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An engagement supervisor notes that an internal auditor usually documents and submits draft audit reports for review without giving the process owners the opportunity to state their position on the issues raised. How should the engagement supervisor respond?
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Question 437 - IIA-CIA-Part1 discussion

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During an audit engagement of a large retail store, internal auditors noted significant discrepancies between available inventory and sales and suspect an abuse of cash register refunds and voids.

Which of the following would be the most effective preventative control to reduce these losses?

A.
Ensure that returned merchandise is restocked to shelves or sent to the manufacturer by an independent employee.
Answers
A.
Ensure that returned merchandise is restocked to shelves or sent to the manufacturer by an independent employee.
B.
Call a sample of customers who returned merchandise to test the legitimacy of the returns and check refund amounts.
Answers
B.
Call a sample of customers who returned merchandise to test the legitimacy of the returns and check refund amounts.
C.
Require that a manager use a reserved register code to approve voids or refunds.
Answers
C.
Require that a manager use a reserved register code to approve voids or refunds.
D.
Analyze voids and refunds by employee, credit card number, and amount for unusual numbers, amounts, or patterns.
Answers
D.
Analyze voids and refunds by employee, credit card number, and amount for unusual numbers, amounts, or patterns.
Suggested answer: C
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asked 18/09/2024
Edgar Santiago
47 questions
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