credentials

BVerifiable qualitative observations

CStatements of fact

DVerifiable quantitative observations

Correct : C

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AThe lead auditor's credentials

BVerifiable qualitative observations

CStatements of fact

DVerifiable quantitative observations

Question 4

A business incurring costs for rent accrued at a balance sheet date on space the business occupies should most properly list the rent cost on the business's balance sheet as which one of the following?

Acurrent assets

Bdeferred income

Cprepaid expenses

Dcurrent liabilities

Correct : D

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Acurrent assets

Bdeferred income

Cprepaid expenses

Dcurrent liabilities

Question 5

Which one of the following combinations of duties is most likely to be considered an acceptable practice from an internal control viewpoint if the combination of duties described are to be performed by the same employee?

Amaintaining the accounts receivable ledger and receiving all cash payments submitted against it

Breceiving all cash payments and depositing the cash payments in the bank

Cmaintaining the perpetual inventory records and receiving all supply deliveries

Dmaintaining the perpetual inventory records and maintaining the accounts receivable ledger

Correct : D

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Amaintaining the accounts receivable ledger and receiving all cash payments submitted against it

Breceiving all cash payments and depositing the cash payments in the bank

Cmaintaining the perpetual inventory records and receiving all supply deliveries

Dmaintaining the perpetual inventory records and maintaining the accounts receivable ledger

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