Question 1

Primary customers are those individuals or groups that sponsor the audit. All of the following are examples of primary customers EXCEPT:

Accepted Answer

A)  National governments. 
B)  Regional/state governments. 
C)  University and research groups. 
D)  Local/city governments. 
A)  National governments. 
B)  Regional/state governments. 
C)  University and research groups. 
D)  Local/city governments.

Question 2

An assessment of management controls can influence all of the following elements of the audit program EXCEPT:

Accepted Answer

A)  Structure 
B)  Methodology 
C)  Scope 
D)  Objectives 
A)  Structure 
B)  Methodology 
C)  Scope 
D)  Objectives

Question 3

Some areas where auditors can assist in fraud prevention activities include all of the following given below please choose the correct option:

Accepted Answer

A)  Reviewing the adequacy of the organization's integrity violations policy. 
B)  A & D only 
C)  All of the above 
D)  Confirming that related policies include specific references to prohibited activities and that the policies are properly distributed and effectively communicated to all employees. 
A)  Reviewing the adequacy of the organization's integrity violations policy. 
B)  A & D only 
C)  All of the above 
D)  Confirming that related policies include specific references to prohibited activities and that the policies are properly distributed and effectively communicated to all employees.

Question 4

The major areas to consider the audit planning process include all of the following given below please choose the correct option:

Accepted Answer

A)  Collect and analyze background information on area to be audited. 
B)  Determine resources available and needed to conduct audit. 
C)  Develop audit criteria (criteria should be reasonable, attainable, and relevant). 
D)  A & C only 
A)  Collect and analyze background information on area to be audited. 
B)  Determine resources available and needed to conduct audit. 
C)  Develop audit criteria (criteria should be reasonable, attainable, and relevant). 
D)  A & C only

Question 5

Section _________ will detail some specific audit planning steps that are often utilized to ensure that the appropriate legal and audit standards are applied in ___________:

Accepted Answer

A)  Audit proposals, Audit engagements 
B)  Audit engagements, II.C.2 (Planning) 
C)  II.C.2 (Planning), Audit engagements 
D)  Audit engagements, Audit proposals 
A)  Audit proposals, Audit engagements 
B)  Audit engagements, II.C.2 (Planning) 
C)  II.C.2 (Planning), Audit engagements 
D)  Audit engagements, Audit proposals

Question 6

All of the following are the examples of Cash/Accounts Receivable Red Flags please choose the correct option:

Accepted Answer

A)  Employee lifestyle changes: expensive cars, jewelry, homes, clothes. 
B)  Behavioral changes: may be indication of drug, alcohol, or gambling problem. 
C)  None of the above. 
D)  All of the above. 
A)  Employee lifestyle changes: expensive cars, jewelry, homes, clothes. 
B)  Behavioral changes: may be indication of drug, alcohol, or gambling problem. 
C)  None of the above. 
D)  All of the above.

Question 7

The auditors of public sector entities may be required to report on all of the following EXCEPT:

Accepted Answer

A)  Reporting to the owners 
B)  Adequacy of accounting and internal control systems 
C)  Economy, efficiency, and effectiveness of programs, projects, and activities 
D)  Compliance with legislative or regulatory requirements and related authorities 
A)  Reporting to the owners 
B)  Adequacy of accounting and internal control systems 
C)  Economy, efficiency, and effectiveness of programs, projects, and activities 
D)  Compliance with legislative or regulatory requirements and related authorities

Question 8

Financial management in the public sector differs significantly from its private-sector counterpart. The foundation of the public financial management system is based on the following principles EXCEPT:

Accepted Answer

A)  Democratic consent 
B)  Accessibility 
C)  Probity and Prudence 
D)  Equity and Transparency 
A)  Democratic consent 
B)  Accessibility 
C)  Probity and Prudence 
D)  Equity and Transparency

Question 9

All of the following items are often contained in written auditing policies and procedures in the management of an audit function EXCEPT:

Accepted Answer

A)  Definition of the audit unit's responsibilities, goals, and objectives and Legislative or other source of audit authority 
B)  The reporting relationship between the audit unit and management and/or the governing Body and The process for hiring and dismissing auditors 
C)  Access to information and people and the scope of work to be undertaken 
D)  There must not be written rules. 
A)  Definition of the audit unit's responsibilities, goals, and objectives and Legislative or other source of audit authority 
B)  The reporting relationship between the audit unit and management and/or the governing Body and The process for hiring and dismissing auditors 
C)  Access to information and people and the scope of work to be undertaken 
D)  There must not be written rules.

