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Ace the IQN QIA Exam: Ultimate Preparation Guide

Questions 1

In a variables sampling application, which of the following factors will vary directly with a change in confidence level from 90% to 95%?

Options:
A.

Standard error of the mean.

B.

Non-sampling error.

C.

Achieved precision.

D.

Point estimate of the arithmetic mean.

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Questions 2

Which of the following is not a stage of risk management process?

Options:
A.

Identification

B.

Assessment

C.

Migration

D.

Review

Questions 3

To identify shortages of specific items in an inventory of expensive goods held for retail sale, the most appropriate audit work step is to

Options:
A.

Apply the retail method of inventory valuation.

B.

Compare physical inventory counts to perpetual records.

C.

Develop inventory estimates based on the gross profit percentage method.

D.

Analyzecurrent and previous inventory turnover rates.

Questions 4

Which of the following is an example of intimidation threat to independence of the auditor?

Options:
A.

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

B.

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

C.

Xenia Taliotis is an influential finance director of Winner Plc

D.

The audit firm is working for long time for its client

Questions 5

Your assurance firm is auditor of Happy Goods. The audit manager has just become engaged to the managing director’s daughter, who he met through a mutual friend. The managing director owns 51% of the shares in Happy Goods. Which of the threat is not there in this case?

Options:
A.

Intimidation threat

B.

Familiarity threat

C.

Self-interest threat

D.

Advocacy threat

Questions 6

A company with 14,344 customers determines that the mean and median accounts receivable balances for the year are $15,412 and $10,382, respectively.

From this information, the auditor can conclude that the distribution of the accounts receivable balances is continuous and

Options:
A.

Negatively skewed.

B.

Positively skewed.

C.

Symmetrically skewed.

D.

Evenly distributed between the mean and median.

Questions 7

During an audit, the internal auditor should consider the following factor(s) in determining the extent to which analytical procedures should be used, Except

Options:
A.

Adequacy of the system of internal control.

B.

Significance of the area being examined.

C.

Precision with which the results of analytical audit procedures can be predicted.

D.

Preparation of employee questionnaire policy.

Questions 8

Which technique is most appropriate for testing the quality of the pre-audit of payment vouchers described in an internal control questionnaire (ICQ)?

Options:
A.

Analysis

B.

Evaluation

C.

Verification

D.

Observation

Questions 9

The requirements for staffing level, education and training, and audit research should be included in

Options:
A.

The internal auditing department's charter.

B.

The internal auditing department's policies and procedures manual.

C.

The annual plan for the internal auditing department.

D.

Job descriptions for the various staff positions.

Questions 10

Which of the following investigative tools is most effective when large volumes of evidence need to be analyzed?

Options:
A.

Interviews

B.

Questionnaires

C.

Forensic analysis

D.

Computer

Exam Code: QIA
Certification Provider: IQN
Exam Name: Qualified Internal Auditor
Last Update: Jan 22, 2025
Questions: 80
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