IIA IIA-CGAP Online Practice Questions and Exam Preparation

IIA IIA-CGAP Online Questions & Answers

• Question 271:

  Both_______ and _______ stress the concept of self-assessment and responsibility of management in maintaining and monitoring the internal control environment. The primary goals of maintaining the effectiveness and efficiency of operations, ensuring the reliability of financial reporting and complying with applicable laws and regulations, are the same for both:

  A. The Institute of Internal Auditors (IIA) Standards, the Committee of Sponsoring Organizations of the Treadway Commission (COSO),
  B. The Committee of Sponsoring Organizations of the Treadway Commission (COSO), the Canadian Institute of Chartered Accountants' Criteria of Control (CoCo)
  C. International Organization of Supreme Audit Institutions (INTOSAI) Standards, the Canadian Institute of Chartered Accountants' Criteria of Control (CoCo)
  D. The Institute of Internal Auditors (IIA) Standards, the Committee of Sponsoring Organizations of the Treadway Commission (COSO)
  B. The Committee of Sponsoring Organizations of the Treadway Commission (COSO), the Canadian Institute of Chartered Accountants' Criteria of Control (CoCo)

• Question 272:

  All of the following are the general steps to follow when testing a hypothesis EXCEPT:

  A. State the null and alternative hypotheses.
  B. Establish the criterion for rejecting or accepting the null hypothesis.
  C. Analyze the data. Data analysis involves collecting sampled items, estimating the parameter, and calculating the value of the sample mean.
  D. Accept the null hypothesis only.
  D. Accept the null hypothesis only.

• Question 273:

  Most governments have some form of a centralized budgeting agency. All of the following are areas addressed by budget offices EXCEPT:

  A. Assessing financial performance reviewing and analyzing the revenues, expenditures, and cash balances at various times throughout the year.
  B. Assessing the national economy and the impact it will have on finances.
  C. Not developing a budget document that incorporates all agency requests into a government wide request or plan.
  D. Developing a budget document that incorporates all agency requests into a government wide request or plan.
  C. Not developing a budget document that incorporates all agency requests into a government wide request or plan.

• Question 274:

  ________are designed to deter undesirable events from occurring. Where as ________are designed to identify and correct undesirable events that have occurred.

  A. Preventative controls, Detective controls
  B. Detective controls, Preventative controls
  C. Corrective controls, Preventative controls
  D. Preventative controls, Detective controls
  A. Preventative controls, Detective controls

• Question 275:

  All of the following are the examples Payroll Red Flags EXCEPT:

  A. Customer complaints that they are not receiving notices for nonpayment on account.
  B. Inconsistent overtime hours for a cost center.
  C. Overtime charged during a slack period.
  D. Inconsistent overtime hours for a cost center.
  A. Customer complaints that they are not receiving notices for nonpayment on account.

• Question 276:

  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?
  B. Who maintains the accounting records?

• Question 277:

  _______ covers strategy and tactics and concerns the identification of the way information technology can best contribute to the achievement of objectives. Where as __________ covers the identification, development or acquisition, and integration of IT solutions into the business process.

  A. Acquisition and Implementation (AI), Planning and Organization (PO)
  B. Planning and Organization (PO), Acquisition and Implementation (AI)
  C. Delivery and Support (DS), Monitoring (MN)
  D. Monitoring (MN), Delivery and Support (DS)
  B. Planning and Organization (PO), Acquisition and Implementation (AI)

• Question 278:

  All of the following are the goals of a well-functioning group EXCEPT:

  A. The group should make decisions based on sound logic and evidence. Input from all group members, regardless of rank or experience level, should be heard and evaluated fairly.
  B. Achieving the overall goals of the group should not be the priority of all group members.
  C. The group should recognize that individuals have different strengths and weaknesses. Roles and assignments of group members should take these strengths and weakness into account.
  D. Time should be spent solving major problems instead of petty personal conflicts and concers.
  B. Achieving the overall goals of the group should not be the priority of all group members.

• Question 279:

  All of the following are the distinguishing features of a project EXCEPT:

  A. It is characterized by phases or milestones (e.g., needs analysis/feasibility assessment of options, project plan, project implementation, completion/post-project evaluation).
  B. Making organizational charts.
  C. It is defined by a specific objective.
  D. It has a beginning and an end.
  B. Making organizational charts.

• Question 280:

  ________ is a contract for recurring services related to the maintenance of a public building (i.e. janitorial, custodial, security, window washing, housekeeping), where as _________ is a contract in which Government facilities are provided to a contractor or subcontractor by the government for use in connection with performing one or more related contracts for supplies or services.

  A. Facilities contract, Building service contract
  B. Professional and consultant services, Transportation term contracts
  C. Building service contract, Facilities contract
  D. Professional and consultant services, Transportation term contracts
  C. Building service contract, Facilities contract