Question 10

Some important elements of supervision include all of the following given below please choose the correct option:

Accepted Answer

A)  Instructing staff members and Developing staff performance expectations. 
B)  Planning audit work and reviewing work performed. 
C)  A & B only. 
D)  All of the above. 
A)  Instructing staff members and Developing staff performance expectations. 
B)  Planning audit work and reviewing work performed. 
C)  A & B only. 
D)  All of the above.

Question 11

Grants are used by governments to operate programs and provide services. Common types of grant classifications include the following given below please choose the correct option:

Accepted Answer

A)  Formula grants - legally mandated funding levels and restrictions on eligible grantees, with little or no discretion being exercised by the grantor. 
B)  Project grants - similar to contracts because grantors agree to pay the grantee for services, performance, or a specific project. 
C)  Construction grants - awarded only for construction of permanent facilities. 
D)  All of the above. 
E)  None of the above. 
A)  Formula grants - legally mandated funding levels and restrictions on eligible grantees, with little or no discretion being exercised by the grantor. 
B)  Project grants - similar to contracts because grantors agree to pay the grantee for services, performance, or a specific project. 
C)  Construction grants - awarded only for construction of permanent facilities. 
D)  All of the above. 
E)  None of the above.

Question 12

Investment risk refers to the likelihood of a loss. All of the following given below are types of investment risk EXCEPT.

Accepted Answer

A)  Liquidity risk - losses resulting because invested dollars cannot be accessed. Losses may occur from penalties for early withdrawal, for example. 
B)  Economic Risks - one of the most obvious risks of investing is that the economy can go bad. 
C)  Default risk - the possibility of a loss resulting from the bankruptcy of an organization in which funds were invested. 
D)  Market risk - the possibility of a loss resulting from choosing a relatively poor investment from a large pool of investments. 
A)  Liquidity risk - losses resulting because invested dollars cannot be accessed. Losses may occur from penalties for early withdrawal, for example. 
B)  Economic Risks - one of the most obvious risks of investing is that the economy can go bad. 
C)  Default risk - the possibility of a loss resulting from the bankruptcy of an organization in which funds were invested. 
D)  Market risk - the possibility of a loss resulting from choosing a relatively poor investment from a large pool of investments.

Question 13

If the audit organization has done what is given below then in general, reviewers can conclude there is reasonable assurance that an internal quality control system is effective. Please mark the correct option:

Accepted Answer

A)  Not allowed applicable auditing standards. 
B)  Not implemented adequate audit policies and procedures. 
C)  Followed applicable auditing standards. 
D)  Not followed applicable auditing standards 
A)  Not allowed applicable auditing standards. 
B)  Not implemented adequate audit policies and procedures. 
C)  Followed applicable auditing standards. 
D)  Not followed applicable auditing standards

Question 14

The goal of the comprehensive approach is to identify potential significant control weaknesses for further review. All of the following are the general steps in the process EXCEPT:

Accepted Answer

A)  Select a sample of transactions and determine if processes and controls are functioning as intended. 
B)  Document and evaluate work processes and controls. 
C)  Determine or estimate the effect of control weakness of program goals and objectives. 
D)  Acceptance of audit findings and corrective action taken. 
A)  Select a sample of transactions and determine if processes and controls are functioning as intended. 
B)  Document and evaluate work processes and controls. 
C)  Determine or estimate the effect of control weakness of program goals and objectives. 
D)  Acceptance of audit findings and corrective action taken.

Question 15

The________ is the total number of units being studied and ______ is a characteristic of the population. Where as A _________ is a characteristic of the sample.

