Question 1

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should maintain their technical competence through continuing education.
_____

Accepted Answer

Professional Proficiency includes maintaining technical competence through continuing education, ensuring internal auditors are knowledgeable and skilled in their field.

Question 2

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should review the reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information.
_____

Accepted Answer

The scope of work for internal auditors includes reviewing the reliability and integrity of financial and operating information, which falls under the category of what areas the internal audit function should cover.

Question 3

The general standards for the professional practice of internal auditing include the following:
-The organizational status of the internal auditing department should be sufficient to permit the accomplishment of its audit responsibilities.
_____

Accepted Answer

Independence is crucial for the internal auditing department to effectively accomplish its audit responsibilities, as it ensures that the department can operate without undue influence from the management of the organization, allowing for objective and impartial audit reports.

Question 4

A federal agency that has the responsibility for implementing the requirements for single audits for a particular state or local government is a(n):

Accepted Answer

The correct term is "cognizant agency." This refers to the federal agency designated to carry out the oversight responsibilities for an audit of a state, local government, or non-profit organization. The cognizant agency ensures that these entities adhere to the requirements of single audits, which are audits of a single set of financial statements but include multiple federal awards.

Question 5

The general standards for the professional practice of internal auditing include the following:
-The director of internal auditing should have a statement of purpose, authority, and responsibility for the internal auditing department.
_____

Accepted Answer

The statement of purpose, authority, and responsibility for the internal auditing department is a foundational element in the management of the internal auditing department, ensuring clarity in its role, powers, and objectives within the organization. This aligns with the general standards for managing the internal audit function effectively.

Question 6

The general standards for the professional practice of internal auditing include the following:
-The director of internal auditing should provide written policies and procedures to guide the audit staff.
_____

Accepted Answer

The standard related to providing written policies and procedures to guide the audit staff falls under the management of the Internal Auditing Department. This involves ensuring that the audit staff has clear guidance on how to conduct their work, which is a managerial responsibility.

Question 7

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should review operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
_____

Accepted Answer

The statement describes the scope of work, which involves reviewing operations or programs to ensure they align with objectives and are executed as planned.

Question 8

The general standards for the professional practice of internal auditing include the following:
-The director of internal auditing should coordinate internal and external audit efforts.
_____

Accepted Answer

The coordination of internal and external audit efforts falls under the management responsibilities of the internal auditing department, which includes ensuring efficient and effective audit practices and avoiding duplication of efforts. This is a part of the general standards related to the Management of the Internal Auditing Department.

Question 9

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should be skilled in dealing with people and in communicating effectively.
_____

Accepted Answer

Internal auditors need professional proficiency, which includes skills in dealing with people and effective communication.

Question 10

The auditor's report(s) under the Single Audit Act includes all of the following except a(n):

Accepted Answer

The Single Audit Act requires auditors to provide an opinion on the financial statements, a report on internal control, a report on compliance, and a schedule of findings and questioned costs. It does not specifically require a report on audit follow-up.

Question 11

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should plan each audit.
_____

Accepted Answer

Performance of Audit Work includes planning each audit, which is a fundamental aspect of conducting an audit effectively. This ensures that the audit is conducted in a systematic, disciplined approach, covering objectives, scope, and methodology.

Question 12

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should possess the knowledge, skills, and disciplines essential to the performance of internal audits.
_____

Accepted Answer

Professional Proficiency is directly related to the requirement that internal auditors should possess the necessary knowledge, skills, and disciplines essential for the performance of internal audits. This encompasses the auditors' ability to apply auditing standards, procedures, and techniques in the auditing process.

Question 13

GAGAS requires auditors to report deficiencies in internal control that they consider to be reportable conditions. Examples of such reportable conditions include all of the following except:

Accepted Answer

Reportable conditions under GAGAS (Generally Accepted Government Auditing Standards) typically relate to significant deficiencies in the design or operation of internal control that could adversely affect an entity's ability to record, process, summarize, and report financial data. Choices A, B, C, and D all describe scenarios that could undermine the effectiveness of an organization's internal control system. However, choice E, the absence of an efficient use of audit resources, does not directly relate to the internal control over financial reporting but rather to the efficiency and effectiveness of the audit process itself.

