QCM Reserve pool
10 items covering methodology, knowledge management and quality assurance — the clusters thinnest in Papers A to C. Untimed.
1. (Q91) Before deploying a new data analytics tool for audit use, the first matters to settle are:
A. The licensing cost and the number of user seats.
B. The visual presentation of the outputs in reports.
C. The training schedule for the whole audit function.
D. Reliable access to the source data, the quality of that data, and validation that the tool's logic produces correct and reproducible results.
2. (Q92) The main risk attached to standardised audit programmes is that:
A. They cannot be applied to performance audits.
B. They may be applied mechanically without tailoring to the specific risks of the entity or process audited.
C. They prevent the use of data analytics.
D. They make working papers longer than necessary.
3. (Q93) Continuous auditing refers to:
A. Auditing the same entity every year without interruption.
B. Maintaining a permanent audit presence in the audited entity.
C. Extending each engagement until no exceptions remain.
D. Using automated, repeated testing of transactions and controls on a near-real-time basis to identify exceptions as they arise.
4. (Q94) A quality assurance and improvement programme comprises:
A. External assessments only.
B. The follow-up of recommendations issued to auditees.
C. The review of working papers by the engagement leader.
D. Internal assessments — ongoing monitoring and periodic self-assessments — together with periodic external assessments.
5. (Q95) Under the Global Internal Audit Standards, an external quality assessment must be obtained:
A. Annually.
B. At least once every three years.
C. At least once every five years.
D. Only when the board requests one.
6. (Q96) A hot review differs from a cold review in that it is performed:
A. Before the report is issued, so that its outcome can still influence the engagement.
B. By an external provider rather than internally.
C. On performance audits only.
D. Without access to the engagement working papers.
7. (Q97) An internal audit function may state that it conforms with the Global Internal Audit Standards only if:
A. Its charter refers to the Standards.
B. Its staff hold professional certifications.
C. The results of its quality assurance and improvement programme, including external assessment, support that statement.
D. No auditee has contested its findings during the period.
8. (Q98) A peer review of a supreme audit institution is:
A. A statutory audit of the institution's own accounts.
B. A review by the national parliament of the institution's performance.
C. A voluntary external assessment of its systems, methodology or work, conducted by one or more other supreme audit institutions against agreed standards.
D. An internal quality control exercise using the institution's own staff.
9. (Q99) Where an engagement has not conformed with an applicable standard, the auditor should:
A. Disclose in the report which standard was not complied with, the reason, and the effect on the engagement.
B. Omit any reference to the standards in the report.
C. Downgrade the engagement from an audit to a review.
D. Refrain from issuing conclusions.
10. (Q100) The provider of an external quality assessment must be:
A. A member of the same professional institute as the chief audit executive.
B. Qualified and competent in internal audit practice and the Standards, and independent of the organisation and free from conflicts of interest.
C. Appointed by senior management rather than the board.
D. A firm that also provides the organisation's external audit, to ensure consistency.
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