Performance Standards describe the nature of internal audit activities and provide criteria against which the performance of these services can be evaluated. Show
 2014 S1 A1 1.1 Which one of the following types of audit tests would be the most persuasive if an internal auditor wanted assurance of the existence of inventory stored in a warehouse? 1. Physically inspecting the inventory in the warehouse. 2. Obtaining written confirmation from management as to the existence of the inventory. 3. Examination of the warehouse receipts contained in the auditee's records. 4. Examination of the shipping documents supporting recorded transfers to and from the warehouse. 1.2 Which one of the following is the best source for an internal audit team to use in identifying common external risks faced by a company? 1. Questionnaires. 2. Current research reported in professional journals and textbooks. 3. Flowcharts. 4. Review lists or reminder lists. 1.3 Working papers should include … 1. All working papers prepared during a previous audit. 2. Documentation substantiating the examination and evaluation of the adequacy and effectiveness of the system of internal control. 3. Copies of all procedures that were reviewed during the internal audit. 4. Copies of all source documents examined in the course of the internal audit. 1.4 An internal auditor found that the supervisor does not properly approve employee time records in one department. Which one of the following errors can result from this? 1. Duplicate pay cheques might be issued. 2. The wrong hourly rate could be used to calculate gross wages. 3. Employees might be paid for hours they did not work. 4. Payroll cheques might not be distributed to the appropriate payees. 1.5 Which one of the following is an audit objective? 1. Recalculate each month's bank reconciliation. Which of the following is an appropriate statement of an engagement objective?Which of the following is an appropriate statement of an engagement objective? To determine whether inventory stocks are sufficient to meet projected sales.
Which of the following possible engagement objectives would lead to a test of the efficiency?Which of the following possible engagement objectives would lead to a test of the efficiency of an organization's use of labor resources? To determine that employees are assigned to work situations equivalent to their training and skill level.
Which one of the following is an audit objective?The objective of an audit is to form an independent opinion on the financial statements of the audited entity. The opinion includes whether the financial statements show a true and fair view, and have been properly prepared in accordance with accounting standards.
Which of the following is most appropriate for inclusion in the summary of a final engagement communication?Which of the following is most appropriate for inclusion in the summary of a final engagement communication? A concise statement of engagement observations.
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Which one of the following is an appropriate statement of an engagement objective?
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