IIA IIA Certifications IIA-CFSA Questions & Answers

• Question 491:

  Following statements define risk EXCEPT:

  A. Organization has knowledge of facts constituting a dangerous condition

  B. Organization voluntarily exposes itself to the danger

  C. The element of assurance in an undertaking

  D. Measured in terms of impact and likelihood

  Correct Answer: C

• Question 492:

  Internal audit routinely reviews compliance risk and also should be reviewing business risk. The efforts to control both risk types will purely enhance:

  A. The short-term profitability and viability of an organization

  B. The long-term profitability and viability of an organization

  C. Both short-term and long-term profitability and viability of an organization

  D. None of these

  Correct Answer: C

• Question 493:

  All these are disparities in public and private sector audits EXCEPT:

  A. Objective and scope

  B. Specific requirements of relevant regulation, ordinances or ministerial directives

  C. Specific and broad range mandate in public sector

  D. Reasonable assurance

  Correct Answer: D

• Question 494:

  Which one of the following is an internal control component?

  A. Compliance control

  B. Control activities

  C. Financial Reporting Controls

  D. Communication channels and network

  Correct Answer: B

• Question 495:

  Management must ___________ assess business risk and develop clearly defined control objectives:

  A. Continually

  B. Annually

  C. Periodically

  D. Weekly

  Correct Answer: A

• Question 496:

  Reasonable assurance relates to the:

  A. Audit planning process

  B. Scope of the internal audit

  C. End of the audit process

  D. Whole audit process

  Correct Answer: D

• Question 497:

  The responsibility for preparing and presenting the audited financial statements is that of: A. Internal auditor

  B. Engagement client/ Management of the entity

  C. Process owner

  D. Auditing Agency

  Correct Answer: B

• Question 498:

  The auditor should plan an audit with an attitude of:

  A. Professional competence

  B. Professional skepticism

  C. Subject awareness

  D. Opinion sharing

  Correct Answer: B

• Question 499:

  Which of the following is a limitation in an audit that affects auditors' ability to detect material misstatements?

  A. Scope of an audit

  B. The use of testing

  C. Over- generalization

  D. Unidentifiable risks

  Correct Answer: B

• Question 500:

  There are multiple sets of attribute and performance standards:

  A. False

  B. True

  C. True- In specific conditions

  D. False- In specific conditions

  Correct Answer: A