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The audit committee should be made up of individuals who are independent of the day-to-day management of the public sector entity and who have the necessary program and /or management expertise to perform their review function effectively. The responsibilities of the audit committee should be stated in a _______, _______ or _______that is approved by the full board or governing body of the public sector entity, as appropriate.
_______ quantify the amount of resources used or planned for a specific service or program. Where as ________report quantities of products or services delivered by a program or agency.
If specific integrity violations are suspected or detected, auditors may find it necessary to seek guidance from legal counsel, investigative staff, or law enforcement officials to get all of the following information EXCEPT:
The _________ address the attributes of organizations and individuals performing internal audit services. The ___________ describe the nature of internal audit services and provide quality criteria against which the performance of these services can be measured:
The final investigative report serves all of the following major purposes please choose the correct option:
The purpose of __________ is to promote an ethical culture in the profession of internal auditing. A ___________ is necessary and appropriate for the profession of internal auditing, founded as it is on the trust placed in its objective assurance about risk management, control, and governance:
Some areas where auditors can assist in fraud prevention activities include all of the following given below please choose the correct option:
Application controls are designed to prevent, detect, and correct errors and irregularities as transactions flow through the application. Application controls are classified into all of the following categories EXCEPT:
A __________________________ letter is usually developed with either a qualified or unqualified opinion. Obviously a qualified opinion will warrant significant remedial action by the audit organization:
A survey is a process for gathering information, without detailed verification, on the activity being examined. A survey may involve use of all of the following procedures EXCEPT:
Staff must be properly guided and supervised throughout the audit process. Supervision is the process by which the objectives of quality control and individual responsibility are balanced. All of the following given below are the Goals of supervision please choose the correct option:
Internal controls consist of all of the following interrelated components please choose the correct option:
The most common form of service delivery is via government employees. It is this approach that has created bureaucracies at the national, regional, and, in some cases, local level. There are numerous fixed and variable costs associated with this approach. All of the following are types of costs EXCEPT:
A three-step general methodology to use in assessing computer related controls consist of all of the following please choose the correct option:
Debt Service Fund is Money set aside to meet current and future debt service requirements are placed in debt service funds. Where as Capital Projects Fund can be defined as the funds that Governments often prefer to account for significant capital expenditures separately from their regular operations.
The nature of accountability means the governing body (agent) must make an accounting back to the public and/or service recipient (principal) regarding the achievement of objectives and the stewardship of resources. All of the following are certain elements of risk that exist in the principal-agent relationship EXCEPT:
There are some compensating benefits that the public sector can offer its workforce to offset the generally higher salaries available in the private sector.62 .These can include all of the following EXCEPT:
The statistical section contains provides trend data and other nonfinancial information to assist in assessing a government’s financial condition. All of the following are the components of this section EXCEPT:
Examples of standards language in contracts cover the following areas please choose the correct option:
Privatization can be defined as the process of returning to the private sector property or functions previously owned or performed by government. All of the Following are basic forms of government privatization EXCEPT:
All of the following are the construction issues while developing a questionnaire EXCEPT:
A ________ is a contract or contractual action entered into by a prime contractor or subcontractor for the purpose of obtaining supplies, materials, equipment, or services of any kind under a prime contract. Where as in ______________ multiple awards are given for certain contracts to more than one responsible bid. Generally, the contracts are similar in conditions and amounts.
Which services involve the internal auditor’s objective assessment of evidence to provide an independent opinion or conclusions regarding a process, system, or other subject matter?
A flowchart is a visual representation of how a process works. All of The following are general rules that apply to flowcharting EXCEPT:
When evaluating whether an organization understands its information needs, auditors should obtain an overview of each computer application that is significant to the financial statements or to achieving the mission and objectives. Information that an auditor should be interested in includes all of the following EXCEPT:
_________attempts to use strategic planning to set the mission, goals, and objectives of programs; measure programs’ outcomes; and set benchmarks to be met by programs.
Managers should develop budgets for time and dollars. Variables to consider when preparing budgets include all of the following EXCEPT:
In what ways Performance auditors provide information to government policymakers please choose the correct option
Inputs are the measurement of efforts or economic resources that are put into a program activity. This category includes both financial and nonfinancial information. Where as Processes are the measurements that relate efforts to accomplishments, generally reporting on efficiency and cost of providing a specific unit of service.
The ______ is the sum of the values of a group of items divided by the number of those items. Arithmetic mean is the most commonly used type of average. Where as_______ is a widely used measure of dispersion. The standard deviation represents the deviations of individual observations from the mean.
________ supports a finding with the greatest degree of certainty. This type of evidence provides direct proof of a fact without requiring additional inference or presumption. ________ provides less certainty than direct evidence. This type of evidence generally requires the use of additional evidence to develop and support conclusions.
________is a concept relating to the accumulation of the audit evidence necessary for the auditor to conclude that there are no material misstatements in the financial statements taken as a whole. While the ________ is responsible for forming and expressing an opinion on the financial statements, the responsibility for preparing and presenting the financial statements is that of the management of the entity.
________includes objectives related to an organization’s goals, such as customer service, the safeguarding and efficient use of resources, profitability, and meeting social obligations. Where as __________includes objectives related to matters such as the maintenance of proper accounting records, the reliability of information used within the organization, and of information published for third parties.
The primary purpose of financial reporting is accountability. All of the following are The basic elements of financial reporting EXCEPT:
Internal control is defined as the process effected by an entity’s board of directors, management, and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the all of the following categories EXCEPT:
All of the following are the Aspects of control activities that would help an auditor assess vulnerability EXCEPT:
Although not a generally accepted practice by most audit organizations, some may not comply with audit standards and call the final product reviews or studies. The entire following are some specific examples where standards may not be used EXCEPT:
Management must continually _________and develop clearly defined control objectives. The ________are the policies and procedures that help ensure that management’s objectives are followed.
Circumstances that contribute to the difficulty of measuring experimental programs include all of the following EXCEPT:
All of the following are the reporting standards in government auditing EXCEPT:
________are designed to deter undesirable events from occurring. Where as ________are designed to identify and correct undesirable events that have occurred.
__________have been developed to address historical concerns regarding government employment selection and compensation. Abuses of patronage systems in which the victor of political elections hired political allies led to the introduction of merit systems:
TESTED 22 Dec 2024