Accepted Answer

A)  Parameter, population, statistics 
B)  Population, parameter, statistics 
C)  Statistics, parameter, population, 
D)  Population, statistics, parameter 
A)  Parameter, population, statistics 
B)  Population, parameter, statistics 
C)  Statistics, parameter, population, 
D)  Population, statistics, parameter

Question 16

___________are the framework that management establishes to ensure that it meets its responsibilities in a variety of areas. The objectives _________of are that all transactions should be authorized, accounted for accurately and completely, and in the correct time frame.

Accepted Answer

A)  Internal controls, external controls 
B)  External controls, internal controls 
C)  Internal controls, accounting controls 
D)  Accounting controls, internal controls 
A)  Internal controls, external controls 
B)  External controls, internal controls 
C)  Internal controls, accounting controls 
D)  Accounting controls, internal controls

Question 17

Which of the following Advisories are submitted to a formal review process by The IIAs Professional Issues Committee or other group designated by the Guidance Planning committee?

Accepted Answer

A)  Hurricane Advisories 
B)  Product & services security Advisories 
C)  Practice Advisories 
D)  Security Advisories 
A)  Hurricane Advisories 
B)  Product & services security Advisories 
C)  Practice Advisories 
D)  Security Advisories

Question 18

Change is a basic fact of life in all organizations. Managers must be able to respond to change in a quick and effective manner. All of the following are categories of change that government managers should consider EXCEPT:

Accepted Answer

A)  Changes in the physical environment (e.g., increased population) can create an increased demand for services. 
B)  Changes in the political environment (e.g., new administrations, new legislation) can result in a need to change or increase areas of emphasis. 
C)  Changes in technology can result in a need to change policies, procedures, staffing levels, or goals. 
D)  No changes in the moral environment (e.g., increased emphasis of ethics in government) can result in the need for tighter controls and performance measures. 
A)  Changes in the physical environment (e.g., increased population) can create an increased demand for services. 
B)  Changes in the political environment (e.g., new administrations, new legislation) can result in a need to change or increase areas of emphasis. 
C)  Changes in technology can result in a need to change policies, procedures, staffing levels, or goals. 
D)  No changes in the moral environment (e.g., increased emphasis of ethics in government) can result in the need for tighter controls and performance measures.

Question 19

All of The following are considered abuses of public debt EXCEPT:

Accepted Answer

A)  Borrowing to finance operating expenditures. 
B)  Borrowing beyond ability to repay. 
C)  Not borrowing where corruption is widespread. 
D)  Borrowing to finance no-return projects or speculative facilities. 
A)  Borrowing to finance operating expenditures. 
B)  Borrowing beyond ability to repay. 
C)  Not borrowing where corruption is widespread. 
D)  Borrowing to finance no-return projects or speculative facilities.

Question 20

_________ is a foundation of a democratic society. Elected officials are ultimately accountable to the ________; however, all government employees are publicly accountable for their actions.

Accepted Answer

A)  Accountability, debtors 
B)  Accountability, voters 
C)  Credibility, creditors 
D)  Controllability, voters 
A)  Accountability, debtors 
B)  Accountability, voters 
C)  Credibility, creditors 
D)  Controllability, voters

Primary customers are those individuals or groups that sponsor the audit. All of the following are examples of primary customers EXCEPT:

An assessment of management controls can influence all of the following elements of the audit program EXCEPT:

Some areas where auditors can assist in fraud prevention activities include all of the following given below please choose the correct option:

The major areas to consider the audit planning process include all of the following given below please choose the correct option:

Section _ will detail some specific audit planning steps that are often utilized to ensure that the appropriate legal and audit standards are applied in ___:

All of the following are the examples of Cash/Accounts Receivable Red Flags please choose the correct option:

The auditors of public sector entities may be required to report on all of the following EXCEPT:

Financial management in the public sector differs significantly from its private-sector counterpart. The foundation of the public financial management system is based on the following principles EXCEPT:

All of the following items are often contained in written auditing policies and procedures in the management of an audit function EXCEPT:

Some important elements of supervision include all of the following given below please choose the correct option:

Grants are used by governments to operate programs and provide services. Common types of grant classifications include the following given below please choose the correct option:

Investment risk refers to the likelihood of a loss. All of the following given below are types of investment risk EXCEPT.

