The goal of the comprehensive approach is to identify potential significant control weaknesses for further review. All of the following are the general steps in the process EXCEPT:
A. Select a sample of transactions and determine if processes and controls are functioning as intended.
B. Document and evaluate work processes and controls.
C. Determine or estimate the effect of control weakness of program goals and objectives.
D. Acceptance of audit findings and corrective action taken.
The purpose of ___________audits of is to issue an opinion on the fairness of the financial statements and to evaluate the following assertions (explicit or implicit) by management:
A. Ban reconciliation statement
B. None
C. Income
D. Financial statements
The__________ is where the audit determines whether process controls exist and are sufficient to provide reasonable assurance that the desired performance will be achieved. Where as The ____________ is where the audit includes methodology for measuring performance either because the audited entity is not measuring its own performance or because its performance measurement efforts are or may be incomplete or unreliable.
A. Process-based approach, measurement-based approach
B. Measurement-based approach, control-based approach
C. Measurement-based approach, process-based approach
D. Planning-based approach, measurement-based approach
Measurement criteria are considered relevant when they relate directly to the mission, goals and objectives of the customer. All of the following are some possible examples of measurement criteria that could be used in performance audits EXCEPT:
A. Ad hoc criteria by the auditors, such as comparisons to performance for a prior period, comparison of performance among branch offices or similar organizational divisions.
B. Benchmark performance by comparable public or private sector operations.
C. Legal or contractual requirements for specific performance (e.g., efficiency standards, quality standards or goals for outcomes to be achieved by a program).
D. Customers feedback will be given the first and foremost importance.
Who control the operation of the computer system and for the efficient use of computer resources which is responsible?
A. software programmer
B. the smart programmer
C. system programmers
D. the smart-and-gets-things-done programmer
All of the following is the terminologies used to refer to audits of performance EXCEPT:
A. Control audit
B. Operational audit and program audit
C. Comprehensive audit and broad-scope audit
D. Management audit and value for money audit
When evaluating whether an organization understands its information needs, auditors should obtain an overview of each computer application that is significant to the financial statements or to achieving the mission and objectives. Information that an auditor should be interested in includes all of the following EXCEPT:
A. Narrative summary of the operating environment and types of computer processing performed (standalone, distributed, networked, etc.).
B. Listing of significant communication networks.
C. Listing of applications, including a description of the general purpose, impact on the financial statements, and importance to organizational objectives.
D. Employees pay slips
All of the following are the Specific aspects of proper audit supervision EXCEPT:
A. Ensuring that staff auditors are qualified to perform their assignments and verifying that audit working papers adequately support audit findings, conclusions and recommendations.
B. Implemented adequate audit policies and procedures.
C. Approving the audit program and ensuring that it is followed, unless approved changes are made.
D. Providing clear and timely instructions to staff so audit objectives are achieved.
The purpose of an __________is to have an independent assessment of the quality of the audit units work. Also __________ focus on assessing the extent the audit organization followed applicable standards in conducting its work:
A. Internal reviews, external reviews
B. External reviews, external reviews
C. Formal reviews, external reviews
D. External reviews, internal reviews
All of following areas of financial information should be Considered by the auditors and Auditors must need to be familiar with the customers controls related to financial reporting, safeguarding financial transactions, and compliance with laws and regulations affecting the financial statements if they plan to rely on them in order to reduce substantive testing on the financial statement audit EXCEPT:
A. How transactions are classified and how transactions are initiated?
B. Who maintains the accounting records?
C. How accounting records are maintained and what accounting processes are used?
D. What methods are used to communicate financial information within the entity?
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