Free Internal Affairs Service Conducting Audits Questions and Answers

Which of the following professionals has primary responsibility for the performance of an audit?

The manager assigned to the engagement.

The senior assigned to the engagement.

The partner in charge of the engagement.

The managing partner of the firm.

Correct! Wrong!

In the case of audit engagements, it is in the public interest and, therefore, required by the Code that members of audit teams, firms and network firms shall be independent of audit clients. Independent requires?

Independence of mind only

Either independence of mind or independence in appearance

Both independence of mind and independence in appearance

Independence in appearance only

Correct! Wrong!

Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide.

A measure of management performance in meeting organizational goals.

A means of a assurance that internal accounting controls are functioning as planned.

The result of internal examinations of financial and accounting matters to a company's top-level management.

Aid to the independent auditor, who is conducting the examination of the financial statements.

Correct! Wrong!

Holding a financial interest in an audit client may create a self-interest threat.
The existence and significance of any threat created depends on? I. The role of the person holding the financial interest
II. Whether the financial interest is direct or indirect
III. The materiality of the financial interest

I and III only

II and III only

I and II only

I, II and III

Correct! Wrong!

Which of the following services, if any, may a practitioner who is not independent provide?

Reviews but not financially statement audits.

Reviews but not compilations

Compilations but not reviews

Agreed upon procedures but not compilations

Correct! Wrong!

What is the proper organizational role of internal auditing?

To assist the external auditor in order to reduce external audit fees

To serve as the investigative arm of the audit committee of the board of directors.

To serve as an independent, objective assurance and consulting activity that adds value to operation

To perform studies to assist in the attainment of more efficient operations.

Correct! Wrong!

Internal auditors should review the means of physically safeguarding assets from losses arising from?

Under usage of physical facilities

Procedures that are not cost justified

Misapplication of accounting principles.

Exposure to the elements

Correct! Wrong!

The internal auditing department’s responsibility for deterring fraud is to?

Establish an effective internal control system

Examine and evaluate the system of internal control

Exercise operating authority over fraud prevention activities

Maintain internal control

Correct! Wrong!

Governmental auditing often extends beyond examinations leading to the expression of opinion on the fairness of financial presentation and includes audits of efficiency, economy, effectiveness and also?

Internal control

Compliance

Accuracy

Evaluation

Correct! Wrong!

Internal auditors review the adequacy of the company’s internal control system primarily to?

Ensure that material weaknesses in the system of internal control are corrected

Determine whether the internal control system ensures that financial statements are fairly presented

Determine whether the internal control system provides reasonable assurance that the company's objectives and goals are met efficiently and economically

Help determine the nature, timing and extent of tests necessary to achieve audit objectives

Correct! Wrong!

An objective of a performance audit is to determine whether an entity’s

Internal control is adequately operating as designed.

Operational information is in accordance with government auditing standards.

Specific operating units are functioning economically and efficiently

Financial statements present fairly the results operations.

Correct! Wrong!

Free Internal Affairs Service Conducting Audits Questions and Answers

Which of the following professionals has primary responsibility for the performance of an audit?

In the case of audit engagements, it is in the public interest and, therefore, required by the Code that members of audit teams, firms and network firms shall be independent of audit clients. Independent requires?

Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide.

Which of the following services, if any, may a practitioner who is not independent provide?

What is the proper organizational role of internal auditing?

Internal auditors should review the means of physically safeguarding assets from losses arising from?

The internal auditing department’s responsibility for deterring fraud is to?

Governmental auditing often extends beyond examinations leading to the expression of opinion on the fairness of financial presentation and includes audits of efficiency, economy, effectiveness and also?

Internal auditors review the adequacy of the company’s internal control system primarily to?

An objective of a performance audit is to determine whether an entity’s

Free Internal Affairs Service Investigating Complaints Questions and Answers

IAS (Internal Affairs Service) Test – Ace the Exam

Which of the following professionals has primary responsibility for the performance of an audit?

In the case of audit engagements, it is in the public interest and, therefore, required by the Code that members of audit teams, firms and network firms shall be independent of audit clients. Independent requires?

Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide.

Which of the following services, if any, may a practitioner who is not independent provide?

What is the proper organizational role of internal auditing?

Internal auditors should review the means of physically safeguarding assets from losses arising from?

The internal auditing department’s responsibility for deterring fraud is to?

Governmental auditing often extends beyond examinations leading to the expression of opinion on the fairness of financial presentation and includes audits of efficiency, economy, effectiveness and also?

Internal auditors review the adequacy of the company’s internal control system primarily to?

An objective of a performance audit is to determine whether an entity’s

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