Question 14

The five additional reporting standards included by GAGAS comprise all of the following except:

Accepted Answer

The answer of The five additional reporting standards included by...

Question 15

In order to provide sufficient evidence to support an opinion on compliance, the auditor should set the scope of the audit to address specific requirements such as all of the following, except:

Accepted Answer

The scope of an audit to support an opinion on compliance typically includes eligibility, matching, reporting, and special tests and provisions, but not the types of procedures allowed or not allowed, which are more related to operational or procedural audits rather than compliance audits.

Question 16

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should report the results of their audit work.
_____

Accepted Answer

The requirement for internal auditors to report the results of their audit work is part of the Performance of Audit Work standard. This standard guides how audits should be conducted and reported.

Question 17

Internal auditors are expected to apply and uphold the following principles except:

Accepted Answer

Internal auditors are expected to uphold integrity, objectivity, confidentiality, and competency as part of their professional standards. Independence is a principle that applies to external auditors, not internal auditors, as internal auditors are employees of the organization they audit.

Question 18

Which of the following is not a stated objective of the Single Audit Act?

Accepted Answer

The Single Audit Act aims to improve financial management, establish uniform audit requirements, promote efficient audit resource use, and ensure federal reliance on single audits. It does not specifically aim to improve and coordinate the practice monitoring programs of auditors who perform government audits.

Question 19

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should collect, analyze, interpret, and document information to support audit results.
_____

Accepted Answer

The statement describes the Performance of Audit Work standard, which emphasizes the need for internal auditors to gather and analyze information to substantiate their findings and conclusions.

Question 20

The general standards for the professional practice of internal auditing include the following:
-The internal auditing department should possess or should obtain the knowledge, skills, and disciplines needed to carry out its audit responsibilities.
_____

Accepted Answer

Professional Proficiency is directly related to the requirement that the internal auditing department should possess or obtain the necessary knowledge, skills, and disciplines to perform its responsibilities. This standard emphasizes the need for auditors to have the appropriate expertise and capabilities to conduct audits effectively.

Quiz 21: Internal, Operational, and

The general standards for the professional practice of internal auditing include the following: -Internal auditors should maintain their technical competence through continuing education. _____

The general standards for the professional practice of internal auditing include the following: -Internal auditors should review the reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information. _____

The general standards for the professional practice of internal auditing include the following: -The organizational status of the internal auditing department should be sufficient to permit the accomplishment of its audit responsibilities. _____

A federal agency that has the responsibility for implementing the requirements for single audits for a particular state or local government is a(n) :

The general standards for the professional practice of internal auditing include the following: -The director of internal auditing should have a statement of purpose, authority, and responsibility for the internal auditing department. _____

The general standards for the professional practice of internal auditing include the following: -The director of internal auditing should provide written policies and procedures to guide the audit staff. _____

The general standards for the professional practice of internal auditing include the following: -The director of internal auditing should coordinate internal and external audit efforts. _____

The general standards for the professional practice of internal auditing include the following: -Internal auditors should be skilled in dealing with people and in communicating effectively. _____

The auditor's report(s) under the Single Audit Act includes all of the following except a(n) :

The general standards for the professional practice of internal auditing include the following: -Internal auditors should plan each audit. _____

The general standards for the professional practice of internal auditing include the following: -Internal auditors should possess the knowledge, skills, and disciplines essential to the performance of internal audits. _____

GAGAS requires auditors to report deficiencies in internal control that they consider to be reportable conditions. Examples of such reportable conditions include all of the following except:

The five additional reporting standards included by GAGAS comprise all of the following except:

In order to provide sufficient evidence to support an opinion on compliance, the auditor should set the scope of the audit to address specific requirements such as all of the following, except:

The general standards for the professional practice of internal auditing include the following: -Internal auditors should report the results of their audit work. _____

Internal auditors are expected to apply and uphold the following principles except:

Which of the following is not a stated objective of the Single Audit Act?

The general standards for the professional practice of internal auditing include the following: -Internal auditors should collect, analyze, interpret, and document information to support audit results. _____

The general standards for the professional practice of internal auditing include the following: -The internal auditing department should possess or should obtain the knowledge, skills, and disciplines needed to carry out its audit responsibilities. _____