Exam 26: Internal and Governmental Financial Auditing and Operational Auditing

3478277 -federal legislation that provides for a single coordinated audit to satisfy the audit requirements of all federal funding agencies

Internal auditors and government auditors perform a significant amount of financial auditing, similar to that done by external CPA firms.

The American Institute of Certified Public Accountants (AICPA) has established a highly regarded certification program resulting in the designation of Certified Internal Auditor (CIA).

The role of internal auditors in an organization have not expanded significantly in the last two decades.

An audit conducted in accordance with the Yellow Book must include an audit report that states the audit was performed in accordance with

Internal auditors are responsible to

The Internal Auditing Standards Board issues Statements on Internal Auditing Standards.

The two most important qualities for an operational auditor are

List the three purposes of a program audit.

The New York Stock Exchange requires its registrants to have an internal audit function.

Effective internal controls are designed to help organizations achieve which of the following objectives?

Internal auditors are expected to provide value to the organization through improved operational effectiveness.

Discuss three major differences between operational and financial auditing.

Integrity is one of the Institute of Internal Auditors' ethical principles.

Which of the following is a performance standard under the International Standards for the Professional Practice of Internal Auditing?

Which of the following is most correct with regard to the comparison of the financial auditing standards of the Yellow Book with the principles of the AICPA auditing standards?

Which of the following is not one of the three phases in an operational audit?

The formal name of the Yellow Book is Government Auditing Standards.

Extensive professional development is necessary for auditors doing governmental audits.

Internal auditors can have a significant impact on a company's operational efficiency and effectiveness, but not on earnings and cash flow.