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Question 103 - IIA-CIA-Part2 discussion

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According to IIA guidance, which of the following is least likely to be a key financial control in an organization's accounts payable process?

A.
Require the approval of additions and changes to the vendor master listing, where the inherent risk of false vendors is high.
Answers
A.
Require the approval of additions and changes to the vendor master listing, where the inherent risk of false vendors is high.
B.
Monitor amounts paid each period and compare them to the budget to identify potential issues.
Answers
B.
Monitor amounts paid each period and compare them to the budget to identify potential issues.
C.
Compare employee addresses to vendor addresses to identify potential employee fraud.
Answers
C.
Compare employee addresses to vendor addresses to identify potential employee fraud.
D.
Monitor customer quality complaints compared to the prior period to identify vendor issues.
Answers
D.
Monitor customer quality complaints compared to the prior period to identify vendor issues.
Suggested answer: D

Explanation:

According to IIA guidance, monitoring customer quality complaints compared to the prior period to identify vendor issues is least likely to be a key financial control in an organization's accounts payable process. Key financial controls in accounts payable typically focus on preventing and detecting fraud and errors in the payment process, such as requiring approval for vendor changes, monitoring payment amounts, and comparing employee and vendor addresses to prevent fraud. Monitoring customer quality complaints is more relevant to quality control and vendor management rather than financial control.

IIA Standards: 2130 - Control

IIA Practice Guide: Auditing the Accounts Payable Process

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asked 18/09/2024
Updesh Kumar
37 questions
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