Question 1

Internal auditors are expected to apply and uphold the following principles except:

Accepted Answer

A)  integrity. 
B)  objectivity. 
C)  independence. 
D)  confidentiality. 
E)  competency. 
A)  integrity. 
B)  objectivity. 
C)  independence. 
D)  confidentiality. 
E)  competency.

Question 2

Generally accepted government auditing standards for financial audits are classified as:
-Independence
_____

Accepted Answer

A) General, 
B) Field Work 
C) Reporting. 
A) General, 
B) Field Work 
C) Reporting.

Question 3

Generally accepted government auditing standards for financial audits are classified as:
-Qualifications
_____

Accepted Answer

A) General, 
B) Field Work 
C) Reporting. 
A) General, 
B) Field Work 
C) Reporting.

Question 4

During an operational audit, the auditor makes an extensive search for facts pertaining to the problems identified in the audit during the preliminary study.

Accepted Answer

A) True 
 B)False

Question 5

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should exercise due professional care in performing internal audits.
_____

Accepted Answer

A) Independence, 
B) Professional Proficiency, 
C) Scope of Work, 
D) Performance of Audit Work, and 
E) Management of the Internal Auditing Department. 
A) Independence, 
B) Professional Proficiency, 
C) Scope of Work, 
D) Performance of Audit Work, and 
E) Management of the Internal Auditing Department.

Question 6

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should plan each audit.
_____

Accepted Answer

A) Independence, 
B) Professional Proficiency, 
C) Scope of Work, 
D) Performance of Audit Work, and 
E) Management of the Internal Auditing Department. 
A) Independence, 
B) Professional Proficiency, 
C) Scope of Work, 
D) Performance of Audit Work, and 
E) Management of the Internal Auditing Department.

Question 7

Internal auditing is part of the monitoring function of internal control that examines and evaluates the adequacy and effectiveness of the accounting system.

Accepted Answer

A) True 
 B)False

Question 8

The standards for the professional practice of internal auditing include all of the following except:

Accepted Answer

A)  professional proficiency. 
B)  performance of audit work. 
C)  management of the accounting department. 
D)  independence. 
E)  scope of work. 
A)  professional proficiency. 
B)  performance of audit work. 
C)  management of the accounting department. 
D)  independence. 
E)  scope of work.

Question 9

Generally accepted government auditing standards for financial audits are classified as:
-Privileged and Confidential Information_____

Accepted Answer

A) General, 
B) Field Work 
C) Reporting. 
A) General, 
B) Field Work 
C) Reporting.

Question 10

Federal financial assistance is broadly defined in the Single Audit Act as assistance provided by a federal government agency in the form of grants, contracts, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, or direct appropriations, and direct federal cash assistance to individuals.

Accepted Answer

A) True 
 B)False

Question 11

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should review operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
_____

Accepted Answer

A) Independence, 
B) Professional Proficiency, 
C) Scope of Work, 
D) Performance of Audit Work, and 
E) Management of the Internal Auditing Department. 
A) Independence, 
B) Professional Proficiency, 
C) Scope of Work, 
D) Performance of Audit Work, and 
E) Management of the Internal Auditing Department.

Question 12

There are more phases in an operational audit than in a financial statement audit.

Accepted Answer

A) True 
 B)False

Question 13

The general standards for the professional practice of internal auditing include the following:
-The organizational status of the internal auditing department should be sufficient to permit the accomplishment of its audit responsibilities.
_____

Accepted Answer

A) Independence, 
B) Professional Proficiency, 
C) Scope of Work, 
D) Performance of Audit Work, and 
E) Management of the Internal Auditing Department. 
A) Independence, 
B) Professional Proficiency, 
C) Scope of Work, 
D) Performance of Audit Work, and 
E) Management of the Internal Auditing Department.

Question 14

One responsibility of the director of internal auditing is to coordinate the work of internal auditors with the work of the external auditor.

Accepted Answer

A) True 
 B)False

Question 15

Generally accepted government auditing standards for financial audits are classified as:
-Due Professional Care
_____

Accepted Answer

A) General, 
B) Field Work 
C) Reporting. 
A) General, 
B) Field Work 
C) Reporting.

Question 16

Audits of governmental organizations are premised largely on the concept that the officials and employees who manage public funds are accountable to the public.

Accepted Answer

A) True 
 B)False

Question 17

In the auditee selection phase of an operational audit, the main criterion for selection is:

Accepted Answer

A)  ease of evaluating the area. 
B)  potential for improvement in the effectiveness, efficiency, and economy of operations. 
C)  ease of developing the audit plan. 
D)  expected cost of the examination. 
E)  the extent of resources controlled by the area. 
A)  ease of evaluating the area. 
B)  potential for improvement in the effectiveness, efficiency, and economy of operations. 
C)  ease of developing the audit plan. 
D)  expected cost of the examination. 
E)  the extent of resources controlled by the area.

