Auditing and Assurance Services 15e TB chapter 26.docx
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Auditing and Assurance Services 15e TB chapter 26.docx
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Thisisa samplechapter
AuditingandAssuranceServices,15e(Arens)
Chapter26InternalandGovernmentalFinancialAuditingandOperationalAuditing
LearningObjective26-1
1)InternalAuditorsareexpectedtoaddvaluetotheorganizationthroughimprovedoperationaleffectiveness.Inaddition,theirresponsibilitiesincludeallthefollowingexcept:
A)reviewingthereliabilityandintegrityofinformation.
B)ensuringcompliancewiththecompany'saccountingpolicies.
C)verifyingaccountinginformationforexternalusers.
D)ensuringcompliancewithapplicablegovernmentalregulations.
Answer:
C
Terms:
Internalauditorsresponsibilities
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
2)StatementsonInternalAuditingStandardsareissuedbythe:
A)AICPA.
B)SEC.
C)InternalAuditingStandardsBoards.
D)AuditingStandardsBoards.
Answer:
C
Terms:
StatementsonInternalAuditingStandards
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
3)Internalauditorsareresponsibleto:
A)theboardofdirectors.
B)management.
C)bothAandB.
D)neitherAnorB.
Answer:
C
Terms:
Internalauditorsareresponsibleto
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
4)Whichofthefollowingisnotasimilaritybetweenexternalandinternalauditors?
A)Bothmustbeindependentofthecompany.
B)Bothmustbecompetent.
C)Bothfollowasimilarmethodologyinperformingtheiraudits.
D)Bothconsiderriskandmaterialitydecidingtheextentoftheirtestsandevaluatingresults.
Answer:
A
Terms:
Similaritybetweeninternalandexternalauditors
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
5)Externalauditorswouldconsiderinternalauditorseffectiveiftheyare:
A)independentoftheoperatingunitsbeingevaluated.
B)competentandwelltrained.
C)haveperformedrelevantaudittestsoftheinternalcontrolsandfinancialstatements.
D)alloftheabove.
Answer:
D
Terms:
Externalauditors;Internalauditorseffective
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
6)Whichofthefollowingismostcorrectregardingexternalauditorsuseofinternalauditorsdirectlyontheauditengagement?
A)Discourage
B)Prohibit
C)Encourage
D)Permit
Answer:
D
Terms:
Externalauditorsuseofinternalauditors
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
7)Theinternationalstandardsfortheprofessionalpracticeofinternalauditingincludewhichtwocategoriesofstandards?
A)Attributeandperformance
B)Competencyandprofessionalskepticism
C)Performanceandintegrity
D)Ethicsandrulesofconduct
Answer:
A
Terms:
Internationalstandards;Internalauditing
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
8)Theprofessionalorganizationwhichisresponsibleforprovidingguidanceforinternalauditorsisthe:
A)APA.
B)IIA.
C)ABA.
D)AIA.
Answer:
B
Terms:
Professionalorganizationresponsibleforguidanceforinternalauditors
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
9)Externalfinancialstatementauditorsmustobtainevidenceregardingwhatattributesofaninternalauditdepartmentiftheexternalauditorsintendtorelyontheinternalauditor'swork?
A)
Iftheyhaveperformedrelevantaudittestsoftheinternalcontrolsandfinancialstatements
Competence
Yes
Yes
B)
Iftheyhaveperformedrelevantaudittestsoftheinternalcontrolsandfinancialstatements
Competence
No
No
C)
Iftheyhaveperformedrelevantaudittestsoftheinternalcontrolsandfinancialstatements
Competence
Yes
No
D)
Iftheyhaveperformedrelevantaudittestsoftheinternalcontrolsandfinancialstatements
Competence
No
Yes
Answer:
A
Terms:
Externalauditorsrelyoninternalauditor'swork
Diff:
Moderate
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
10)TheInternationalStandardsfortheProfessionalPracticeofAuditinglist7performancestandards.Listthree.
Answer:
ManagingtheInternalAuditActivity
Natureofthework
EngagementPlanning
PerformingtheEngagement
CommunicatingResults
MonitoringProgress
CommunicatingtheAcceptanceofRisks
Terms:
InternationalStandardsfortheProfessionalPractice;Performancestandards
Diff:
Moderate
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
11)Whatarethreesimilaritiesbetweeninternalandexternalauditors?
Answer:
•Bothmustbecompetentasauditorsandremainobjectiveinperformingtheirworkandreportingtheirresults.
•Bothfollowasimilarmethodologyinperformingtheiraudits,includingplanningandperformingtestsofcontrolsandsubstantivetests.
