Free Internal Affairs Service Conducting Audits Questions and Answers

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

Agreed upon procedures but not compilations

Reviews but not compilations

Compilations but not reviews

Reviews but not financially statement audits.

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.

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

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

A measure of management performance in meeting organizational goals.

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

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 in appearance only

Either independence of mind or independence in appearance

Independence of mind only

Both independence of mind and independence in appearance

Correct! Wrong!

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

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

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

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

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

Correct! Wrong!

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

Specific operating units are functioning economically and efficiently

Operational information is in accordance with government auditing standards.

Internal control is adequately operating as designed.

Financial statements present fairly the results operations.

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 II only

I, II and III

I and III only

II and III only

Correct! Wrong!

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

The partner in charge of the engagement.

The manager assigned to the engagement.

The senior assigned to the engagement.

The managing partner of the firm.

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?

Accuracy

Compliance

Evaluation

Internal control

Correct! Wrong!

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

Exercise operating authority over fraud prevention activities

Examine and evaluate the system of internal control

Establish an effective internal control system

Maintain internal control

Correct! Wrong!

What is the proper organizational role of internal auditing?

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

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

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

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!

Free Internal Affairs Service Conducting Audits Questions and Answers

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

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.

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?

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

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

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?

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

What is the proper organizational role of internal auditing?

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

IAS (Internal Affairs Service) Test – Ace the Exam

Free Internal Affairs Service Investigating Complaints Questions and Answers

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

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.

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?

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

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

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?

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

What is the proper organizational role of internal auditing?

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

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