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Home IIA IIA-CFSA

IIA IIA-CFSA Exam Practice Questions (P. 2)

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Question #11
There are multiple sets of attribute and performance standards:
  1. A
    False
  2. B
    True
  3. C
    True- In specific conditions
  4. D
    False- In specific conditions

Correct Answer:
A

Question #12
All of the following phrases are used to express the auditor’s opinion EXCEPT:
  1. A
    Give a true and fair view
  2. B
    Present fairly, in all material respects
  3. C
    Timely and consistent opinion
  4. D
    Comprehensible and realistic view

Correct Answer:
C

Question #13
The auditor should plan an audit with an attitude of:
  1. A
    Professional competence
  2. B
    Professional skepticism
  3. C
    Subject awareness
  4. D
    Opinion sharing

Correct Answer:
B

Question #14
Which of the following is a limitation in an audit that affects auditors’ ability to detect material misstatements?
  1. A
    Scope of an audit
  2. B
    The use of testing
  3. C
    Over- generalization
  4. D
    Unidentifiable risks

Correct Answer:
B

Question #15
Reasonable assurance relates to the:
  1. A
    Audit planning process
  2. B
    Scope of the internal audit
  3. C
    End of the audit process
  4. D
    Whole audit process

Correct Answer:
D

Question #16
The responsibility for preparing and presenting the audited financial statements is that of:
  1. A
    Internal auditor
  2. B
    Engagement client/ Management of the entity
  3. C
    Process owner
  4. D
    Auditing Agency

Correct Answer:
B

Question #17
All these are disparities in public and private sector audits EXCEPT:
  1. A
    Objective and scope
  2. B
    Specific requirements of relevant regulation, ordinances or ministerial directives
  3. C
    Specific and broad range mandate in public sector
  4. D
    Reasonable assurance

Correct Answer:
D

Question #18
Which one of the following is an internal control component?
  1. A
    Compliance control
  2. B
    Control activities
  3. C
    Financial Reporting Controls
  4. D
    Communication channels and network

Correct Answer:
B

Question #19
Management must ___________ assess business risk and develop clearly defined control objectives:
  1. A
    Continually
  2. B
    Annually
  3. C
    Periodically
  4. D
    Weekly

Correct Answer:
A

Question #20
Internal audit routinely reviews compliance risk and also should be reviewing business risk. The efforts to control both risk types will purely enhance:
  1. A
    The short-term profitability and viability of an organization
  2. B
    The long-term profitability and viability of an organization
  3. C
    Both short-term and long-term profitability and viability of an organization
  4. D
    None of these

Correct Answer:
C

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