If the audit organization has done what is given below then in general, reviewers can conclude there is reasonable assurance that an internal quality control system is effective. Please mark the correct option:

The goal of the comprehensive approach is to identify potential significant control weaknesses for further review. All of the following are the general steps in the process EXCEPT:

The is the total number of units being studied and is a characteristic of the population. Where as A ___ is a characteristic of the sample.

___are the framework that management establishes to ensure that it meets its responsibilities in a variety of areas. The objectives _of are that all transactions should be authorized, accounted for accurately and completely, and in the correct time frame.

Which of the following Advisories are submitted to a formal review process by The IIAs Professional Issues Committee or other group designated by the Guidance Planning committee?

Change is a basic fact of life in all organizations. Managers must be able to respond to change in a quick and effective manner. All of the following are categories of change that government managers should consider EXCEPT:

All of The following are considered abuses of public debt EXCEPT:

_ is a foundation of a democratic society. Elected officials are ultimately accountable to the ; however, all government employees are publicly accountable for their actions.

Certified Financial Services Auditor

The Internal Audit Activity Role in Governance, Risk, and Control

Conducting the Internal Audit Engagement

Business Analysis and Information Technology

Filters

Exam 2: Certified Government Auditing Professional

Primary customers are those individuals or groups that sponsor the audit. All of the following are examples of primary customers EXCEPT:

An assessment of management controls can influence all of the following elements of the audit program EXCEPT:

Some areas where auditors can assist in fraud prevention activities include all of the following given below please choose the correct option:

The major areas to consider the audit planning process include all of the following given below please choose the correct option:

Section _________ will detail some specific audit planning steps that are often utilized to ensure that the appropriate legal and audit standards are applied in ___________:

All of the following are the examples of Cash/Accounts Receivable Red Flags please choose the correct option:

The auditors of public sector entities may be required to report on all of the following EXCEPT:

Financial management in the public sector differs significantly from its private-sector counterpart. The foundation of the public financial management system is based on the following principles EXCEPT:

All of the following items are often contained in written auditing policies and procedures in the management of an audit function EXCEPT:

Some important elements of supervision include all of the following given below please choose the correct option:

Grants are used by governments to operate programs and provide services. Common types of grant classifications include the following given below please choose the correct option:

Investment risk refers to the likelihood of a loss. All of the following given below are types of investment risk EXCEPT.

If the audit organization has done what is given below then in general, reviewers can conclude there is reasonable assurance that an internal quality control system is effective. Please mark the correct option:

The goal of the comprehensive approach is to identify potential significant control weaknesses for further review. All of the following are the general steps in the process EXCEPT:

The________ is the total number of units being studied and ______ is a characteristic of the population. Where as A _________ is a characteristic of the sample.

___________are the framework that management establishes to ensure that it meets its responsibilities in a variety of areas. The objectives _________of are that all transactions should be authorized, accounted for accurately and completely, and in the correct time frame.

Which of the following Advisories are submitted to a formal review process by The IIAs Professional Issues Committee or other group designated by the Guidance Planning committee?

Change is a basic fact of life in all organizations. Managers must be able to respond to change in a quick and effective manner. All of the following are categories of change that government managers should consider EXCEPT:

All of The following are considered abuses of public debt EXCEPT:

_________ is a foundation of a democratic society. Elected officials are ultimately accountable to the ________; however, all government employees are publicly accountable for their actions.

Certified Financial Services Auditor

The Internal Audit Activity Role in Governance, Risk, and Control

Conducting the Internal Audit Engagement

Business Analysis and Information Technology

Filters

Section _ will detail some specific audit planning steps that are often utilized to ensure that the appropriate legal and audit standards are applied in ___:

The is the total number of units being studied and is a characteristic of the population. Where as A ___ is a characteristic of the sample.

___are the framework that management establishes to ensure that it meets its responsibilities in a variety of areas. The objectives _of are that all transactions should be authorized, accounted for accurately and completely, and in the correct time frame.

_ is a foundation of a democratic society. Elected officials are ultimately accountable to the ; however, all government employees are publicly accountable for their actions.