•Bothconsiderriskandmaterialityindecidingtheextentoftheirtestsandevaluatingresults.However,theirdecisionsaboutmaterialityandrisksmaydiffer,becauseexternalusersmayhavedifferentneedsthanmanagementortheboard.
Terms:
Similaritiesbetweeninternalandexternalauditors
Diff:
Moderate
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
12)Externalauditorstypicallyconsiderinternalauditorseffectiveiftheymeetthreecriteria.Whatarethesecriteria?
Answer:
Externalauditorstypicallyconsiderinternalauditorseffectiveiftheyare:
•Independentoftheoperatingunitsbeingevaluated
•Competentandwelltrained
•Haveperformedrelevantaudittestsoftheinternalcontrolsandfinancialstatements
Terms:
Internalauditorseffectiveiftheymeetthreecriteria
Diff:
Moderate
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
13)TheInstituteofInternalAuditorshasestablishedEthicalPrinciplesforitsmembers.Listeachoftheprinciples.
Answer:
TheIIA'sethicalprinciplesare:
•Integrity
•Objectivity
•Confidentiality
•Competency
Terms:
InstituteofInternalAuditorsestablishedEthicalPrinciples
Diff:
Moderate
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
14)Independenceisafundamentalethicalprincipleforinternalauditors.
A)True
B)False
Answer:
B
Terms:
Independence;Ethicalprinciple
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
15)Currentprofessionalauditingstandardsprohibitexternalauditorsfromusinginternalauditorsfordirectassistanceonexternalaudits.
A)True
B)False
Answer:
B
Terms:
Currentprofessionalauditingstandards
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
16)Internalauditorsareexpectedtoprovidevaluetotheorganizationthroughimprovedoperationaleffectiveness.
A)True
B)False
Answer:
A
Terms:
Internalauditorsresponsibilities
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
17)Theobjectivesofinternalauditorsareconsiderablybroaderthantheobjectivesofexternalauditors.
A)True
B)False
Answer:
A
Terms:
Objectivesofinternalauditors
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
18)IntegrityisoneoftheIIA'sethicalprinciples.
A)True
B)False
Answer:
A
Terms:
Integrity;IIAethicalprinciples
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
19)InternalauditingstandardsareincludedintheBlueBook.
A)True
B)False
Answer:
B
Terms:
Internalauditingstandards
Diff:
Easy
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
20)Professionalguidelinesforperforminginternalauditsforcompaniesarenotaswell-definedasforexternalaudits.
A)True
B)False
Answer:
A
Terms:
Professionalguidelinesforinternalaudits
Diff:
Moderate
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
21)TheInternalAuditingStandardsBoardissuesStatementsonInternalAuditingStandards.
A)True
B)False
Answer:
A
Terms:
InternalAuditingStandardsBoard;StatementsonInternalAuditingStandards
Diff:
Moderate
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
22)Becausetheyspendalltheirtimewithinonecompany,internalauditorshavemuchgreaterknowledgeaboutthecompany'soperationsandinternalcontrolsthenexternalauditors
A)True
B)False
Answer:
A
Terms:
Internalauditors
Diff:
Moderate
Objective:
LO26-1
AACSB:
Reflectivethinkingskills
LearningObjective26-2
1)Theprimarysourceofauthoritativeliteraturefordoinggovernmentauditsisthe:
A)PurpleBook.
B)YellowBook.
C)GreenBook.
D)RedBook.
Answer:
B
Terms:
Authoritativeliteraturefordoinggovernmentaudits
Diff:
Easy
Objective:
LO26-2
AACSB:
Reflectivethinkingskills
2)Whenastateorlocalgovernmentagencyreceivesfederalfunds,itissubjecttotheauditrequirementsof:
A)
YellowBook
SingleAuditAct
OMBCircularA-133
Yes
Yes
No
B)
YellowBook
SingleAuditAct
OMBCircularA-133
No
No
Yes
C)
YellowBook
SingleAuditAct
OMBCircularA-133
Yes
Yes
Yes
D)
YellowBook
SingleAuditAct
OMBCircularA-133
Yes
No
No
Answer:
C
Terms:
Localgovernmentagencyreceivesfederalfunds;Auditrequirements
Diff:
Easy
Objective:
LO26-2
AACSB:
Reflectivethinkingskills
3)WhichofthefollowingismostcorrectwithregardtothecomparisonofthefinancialauditingstandardsoftheYellowBookwiththeprinciplesoftheAICPAauditingstandards?
A)Thesameas
B)Quitedifferentfrom
C)Incompatiblewith
D)Consistentwith
Answer:
D
Terms:
FinancialauditingstandardsofYellowBook;GeneralAuditingStandards
Diff:
Easy
Objective:
LO26-2
AACSB:
Reflectivethinkingskills
4)ThecorrecttitleoftheYellowBookis:
A)G
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