Question 1

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:

Options :

A : Performance Standards, Control standards

B : Control standards, Performance standards

C : Performance standards, Attribute standards

D : Attribute Standards, Performance Standards

Answer: D

Question 2

One mechanism to help ensure the proper application of audit standards is through ____________. The purpose of _______________ is to provide feedback to management on the effectiveness of the quality control policies and procedures of an organization:

Options :

A : An external quality review process

B : An internal quality review process

C : Organizational review process

D : Audit review process

Answer: B

Question 3

Permanent Fund is the Endowment-like arrangements available to support the operations or programs of the government (e.g., cemetery perpetual care funds), where as ________are used when a government wants to recoup all or a portion of the cost of providing a service (i.e., utility charges, mass transit fees).

Options :

A : Permanent fund, enterprise fund

B : Program budgeting, Zero-based budgeting

C : General Funds, Special Revenue Funds

D : Debt Service Fund, Capital Projects Fund

Answer: A

Question 4

All of the following are the reporting standards in government auditing EXCEPT:

Options :

A : The work of the audit staff at each level and audit phase should be properly supervised during the audit; and documented work should be reviewed by a senior member of the audit staff.

B : It is for the SAI to which they belong to decide finally on the action to be taken

C : None

D : The auditor should plan the audit in a manner which ensures that an audit of high quality is carried out in an economic, efficient, and effective way and in a timely manner.

Answer: C

Question 5

Which is the practice that an organization uses when the audit staff does not possess the needed skills, and management may temporally contract with a specialist to perform the needed function?

Options :

A : Control

B : Fraud risk assessment practice

C : Outsourcing

D : Accountancy practice

Answer: C

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