Question 1

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.
_____

Accepted Answer

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

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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.

Accepted Answer

A) True 
 B)False

Question 4

Governmental program audits include determining all of the following except:

Accepted Answer

A)  the causes of the ineffectiveness of the organization's programs, activities, or functions. 
B)  the effectiveness of the organization's programs, activities, or functions. 
C)  the extent to which the desired results or benefits established by the legislature or other authorizing body are being achieved. 
D)  whether the entity has complied with significant laws applicable to the program. 
E)  whether the entity has complied with significant regulations applicable to the program.

Question 5

Operational auditing focuses on the future.

Accepted Answer

A) True 
 B)False

Question 6

GAGAS prescribe additional internal control standards for financial statement audits.

Accepted Answer

A) True 
 B)False

Question 7

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.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

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

Question 9

The GAO audit standards are recognized as:

Accepted Answer

A)  GACAS. 
B)  GASS. 
C)  GAAS. 
D)  GASB. 
E)  GAGAS.

Question 10

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

Accepted Answer

The answer of Briefly describe the IIA's attribute standards, performance...

Question 11

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

Accepted Answer

A)  improve the financial management of state and local governments and nonprofit organizations with respect to federal financial assistance programs. 
B)  establish uniform requirements for audits of federal financial assistance provided to state and local governments. 
C)  improve and coordinate the practice monitoring programs of auditors who perform government audits. 
D)  promote the efficient and effective use of audit resources. 
E)  ensure that federal departments and agencies, to the maximum extent practicable, rely on and use audit work done pursuant to the requirements of the Single Audit Act.

Question 12

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

Accepted Answer

A)  evaluating an organization's operations. 
B)  effectiveness, efficiency, and economy of operations. 
C)  recommendations for improvement. 
D)  systematic process. 
E)  reporting to stockholders.

Question 13

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.
_____

Accepted Answer

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

Question 14

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

Accepted Answer

A)  the recommendations. 
B)  the work scheduled. 
C)  the expected results. 
D)  the final feedback. 
E)  the comments of the auditee.

Question 15

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

Accepted Answer

A)  auditor communication. 
B)  audit follow-up. 
C)  noncompliance other than illegal acts. 
D)  working papers. 
E)  documentation of the assessment of detection risk for assertions significantly dependent on computerized information systems.

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

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

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

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

Question 20

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

Accepted Answer

A)  opinion on the financial statements. 
B)  report on internal control. 
C)  report on compliance. 
D)  report on audit follow-up. 
E)  schedule of findings and questioned costs.

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) :