Question 1

A primary purpose of operational auditing standards is to provide:

Accepted Answer

A) A means of assurance that internal control is operating effectively. 
B) Aid to the independent auditor in conducting the audit of financial statements. 
C) The results of internal examinations of financial and accounting matters to the company's top-level management. 
D) A measure of management performance in meeting organizational goals. 
A) A means of assurance that internal control is operating effectively. 
B) Aid to the independent auditor in conducting the audit of financial statements. 
C) The results of internal examinations of financial and accounting matters to the company's top-level management. 
D) A measure of management performance in meeting organizational goals.

Question 2

In an audit in accordance with Government Auditing Standards,the auditors are required to provide a report on:

Accepted Answer

A) Compliance applicable to major federal programs. 
B) The schedule of financial assistance received. 
C) Compliance with laws and regulations which are required to be tested by generally accepted auditing standards. 
D) Internal control systems used in administering federal assistance programs. 
A) Compliance applicable to major federal programs. 
B) The schedule of financial assistance received. 
C) Compliance with laws and regulations which are required to be tested by generally accepted auditing standards. 
D) Internal control systems used in administering federal assistance programs.

Question 3

Compliance procedures are tests of an organization's controls.

Accepted Answer

A) True 
 B)False

Question 4

Internal auditors are an important part of the internal control structures of all types of organizations.
a.Describe the objectives of an internal auditing function.
b.Explain two ways that internal auditors may maintain independence with respect to the activities that they audit.

Accepted Answer

a.Internal auditing is an independent,ob

Question 5

In operational auditing,the preliminary survey serves as a guide for the development of the audit program.

Accepted Answer

A) True 
 B)False

Question 6

The operational auditors' initial conclusions about potential problem areas are summarized as:

Accepted Answer

A) The definition of purpose. 
B) The audit program. 
C) The preliminary survey. 
D) The audit report. 
A) The definition of purpose. 
B) The audit program. 
C) The preliminary survey. 
D) The audit report.

Question 7

Many government and nonprofit organizations are required to have an audit in accordance with Government Auditing Standards.
a.Who develops Government Auditing Standards?
b.Describe the requirements of an audit in accordance with Government Auditing Standards.
c.Describe the auditors' responsibilities for testing for compliance with laws and regulations in an audit in accordance with Government Auditing Standards.

Accepted Answer

a.The United States General Accounting O

Question 8

For the highest degree of independence,the director of internal auditing should report directly to:

Accepted Answer

A) The controller. 
B) The audit committee of the board of directors. 
C) The executive vice-president. 
D) The chief accountant. 
A) The controller. 
B) The audit committee of the board of directors. 
C) The executive vice-president. 
D) The chief accountant.

Question 9

Which of the following is not one of the attribute standards of the IIA's Standards for the Professional Practice of Internal Auditing?

Accepted Answer

A) Independence and objectivity. 
B) Integrity and skepticism. 
C) Proficiency and professional care. 
D) Purpose,authority,and responsibility. 
A) Independence and objectivity. 
B) Integrity and skepticism. 
C) Proficiency and professional care. 
D) Purpose,authority,and responsibility.

Question 10

An audit in accordance with the Single Audit Act does not involve reporting upon:

Accepted Answer

A) Compliance with provisions of laws that may have a direct and material effect on each major federal financial assistance program. 
B) Financial statements. 
C) Internal control over operations. 
D) Schedule of expenditures of federal awards. 
A) Compliance with provisions of laws that may have a direct and material effect on each major federal financial assistance program. 
B) Financial statements. 
C) Internal control over operations. 
D) Schedule of expenditures of federal awards.

Question 11

The passage of the Foreign Corrupt Practices Act increased the demand for internal auditing.

Accepted Answer

A) True 
 B)False

A primary purpose of operational auditing standards is to provide:

In an audit in accordance with Government Auditing Standards,the auditors are required to provide a report on:

Compliance procedures are tests of an organization's controls.

Internal auditors are an important part of the internal control structures of all types of organizations. a.Describe the objectives of an internal auditing function. b.Explain two ways that internal auditors may maintain independence with respect to the activities that they audit.

In operational auditing,the preliminary survey serves as a guide for the development of the audit program.

The operational auditors' initial conclusions about potential problem areas are summarized as:

For the highest degree of independence,the director of internal auditing should report directly to:

Which of the following is not one of the attribute standards of the IIA's Standards for the Professional Practice of Internal Auditing?

An audit in accordance with the Single Audit Act does not involve reporting upon:

The passage of the Foreign Corrupt Practices Act increased the demand for internal auditing.

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of Cpas

Audit Evidence and Documentation

Audit Planning, understanding the Client, assessing Risks, and Responding

Internal Control

Consideration of Internal Control in an Information Technology Environment

Audit Sampling

Cash and Financial Investments

Accounts Receivable, notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property,plant,and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Debt and Equity Capital

Auditing Operations and Completing the Audit

Auditors Reports

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Additional Assurance Services: Other Information

Filters

Exam 21: Internal, operational, and Compliance Auditing

A primary purpose of operational auditing standards is to provide:

In an audit in accordance with Government Auditing Standards,the auditors are required to provide a report on:

Compliance procedures are tests of an organization's controls.

Internal auditors are an important part of the internal control structures of all types of organizations. a.Describe the objectives of an internal auditing function. b.Explain two ways that internal auditors may maintain independence with respect to the activities that they audit.

In operational auditing,the preliminary survey serves as a guide for the development of the audit program.

The operational auditors' initial conclusions about potential problem areas are summarized as:

For the highest degree of independence,the director of internal auditing should report directly to:

Which of the following is not one of the attribute standards of the IIA's Standards for the Professional Practice of Internal Auditing?

An audit in accordance with the Single Audit Act does not involve reporting upon:

The passage of the Foreign Corrupt Practices Act increased the demand for internal auditing.

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of Cpas

Audit Evidence and Documentation

Audit Planning, understanding the Client, assessing Risks, and Responding

Internal Control

Consideration of Internal Control in an Information Technology Environment

Audit Sampling

Cash and Financial Investments

Accounts Receivable, notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property,plant,and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Debt and Equity Capital

Auditing Operations and Completing the Audit

Auditors Reports

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Additional Assurance Services: Other Information

Filters