IIA IIA-CGAP Online Practice Questions and Exam Preparation

IIA IIA-CGAP Online Questions & Answers

• Question 201:

  The last fund type is a fiduciary fund, where government holds or manages financial resources in a fiduciary capacity. Although considered a single fund type, there are four sub-fund types given below please choose the correct option:

  A. Proprietary Funds
  B. Non-expendable Trust Fund
  C. Expendable Trust Fund
  D. Governmental Funds
  B. Non-expendable Trust Fund
  C. Expendable Trust Fund

• Question 202:

  Which of the following factors may influence the auditors' assessment of control risk please choose the correct option:

  A. Customer policy regarding such matters as acceptable operating practices and codes of conduct.
  B. Management's awareness or lack of awareness of applicable laws and regulations
  C. Assignment of responsibility and delegation of authority to deal with such matters as organizational goals and objectives, operating functions, and regulatory requirements.
  D. All of the above
  D. All of the above

• Question 203:

  The audit process helps ensure transparency, probity, prudence, and, of course, accountability in public financial management. Following are examples of transparency, where public knowledge and scrutiny may change management decisions EXCEPT:

  A. Public employee salaries
  B. Other perks
  C. Private employee salaries
  D. Travel expenses
  C. Private employee salaries

• Question 204:

  Which of the following are the two broad classifications of management styles please mark the correct option:

  A. Directing management
  B. Autocratic management
  C. Consultative management
  D. All of the above
  B. Autocratic management

• Question 205:

  Internal auditors are expected to apply and uphold all of the following principles please choose the correct option:

  A. Integrity and Objectivity
  B. Confidentiality
  C. Competency
  D. All of the above
  D. All of the above

• Question 206:

  A material misstatement is one that the auditor determines would change or influence the opinion of a reasonable person relying on the financial statements for information. Material misstatements may result from the following please choose the correct option:

  A. Misapplication of accounting principles.
  B. Omission of necessary information.
  C. Inaccurate or misleading information.
  D. All of the above.
  D. All of the above.

• Question 207:

  Auditors and evaluators develop ________ to obtain information from customers or other stakeholders that is not readily available in the organization's data sources. Where as ______ allow auditors to obtain testimonial evidence regarding a customer's operations, activities, concerns, and initiatives.

  A. Observation, interviews
  B. Interviews, questionnaires
  C. questionnaires, Interviews
  D. Surveys, Interviews
  C. questionnaires, Interviews

• Question 208:

  ________are used to allocate and account for the costs associated with providing a centralized service, such as printing, data processing, or motor pools. Where as _______is the fund where government holds or manages financial resources in a fiduciary capacity.

  A. Permanent fund, Enterprise fund
  B. Internal service funds, Fiduciary Fund
  C. General Funds, Special Revenue Funds
  D. Debt Service Fund, Capital Projects Fund
  A. Permanent fund, Enterprise fund

• Question 209:

  An __________ serves as the audit departments statement of purpose, authority and responsibility. Audit charters should be ___________. These are usually brief documents written in general terms. Applicable governing statutes often dictate the specific elements to include in the charter for governmental entities:

  A. Audit report, not in writing
  B. Financial report, not in writing
  C. Audit charter, in writing
  D. Financial report, in writing
  C. Audit charter, in writing

• Question 210:

  The COSO report suggests that organizations should plan to the extent possible for change. All of the following are Specific elements related to planning for change EXCEPT:

  A. Not to maintain effective management controls.
  B. Look toward the future when developing missions and goals.
  C. Assess the effectiveness of programs on a continuous basis.
  D. Develop strong communication channels within the organization.
  A. Not to maintain effective management controls.