Question 1

Which one of the following is not a major difference between operational and financial auditing?

Accepted Answer

A)  Purpose of the audit 
B)  Distribution of the report 
C)  Testing the effectiveness of internal controls 
D)  Inclusion of nonfinancial areas 
A)  Purpose of the audit 
B)  Distribution of the report 
C)  Testing the effectiveness of internal controls 
D)  Inclusion of nonfinancial areas

Question 2

One disadvantage of functional auditing is the failure to evaluate interrelated functions.

Accepted Answer

A) True 
 B)False

Question 3

In addition to an opinion on whether the financial statements are in accordance with GAAP,identify four other reports required by the OMB Circular A-133.

Accepted Answer

The following reports are required:
•An

Question 4

Discuss each of the three broad categories (types)of operational audits.

Accepted Answer

•Functional.A functional audit deals wit

Question 5

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?

Accepted Answer

A)  The same as 
B)  Quite different from 
C)  Incompatible with 
D)  Consistent with 
A)  The same as 
B)  Quite different from 
C)  Incompatible with 
D)  Consistent with

Question 6

Operational audits are primarily geared towards improving a company's operational efficiency and effectiveness.

Accepted Answer

A) True 
 B)False

Question 7

Government auditing standards are included in the Yellow Book.

Accepted Answer

A) True 
 B)False

Question 8

Efficiency refers to the degree to which costs are reduced without changing effectiveness.

Accepted Answer

A) True 
 B)False

Question 9

List the three purposes of a program audit.

Accepted Answer

1.The extent to which the desired result

Question 10

External financial statement auditors must obtain evidence regarding what attributes of an internal audit department if the external auditors intend to rely on the internal auditor's work?

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 11

Auditors involved in planning,performing,or reporting on audits under GAGAS must complete ________ hours of continuing professional education in each two-year period.

Accepted Answer

A)  20 
B)  40 
C)  60 
D)  80 
A)  20 
B)  40 
C)  60 
D)  80

Question 12

Because they spend all their time within one company,internal auditors have much greater knowledge about the company's operations and internal controls then external auditors

Accepted Answer

A) True 
 B)False

Which one of the following is not a major difference between operational and financial auditing?

One disadvantage of functional auditing is the failure to evaluate interrelated functions.

In addition to an opinion on whether the financial statements are in accordance with GAAP,identify four other reports required by the OMB Circular A-133.

Discuss each of the three broad categories (types)of operational audits.

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?

Operational audits are primarily geared towards improving a company's operational efficiency and effectiveness.

Government auditing standards are included in the Yellow Book.

Efficiency refers to the degree to which costs are reduced without changing effectiveness.

List the three purposes of a program audit.

External financial statement auditors must obtain evidence regarding what attributes of an internal audit department if the external auditors intend to rely on the internal auditor's work?

Auditors involved in planning,performing,or reporting on audits under GAGAS must complete ________ hours of continuing professional education in each two-year period.

Because they spend all their time within one company,internal auditors have much greater knowledge about the company's operations and internal controls then external auditors

The Assurance Services Market

The Audit Standards Setting Process

Audit Reports

Legal Liability Considerations for Auditors

Ethics and the Audit Profession

Audit Responsibilities and Objectives

Nature and Type of Audit Evidence

Audit Planning

Considering Materiality and Audit Risk

Considering Internal Control

Considering the Risk of Fraud

Implications of Information Technology for the Audit Process

Developing the Overall Audit Plan and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Inventory and Warehousing Cycle

Audit of the Payroll and Personnel Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Audit Completion

Other Assurance Services

Filters

Exam 26: Internal and Governmental Financial Auditing and Operational Auditing

Which one of the following is not a major difference between operational and financial auditing?

One disadvantage of functional auditing is the failure to evaluate interrelated functions.

In addition to an opinion on whether the financial statements are in accordance with GAAP,identify four other reports required by the OMB Circular A-133.

Discuss each of the three broad categories (types)of operational audits.

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?

Operational audits are primarily geared towards improving a company's operational efficiency and effectiveness.

Government auditing standards are included in the Yellow Book.

Efficiency refers to the degree to which costs are reduced without changing effectiveness.

List the three purposes of a program audit.

External financial statement auditors must obtain evidence regarding what attributes of an internal audit department if the external auditors intend to rely on the internal auditor's work?

Auditors involved in planning,performing,or reporting on audits under GAGAS must complete ________ hours of continuing professional education in each two-year period.

Because they spend all their time within one company,internal auditors have much greater knowledge about the company's operations and internal controls then external auditors

The Assurance Services Market

The Audit Standards Setting Process

Audit Reports

Legal Liability Considerations for Auditors

Ethics and the Audit Profession

Audit Responsibilities and Objectives

Nature and Type of Audit Evidence

Audit Planning

Considering Materiality and Audit Risk

Considering Internal Control

Considering the Risk of Fraud

Implications of Information Technology for the Audit Process

Developing the Overall Audit Plan and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Inventory and Warehousing Cycle

Audit of the Payroll and Personnel Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Audit Completion

Other Assurance Services

Filters