Question 1

A fundamental disagreement would lead to

Accepted Answer

A)  disclaimer
B)  qualified opinion
C)  unqualified opinion
D)  adverse opinion B

Question 2

The primary responsibility for safeguarding the audited entity's funds and assets and to prevent frauds or errors lies with its

Accepted Answer

A)  employees
B)  internal auditor
C)  management
D)  statutory auditor C

Question 3

COBIT is

Accepted Answer

A)  a data extraction tool
B)  an IT Audit framework
C)  an audit documentation tool
D)  none of these B

Question 4

Teammate software is

Accepted Answer

A)  a data extraction tool
B)  a data analytic tool
C)  an audit documentation tool
D)  none of these

Question 5

Policies, systems and procedures established by Comptroller and Auditor General to maintain a high standard of audit activity are also called

Accepted Answer

A)  Quality control
B)  Reasonable Assurance
C)  Quality Check
D)  Quality Assurance

Exam 4: Understanding Auditing Processes and Tools

A fundamental disagreement would lead to