Question 1

A fundamental disagreement would lead to&#10;A)disclaimer&#10;B)qualified opinion&#10;C)unqualified opinion&#10;D)adverse opinion

Accepted Answer

qualified opinion&#10;

Question 2

The primary responsibility for safeguarding the audited entity's funds and assets and to prevent frauds or errors lies with its&#10;A)employees&#10;B)internal auditor&#10;C)management&#10;D)statutory auditor

Accepted Answer

Management is primarily responsible for the safeguarding of the audited entity's funds and assets, as well as for the prevention of frauds or errors. This includes implementing and maintaining adequate accounting records and internal controls.

Question 3

Policies, systems and procedures established by Comptroller and Auditor General to maintain a high standard of audit activity are also called&#10;A)Quality control&#10;B)Reasonable Assurance&#10;C)Quality Check&#10;D)Quality Assurance

Accepted Answer

Quality Assurance refers to the systematic activities implemented in a quality system so that quality requirements for a product or service will be fulfilled. In the context of audit activities by the Comptroller and Auditor General, Quality Assurance encompasses the policies, systems, and procedures established to maintain high standards of audit activity.

Question 4

Teammate software is&#10;A)a data extraction tool&#10;B)a data analytic tool&#10;C)an audit documentation tool&#10;D)none of these

Accepted Answer

Teammate is primarily known as an audit management and documentation tool, designed to help auditors manage the audit process more efficiently.

Question 5

COBIT is&#10;A)a data extraction tool&#10;B)an IT Audit framework&#10;C)an audit documentation tool&#10;D)none of these

Accepted Answer

COBIT (Control Objectives for Information and Related Technologies) is an IT governance framework and supporting toolset that allows managers to bridge the gap between control requirements, technical issues, and business risks. It is widely used for IT audit and compliance.

Deck 4: Understanding Auditing Processes and Tools