IIA-CGAP Online Practice Questions and Answers

All of the following are the Specific aspects of proper audit supervision EXCEPT:

A. Ensuring that staff auditors are qualified to perform their assignments and verifying that audit working papers adequately support audit findings, conclusions, and recommendations.

B. Providing clear and timely instructions to staff so audit objectives are achieved.

C. Approving the audit program and ensuring that it is followed, unless approved changes are made.

D. Implemented adequate audit policies and procedures.

The _________ address the attributes of organizations and individuals performing internal audit services. The ___________ describe the nature of internal audit services and provide quality criteria against which the performance of these services can be measured:

A. Performance Standards, Control standards

B. Control standards, Performance standards

C. Performance standards, Attribute standards

D. Attribute Standards, Performance Standards

Following are the field standards that are applicable to all types of audits EXCEPT:

A. The controller, in determining the extent and scope of the audit, should study and evaluate the reliability of internal control.

B. Competent, relevant, and reasonable evidence should be obtained to support the auditor's judgment and conclusions regarding the organization, program, activity, or function under audit.

C. The auditor should plan the audit in a manner which ensures that an audit of high quality is carries out in an economic, efficient, and effective way and in a timely manner.

D. The work of the audit staff at each level and audit phase should be properly supervised during the audit; and documented work should be reviewed by a senior member of the audit staff.

With regard to __________, the auditor should prepare a written report, which may either be a part of the report on the ____________ or a separate report on the tests of compliance with applicable laws and regulations. The report should contain a statement of positive assurance on those items tested for compliance and negative assurance on those items not tested:

A. Regularity audits, financial statements

B. Financial statements, regulatory audits

C. Operational audits, financial statements

D. Income statements, financial audits

The statistical section contains provides trend data and other nonfinancial information to assist in assessing a government's financial condition. All of the following are the components of this section EXCEPT:

A. General governmental expenditures and revenues for the past 10 years.

B. Special assessments and collections for the past 10 years.

C. Property tax levies and assessed value information for the past100 years.

D. Revenue bond coverage for the past 10 years.

_________ is a foundation of a democratic society. Elected officials are ultimately accountable to the ________; however, all government employees are publicly accountable for their actions.

A. Accountability, debtors

B. Accountability, voters

C. Credibility, creditors

D. Controllability, voters

Freedom of information legislation has set the tone for public officials that all decisions and actions are subject to review. ________and ________require that all official meetings are publicized and the general public is invited so that individuals interested in public affairs might attend.

A. Regulatory laws and open meetings acts

B. Sunshine laws and open meetings acts

C. Property laws and open meetings acts

D. Sunshine laws and closed meetings acts

A three-step general methodology to use in assessing computer related controls consist of all of the following please choose the correct option:

A. Evaluate general controls at the entity or installation level.

B. Evaluate general controls as they are applied to the application(s) being examined, such as a payroll system or a loan accounting system.

C. Evaluate application controls, which are the controls over input, processing, and output of data associated with individual applications.

D. All of above.

All of the following are the distinguishing features of a project EXCEPT:

A. It is characterized by phases or milestones (e.g., needs analysis/feasibility assessment of options, project plan, project implementation, completion/post-project evaluation).

B. Making organizational charts.

C. It is defined by a specific objective.

D. It has a beginning and an end.

_______ involves the comparison of projected costs and projected dollar value of benefits associated with a project or decision. _________, in contrast to cost/benefit, compares the cost of a program or activity to a measurable unit of output or outcome (rather than to the estimated or actual dollar benefits).

A. Cost/benefit analysis, Cost-effectiveness analysis

B. Cost-effectiveness analysis, Cost/benefit analysis

C. Ratio analysis, Cost-effectiveness analysis

D. Regression analysis, Cost-effectiveness analysis