IIA IIA-CGAP Online Practice Questions and Exam Preparation

IIA IIA-CGAP Online Questions & Answers

• Question 141:

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

• Question 142:

  Risk assessment allows organizations to identify potential effects and their significance. Management should continually monitor and assess potential risks that could keep the organization from achieving its goals in all of the following key areas EXCEPT:

  A. Effectiveness -- whether the organization is meeting its objectives.
  B. Compliance -- whether the organization is meeting laws and regulations or not exceeding appropriated budgets.
  C. Completeness.
  D. Safeguarding of assets -- whether the organization is protecting its assets against integrity violations.
  C. Completeness.

• Question 143:

  A budget is a financial plan that serves as a guide to control and oversee future activities. The budgeting cycle incorporates all of the following components EXCEPT:

  A. Executive preparation and execution
  B. Legislative consideration
  C. Leading and controlling
  D. Audit and evaluation
  C. Leading and controlling

• Question 144:

  Although some Practice Advisories may be applicable to all internal auditors, others may be developed to meet the needs of a _______, a __________, or _________, including guidance on topics such as environmental issues, control self-assessment, information technology, government auditing, and guidance issued by other standard setting bodies and adopted by ______________.

  A. Specific audit specialty, Specific geographic area, Specific industry, committees of The IIA
  B. Specific industry, Specific geographic area, committees of The IIA, Specific audit specialty
  C. Specific industry, Specific audit specialty, committees of The IIA, Specific geographic area.
  D. Specific industry, Specific audit specialty, Specific geographic area, committees of The IIA.
  D. Specific industry, Specific audit specialty, Specific geographic area, committees of The IIA.

• Question 145:

  During the _______, the auditor gains an understanding of the entity's computer-related operations and controls and related risks. Where as the _________focuses primarily on substantive tests. These tests generally involve examining source documents that support transactions to determine if they were recorded, processed, and reported properly and completely.

  A. Testing phase, planning phase
  B. Planning phase, testing phase
  C. Reporting phase. Testing phase
  D. Reporting phase, planning phase
  B. Planning phase, testing phase

• Question 146:

  The most common form of service delivery is via government employees. It is this approach that has created bureaucracies at the national, regional, and, in some cases, local level. All of the following given below are some of the disadvantages of direct delivery of services by government employees EXCEPT:

  A. Increased lead time for deployment of new programs as internal staff resources are allocated among current and proposed programs.
  B. Indirect ("hidden") costs to program (pension, benefits, training, etc.).
  C. Direct ("hidden") costs to program (pension, benefits, training, etc.).
  D. Decreased flexibility to make changes/reductions (due to constraints on hiring, layoffs, and position reclassification).
  C. Direct ("hidden") costs to program (pension, benefits, training, etc.).

• Question 147:

  Following are the disadvantages of privatization listed below please choose the correct option:

  A. More responsiveness to service consumers and more metrics to measure performance as profit incentives are introduced.
  B. Increased potential for corruption and fraud as services are outsourced to multiple firms.
  C. More flexibility to obtain services, since multiple contractors may exist.
  D. Avoidance of expensive start-up costs by contracting governments.
  B. Increased potential for corruption and fraud as services are outsourced to multiple firms.

• Question 148:

  All of the following are the examples of Resources (and resource drivers) EXCEPT:

  A. Facilities (cost per square foot of space allocated to licensing function, times percent of renewals received).
  B. Licensing staff (payroll costs for time spent receiving/processing renewal applications).
  C. Central data processing equipment (equipment cost for time generation license renewal notices).
  D. Determine eligibility (number of applications reviewed for eligibility).
  D. Determine eligibility (number of applications reviewed for eligibility).

• Question 149:

  The following are guidelines for evaluating performance reports EXCEPT:

  A. Concentrate on developing ideas to improve performance in areas that are most important to the organization's goals and objectives.
  B. Are the reports available in a timely manner for decision making?
  C. Was the reported performance reported aggregated or disaggregated at a meaningful level?
  D. Was the performance information collected in a cost-effective manner (i.e., do the benefits of a performance report justify its cost)?
  A. Concentrate on developing ideas to improve performance in areas that are most important to the organization's goals and objectives.

• Question 150:

  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).
  C. The International Federation of Accountants (IFAC)