CGAP Types of Auditing 4

Question 1

Which of the following is NOT typically an objective of a financial audit under Government Auditing Standards?

Accepted Answer

Assessing whether program goals are being achieved

Answer

Assessing program goal achievement is a performance audit objective, not a financial audit objective.

Question 2

An audit that examines whether a public school district's special education program reaches all eligible students and serves them equitably addresses which performance audit criterion?

Accepted Answer

Equity

Answer

Equity audits assess whether government services are provided fairly and reach all segments of the population entitled to them.

Question 3

The Single Audit Act requires that recipients of federal awards above a certain threshold undergo which type of audit?

Accepted Answer

A financial audit and compliance audit covering federal programs

Answer

The Single Audit combines financial statement auditing with compliance testing for federal programs to provide assurance to federal grantor agencies.

Question 4

Which concept best explains why a performance audit of a job training program might examine both the number of graduates placed in jobs and the quality of those jobs?

Accepted Answer

Effectiveness requires measuring both outputs and outcomes

Answer

Effectiveness audits measure whether programs achieve intended outcomes, including quality of results, not just numerical counts.

Question 5

A government auditor reviews payroll records, interviews employees, and analyzes timekeeping systems to determine whether the agency is overpaying for labor. This is primarily an example of:

Accepted Answer

Economy and efficiency audit

Answer

Analyzing labor costs and whether the agency is overpaying examines the economy of resource use, a key objective of economy audits.

CGAP - Certified Government Auditing Professional Practice Test

CGAP - Certified Government Auditing Professional Practice Test

CGAP Types of Auditing 4