IIA-CFSA Exam Questions

Which of the following situation would not impair audit objectivity?

Internal auditing:

IIA's code of ethics applies to __________ that provide internal auditing services:

Internal auditors are expected to uphold the following principles:

"Internal auditors make a balanced assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgments." This statem...

Internal auditors, engaging in activities that are illegal and discreditable to the profession of internal auditing or the organization, violate which of the following principles:

Which of the following statements is NOT related to competency principle of internal auditing? Internal auditors:

While performing consulting services internal auditors should specifically maintain:

All these statements elaborate purpose of standards EXCEPT:

Nature of internal audit activities and quality criteria against which the performance of these services can be evaluated is best portrayed by:

All of the following phrases are used to express the auditor's opinion EXCEPT:

The auditor should plan an audit with an attitude of:

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

Reasonable assurance relates to the:

The responsibility for preparing and presenting the audited financial statements is that of:

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

Which one of the following is an internal control component?

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

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

Following statements define risk EXCEPT:

Strategic planning is the process of taking a long-term view of the organization, the longer the view, the greater the uncertainty of risks and opportunities. Such reservations can...

High-risk scores are those with an average of scores:

Low-risk scores are those with an average of scores:

Risks inherent in the management process are known as:

Both residual and control risk need to be_______________ dealt with in project management.

"Ongoing monitoring activities are conducted to periodically reassess risk and the effectiveness of control risk," is an objective of:

Faulty human judgments, misunderstanding of instructions, errors, management override, and collusion and cost/benefit considerations are the limitations of:

Five internal control components are:

Enterprise risk management encompasses all EXCEPT:

Organization's Objectives are described in three general categories:

The plans developed for the audit functions should be updated as circumstances dictate. Such specific types of plans include all EXCEPT:

Which one of the following statements is NOT the part of audit work schedule?

Risk is the probability that an event or action may adversely affect the organization or activity under review. In other words, risk is anything that can prevent an organization fr...

The major benefit of risk assessment is:

The risk analysis process involves all of the following steps EXCEPT:

Which of the following steps is/are NOT considered in the audit planning process?

Following is a list of background items auditors should review to determine their impact on audit objectives EXCEPT:

Auditors can use background information to define and modify:

The main purposes of the audit survey are to assist with following goals and tasks EXCEPT:

Auditors define audit objectives based on information gained:

Which of the following is NOT included in the list of principles for formulating well- stated audit objectives?

Carefully crafted audit objectives are important BECAUSE:

The scope of an audit defines the boundaries of the audit by addressing such items as the audit period or number of locations to be reviewed.. Some important considerations when de...

Following elements should be documented in the audit scope EXCEPT:

Site Selection Rationale Client officials client/requesters for audit results Scope limitations encountered or anticipated Expert advice The above elements should be documented in...

Considerations for determining required audit resources include:

Engagement client management often has a negative perception of audit process; therefore, communication throughout the audit process is essential to alleviate some of the concerns...

Entrance Conference-- The entrance conference may be the auditor's first face-to-face contact with client. The objective/s of the entrance conference is/are to:

"Audit management must decide whether to sample (judgment or statistical) or use the entire universe, and which specific quantitative and qualitative methodologies will provide suf...

Auditors must use professional judgment to determine the impact a risk factor may have on the use off audit resources. Risk can be controlled by various preventive measures such as...