IIA-CFSA

IIA-CFSA practice questions, page 4 of 21, with answer review and explanations.

Question 16

The responsibility for preparing and presenting the audited financial statements is that of:

  1. Internal auditor
  2. Engagement client/ Management of the entity
  3. Process owner
  4. Auditing Agency

Question 17

All these are disparities in public and private sector audits EXCEPT:

  1. Objective and scope
  2. Specific requirements of relevant regulation, ordinances or ministerial directives
  3. Specific and broad range mandate in public sector
  4. Reasonable assurance

Question 18

Which one of the following is an internal control component?

  1. Compliance control
  2. Control activities
  3. Financial Reporting Controls
  4. Communication channels and network

Question 19

Management must ___________ assess business risk and develop clearly defined control objectives:

  1. Continually
  2. Annually
  3. Periodically
  4. Weekly

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. The short-term profitability and viability of an organization
  2. The long-term profitability and viability of an organization
  3. Both short-term and long-term profitability and viability of an organization
  4. None of these