Exam 21: Internal, Operational, and

The general standards for the professional practice of internal auditing include the following: -Internal auditors should follow up to ascertain that appropriate action is taken on reported audit findings. _____

(Multiple Choice)

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Question 61

The audit is the most time consuming phase of an operational audit.

(True/False)

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Question 62

The Single Audit Act reduces the need for federal agencies to conduct, and for recipients of federal financial assistance to undergo, multiple separate financial and compliance audits.

(True/False)

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Question 63

Governmental program audits include determining all of the following except:

(Multiple Choice)

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Question 64

Operational auditing focuses on the future.

(True/False)

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Question 65

GAGAS prescribe additional internal control standards for financial statement audits.

(True/False)

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Question 66

The U.S. Governmental Accounting Office (GAO) establishes audit standards for audits of government organizations, programs, activities, functions, and of government funds received by nongovernment organizations.

(True/False)

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Question 67

Generally accepted government auditing standards for financial audits are classified as: -Evidence ─ Working Papers _____

(Multiple Choice)

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Question 68

The GAO audit standards are recognized as:

(Multiple Choice)

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Question 69

Briefly describe the IIA's attribute standards, performance standards, and implementation standards.

(Essay)

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Question 70

Which of the following is not a stated objective of the Single Audit Act?

(Multiple Choice)

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Question 71

The essential parts of the definition of operational auditing do not include:

(Multiple Choice)

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Question 72

The general standards for the professional practice of internal auditing include the following: -Internal auditors should possess the knowledge, skills, and disciplines essential to the performance of internal audits. _____

(Multiple Choice)

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Question 73

Which of the following is normally documented in the working papers prepared during an operational audit?

(Multiple Choice)

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Question 74

The five additional field work standards included by GAGAS comprise all of the following except:

(Multiple Choice)

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Question 75

In operational audits the auditor does not need to be knowledgeable of the industry in which the entity operates.

(True/False)

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Question 76

The general standards for the professional practice of internal auditing include the following: -Internal auditors should provide assurance that internal audits are properly supervised. _____

(Multiple Choice)

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(39)

Question 77

Based on their expertise and experience, independent public accountants are qualified to perform operational audits.

(True/False)

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Question 78

Generally accepted government auditing standards for financial audits are classified as: -Compliance with GAGAS _____

(Multiple Choice)

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Question 79

The auditor's report(s) under the Single Audit Act includes all of the following except a(n):

(Multiple Choice)

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Question 80

Showing 61 - 80 of 103

Exam 21: Internal, Operational, and

The general standards for the professional practice of internal auditing include the following: -Internal auditors should follow up to ascertain that appropriate action is taken on reported audit findings. _____

The audit is the most time consuming phase of an operational audit.

The Single Audit Act reduces the need for federal agencies to conduct, and for recipients of federal financial assistance to undergo, multiple separate financial and compliance audits.

Governmental program audits include determining all of the following except:

Operational auditing focuses on the future.

GAGAS prescribe additional internal control standards for financial statement audits.

The U.S. Governmental Accounting Office (GAO) establishes audit standards for audits of government organizations, programs, activities, functions, and of government funds received by nongovernment organizations.

Generally accepted government auditing standards for financial audits are classified as: -Evidence ─ Working Papers _____

The GAO audit standards are recognized as:

Briefly describe the IIA's attribute standards, performance standards, and implementation standards.

Which of the following is not a stated objective of the Single Audit Act?

The essential parts of the definition of operational auditing do not include:

The general standards for the professional practice of internal auditing include the following: -Internal auditors should possess the knowledge, skills, and disciplines essential to the performance of internal audits. _____

Which of the following is normally documented in the working papers prepared during an operational audit?

The five additional field work standards included by GAGAS comprise all of the following except:

In operational audits the auditor does not need to be knowledgeable of the industry in which the entity operates.

The general standards for the professional practice of internal auditing include the following: -Internal auditors should provide assurance that internal audits are properly supervised. _____

Based on their expertise and experience, independent public accountants are qualified to perform operational audits.

Generally accepted government auditing standards for financial audits are classified as: -Compliance with GAGAS _____

The auditor's report(s) under the Single Audit Act includes all of the following except a(n):

Auditing and the Public Accounting

Financial Statement Audits and

Professional Ethics

Auditors Legal Liability

Overview of the Audit Process

Audit Evidence, Audit Objectives,

Accepting the Engagement and

Materiality Decisions and Performing Analytical Procedures

Audit Risk, Including the Risk of Fraud

Understanding Internal Controls

Audit Procedures in Response to Assessed Risks: Tests of Controls

Audit Procedures in Response to Assessed Risks: Substantive Tests

Audit Sampling in Substantive Tests

Auditing the Revenue Cycle

Auditing the Expenditure Cycle

Auditing the Production and

Auditing the Investing and

Auditing Investments and

Completing the Audit and Postaudit

Attest and Assurance Services, and Related Reports

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