Question 18

Match between columns
                        Premises:  Internal auditors should maintain their technical competence through continuing education.
 Internal auditors should plan each audit.
 Internal auditors should be skilled in dealing with people and in communicating effectively.
 Internal auditors should review operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
 The organizational status of the internal auditing department should be sufficient to permit the accomplishment of its audit responsibilities.
 The director of internal auditing should have a statement of purpose, authority, and responsibility for the internal auditing department.
 Internal auditors should possess the knowledge, skills, and disciplines essential to the performance of internal audits.
 Internal auditors should report the results of their audit work.
 The director of internal auditing should coordinate internal and external audit efforts.
 Internal auditors should review the reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information.
 The internal auditing department should possess or should obtain the knowledge, skills, and disciplines needed to carry out its audit responsibilities.
 Internal auditors should collect, analyze, interpret, and document information to support audit results.
 The director of internal auditing should provide written policies and procedures to guide the audit staff.
 Internal auditors should provide assurance that internal audits are properly supervised.
 Internal auditors should review the means of safeguarding assets and, as appropriate, verify the existence of such assets.
 Internal auditors should be objective in performing audits.
 Internal auditors should exercise due professional care in performing internal audits.
 Internal auditors should follow up to ascertain that appropriate action is taken on reported audit findings.
 The director of internal auditing should establish a program for selecting and developing the human resources of the internal auditing department.
 Internal auditors must comply with professional standards of conduct.

Accepted Answer

The Answer of Independence, and Professional Proficiency, and Scope of is...

Question 19

Planning is especially critical in an operational audit due to this type of audit's:

Accepted Answer

A)  complexity. 
B)  difficulty. 
C)  diversity. 
D)  critical perspective. 
E)  multiplicity. 
A)  complexity. 
B)  difficulty. 
C)  diversity. 
D)  critical perspective. 
E)  multiplicity.

Question 20

The analysis of an operational audit involves the study and measurement of actual performance in relation to some criteria.

Accepted Answer

A) True 
 B)False

Internal auditors are expected to apply and uphold the following principles except:

Generally accepted government auditing standards for financial audits are classified as: -Independence _____

Generally accepted government auditing standards for financial audits are classified as: -Qualifications _____

During an operational audit, the auditor makes an extensive search for facts pertaining to the problems identified in the audit during the preliminary study.

The general standards for the professional practice of internal auditing include the following: -Internal auditors should exercise due professional care in performing internal audits. _____

The general standards for the professional practice of internal auditing include the following: -Internal auditors should plan each audit. _____

Internal auditing is part of the monitoring function of internal control that examines and evaluates the adequacy and effectiveness of the accounting system.

The standards for the professional practice of internal auditing include all of the following except:

Generally accepted government auditing standards for financial audits are classified as: -Privileged and Confidential Information_____

There are more phases in an operational audit than in a financial statement audit.

The general standards for the professional practice of internal auditing include the following: -The organizational status of the internal auditing department should be sufficient to permit the accomplishment of its audit responsibilities. _____

One responsibility of the director of internal auditing is to coordinate the work of internal auditors with the work of the external auditor.

Generally accepted government auditing standards for financial audits are classified as: -Due Professional Care _____

Audits of governmental organizations are premised largely on the concept that the officials and employees who manage public funds are accountable to the public.

In the auditee selection phase of an operational audit, the main criterion for selection is:

Planning is especially critical in an operational audit due to this type of audit's:

The analysis of an operational audit involves the study and measurement of actual performance in relation to some criteria.

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

Filters

Exam 21: Internal, Operational, and

Internal auditors are expected to apply and uphold the following principles except:

Generally accepted government auditing standards for financial audits are classified as: -Independence _____

Generally accepted government auditing standards for financial audits are classified as: -Qualifications _____

During an operational audit, the auditor makes an extensive search for facts pertaining to the problems identified in the audit during the preliminary study.

The general standards for the professional practice of internal auditing include the following: -Internal auditors should exercise due professional care in performing internal audits. _____

The general standards for the professional practice of internal auditing include the following: -Internal auditors should plan each audit. _____

Internal auditing is part of the monitoring function of internal control that examines and evaluates the adequacy and effectiveness of the accounting system.

The standards for the professional practice of internal auditing include all of the following except:

Generally accepted government auditing standards for financial audits are classified as: -Privileged and Confidential Information_____

There are more phases in an operational audit than in a financial statement audit.

The general standards for the professional practice of internal auditing include the following: -The organizational status of the internal auditing department should be sufficient to permit the accomplishment of its audit responsibilities. _____

One responsibility of the director of internal auditing is to coordinate the work of internal auditors with the work of the external auditor.

Generally accepted government auditing standards for financial audits are classified as: -Due Professional Care _____

Audits of governmental organizations are premised largely on the concept that the officials and employees who manage public funds are accountable to the public.

In the auditee selection phase of an operational audit, the main criterion for selection is:

Planning is especially critical in an operational audit due to this type of audit's:

The analysis of an operational audit involves the study and measurement of actual performance in relation to some criteria.

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

Filters