IIA-ACCA Purchasing Practice Questions

Which of the following control methods is effective in reducing the risk of purchasing- scheme fraud? * 1. Periodically reviewing the vendor list for unusual vendors and addresses. * 2. Segregating duties for amount purchasing, receiving, shipping, and accounting. * 3. Validating sequential integrity of purchase orders. * 4. Verifying the validity of invoices with post office box addresses.

• AA. 1 and 2 only
• BB. 3 and 4 only
• CC. 1, 2, and 4 only
• DD. 1, 2, 3, and 4

According to IIA guidance, which of the following are macro-level audit activities performed for an assurance engagement of the purchasing department? * 1. Obtain and review all purchasing-related audit reports issued within the past year. * 2. Meet with the quality assurance group to discuss its previous reports of any purchasing- related findings. * 3. Review a memo written by the purchasing manager that outlines ongoing problems with the purchasing software. * 4. Request a copy of the report from a purchasing audit conducted last year by an external service provider.

• AA. 1 and 2.
• BB. 1 and 3.
• CC. 2 and 4.
• DD. 3 and 4.