IIA IIA Certifications IIA-CGAP Questions & Answers

• Question 291:

  All of the following are the objectives of an audit EXCEPT:

  A. Compliance with legislative or regulatory requirements and related authorities.

  B. The auditor's opinion enhances the credibility of the financial statements, the user cannot assume that the opinion is an assurance as to the future viability of the entity nor the efficiency or effectiveness with which management has conducted the affairs of the entity.

  C. The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with and identified financial reporting framework.

  D. The phrases used to express the auditor's opinion are "give a true and fair view" or "present fairly, in all material respects', which are equivalent terms.

  Correct Answer: A

• Question 292:

  The auditors of public sector entities may be required to report on all of the following EXCEPT:

  A. Reporting to the owners

  B. Adequacy of accounting and internal control systems

  C. Economy, efficiency, and effectiveness of programs, projects, and activities

  D. Compliance with legislative or regulatory requirements and related authorities

  Correct Answer: A

• Question 293:

  With regard to __________, the auditor should prepare a written report, which may either be a part of the report on the ____________ or a separate report on the tests of compliance with applicable laws and regulations. The report should contain a statement of positive assurance on those items tested for compliance and negative assurance on those items not tested:

  A. Regularity audits, financial statements

  B. Financial statements, regulatory audits

  C. Operational audits, financial statements

  D. Income statements, financial audits

  Correct Answer: A

• Question 294:

  The _______________ mission is to serve the public interest, strengthen the global accountancy profession, and contribute to the development of strong international economies by establishing and promoting adherence to high-quality professional standards, furthering the international convergence of such standards, and speaking out on public interest issues where the profession's expertise is most relevant:

  A. International Standards on Auditing (ISA).

  B. International Organization of Supreme Audit Institutions (INTOSAI) Standards.

  C. The International Federation of Accountants (IFAC)

  D. International Standards for the Professional Practice of Internal Auditing (ISPPIA).

  Correct Answer: C

• Question 295:

  Following are the field standards that are applicable to all types of audits EXCEPT:

  A. The controller, in determining the extent and scope of the audit, should study and evaluate the reliability of internal control.

  B. Competent, relevant, and reasonable evidence should be obtained to support the auditor's judgment and conclusions regarding the organization, program, activity, or function under audit.

  C. The auditor should plan the audit in a manner which ensures that an audit of high quality is carries out in an economic, efficient, and effective way and in a timely manner.

  D. The work of the audit staff at each level and audit phase should be properly supervised during the audit; and documented work should be reviewed by a senior member of the audit staff.

  Correct Answer: A

• Question 296:

  The purpose of _________ is to establish the criteria or overall framework for the purposeful, systematic, and balanced steps or actions that the auditor has to follow and they are related to the general____________, which set out the basic requirements for undertaking the tasks covered by the field standards:

  A. Control standards, Field standards

  B. Auditing standards, Field standards

  C. Field standards, Control standards

  D. Field standards, Auditing standards

  Correct Answer: D

• Question 297:

  All of the following are the standards common to auditors and SAIs EXCEPT:

  A. The auditor and the SAI must not be independent.

  B. The auditor and the SAI must possess the required competence.

  C. The auditor and the SAI must be independent.

  D. The auditor and the SAI must exercise due care and concern in complying with the INTOSAI auditing standards.

  Correct Answer: C

• Question 298:

  All of the following are the reporting standards in government auditing EXCEPT:

  A. The work of the audit staff at each level and audit phase should be properly supervised during the audit; and documented work should be reviewed by a senior member of the audit staff.

  B. It is for the SAI to which they belong to decide finally on the action to be taken

  C. None

  D. The auditor should plan the audit in a manner which ensures that an audit of high quality is carried out in an economic, efficient, and effective way and in a timely manner.

  Correct Answer: C

• Question 299:

  Which institution plays a major role in auditing government accounts and operations and in promoting sound financial management and accountability in their governments?

  A. International Standards for the Professional Practice of Internal Auditing (ISPPIA).

  B. Supreme Audit Institutions (SAIs)

  C. International Organization of Supreme Audit Institutions (INTOSAI) Standards.

  D. International Standards on Auditing (ISA).

  Correct Answer: B

• Question 300:

  Consulting services are advisory in nature, and are generally performed at the specific request of an engagement client. The nature and scope of the consulting engagement are subject to agreement with the engagement client. All of the following are the parties generally involved in consulting services EXCEPT:

  A. The person or group using the assessment ?the user.

  B. The person or group directly involved with the process, system, or other subject matter the process owner.

  C. The person or group seeking and receiving the advice ?the engagement client.

  D. The person or group directly involved with the process, system, or other subject matter -- the process owner.

  Correct Answer: C