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CIGA > CIGA Institute > Flashcards

CIGA Institute Flashcards

1
Q

Elements of a finding

A

Condition
Criteria
Root Cause
Effect

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2
Q

Federal auditing standards:

2011 Yellow Book - auditors should assess:

A

Internal controls of the entities
Program objectives
Strategic goals
Program objectives

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3
Q

Internal controls provide:

A

Reasonable assurances

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4
Q

GAO green book, what three program objectives are requirements for operations?

A

Operations
Reporting
Compliance

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5
Q

What are five high level components?

A 
Controlled environment
Activities 
Risk assessment
Communication
Assessment
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6
Q

According to GAO green book, management is depending on the OIG to

A

Identify risk tolerance

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7
Q

GAO greenbook attributes are required and do most of federal compliance?

A

False

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8
Q

Internal control red flags?

A

Staff is frustrated by request for data b/c time consuming (y)
Agency conducts fraud assessment and does not document assessment (y)
When assessing risk agency does not assess risk tolerances (y)
All of above

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9
Q

if agency advised they conducted fraud risk assessment while auditing but failed to document it, you would:

A

Document the risk assessment

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10
Q

According to GAO fraud risk management framework:

A

Performance audit: y
Inspections and evaluations: y
Financial audit: y

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11
Q

Auditor using fraud risk mgt framework, would you use as criteria for

A

Determine if IG following greenbook: Y
Developing. Agency fraud risk Mgt framework? Y
Developing fraudrisk systems? Y

All of above

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12
Q

GAO fraud risk mgt framework, does it involve and include?

A

Control activities to deter fraud: y
Environmental factors: y
Importance of Monitoring: Y
All of above

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13
Q

As an auditor using GAO fraud risk mgt framework, do you think you would be able to identify and assess:

A

Fraud risk: y
Prevent and detect fraud: y
Perform financial Y
All of above

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14
Q

Tell if any of the following scenarios would be considered fraud risk factor:

A

Loan officer to be paid for each app? Y
Weak controls and limited control that allows Bogus loan approved? Y
Risk factor risk if loan officers feel underpaid? Y
(All part of the fraud triangle)

All of above

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15
Q

Allowed to report as monetary accomplishments

A

Disallowed costs? Y
Question costs? Y
Funds put better use? Y

All of above

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16
Q

Doing audit IT controls over hardware storing data should most important control be how fast you can buy a replacement?

A

No

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17
Q

When Assessing general IT controls would you consider these levels?

A

Operating system level? Y
Application and database level? Y
Network level? Y

All of the above

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18
Q

Is physical access control considered

A

an application control? N
Backup and recovery controls? N
input controls? Y

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19
Q

Data integrity means that data entered into an application if valid, consistent, integrity is maintained and ability to modify is controlled? T/f

A

True

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20
Q

Failure of technology is only a risk if it represents a risk to the business? T/f

A

True

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21
Q

You’re assessing IT risk and developing an audit plan. In developing the plan, would you consider any of the following?

A

Development of audit plan? Y
Assessment of risk? Y
Scone and objectives?

All of above

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22
Q

You’re doing an audit of software applications and looking at data of that application. When conducting an audit, will you look at what criteria?

A

Integrity and data is protected? Y
Accuracy and completeness is accurate? Y
When doing test, as an auditor, you should be able to identify errors in quality ? Y
Auditors should be allowed to alter data? N

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23
Q

Your team champion of data analytics - that individual should understand goals/objectives/management of objectives? T/F

A

True

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24
Q

When developing ethical standards, you can look to:

A

Laws? Y
Religion? Y
All of above

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25
Q

When conducting an audit, would you accept a bribe?

A

No

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26
Q

Ethics are:

A

Set moral principals? Y
Principals of conduct? Y
All of above

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27
Q

Do auditors have discretion to report illegal activity to authorities?

A

No, it is a mandate

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28
Q

Auditors are required to

Maintain high ethical standards?
comprehensive set of ethics?

A

Yes to both, all of above

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29
Q

Public officials that disclose ethical conflicts of interest. Will this always eliminate conflict of interest?

A

No

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30
Q

Do AIG statements include detection of:

A

Fraud waste and abuse? Y
Efficient public use of resources? Y

All of the above

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31
Q

An agency that adopts AIG quality of standards must adopt every single standard?

A

False

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32
Q

Most states have 1 or more IG’s?

A

True

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33
Q

All IG’s…

A

False

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34
Q

All IG’s …criminal investigations?

A

False

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35
Q

All federal IG’s are appointment by president of US

A

False

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36
Q

What organization issues the Red Book?

A

IIA - institute of intenal auditors

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37
Q

Has stakeholder expecttions of CAE been changing?

A

Yes

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38
Q

If hiring an external specialist, who should findings be reported to?

A

The OIG

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39
Q

Mandatory guidance from IIA icludes all except:

A

Mandatory code of ethics: y
Standards for practice? Y
Definition of audit? Y
Guidelines as mandatory? N

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40
Q

What is the point of follow up?

A

Have they done the recommendation and taken corrective action

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41
Q

Does assurance service include consulting?

A

No

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42
Q

Surveys of professional practice. Do they survey tend to find that management and board find CAE’s add maximum value?

A

No

43
Q

when looking at nature and scope of work of specialists

A

do you document intended use of specialist’s work? Y
Document specialists procedures and findings? Y
Assumptions and methods? Y
All of the above

44
Q

When doing a consulting engagement do you assume responsibility of management?

A

No but you do maintain objectivity.

45
Q

According to yellow book, if you use specialists, do you

A

Need to assess qualifications? Y

If audit organization, get their peer review

46
Q

Which require an annual audit plan?

A

yellow, N
Red, Y
Green, N

47
Q

Red book QAIP does it require internal or external assessments?

A

Yes

48
Q

Auditing methodology, when designing, do you need reasonable assurance that it is

A

Appropriate? Y
An audit risk? Y
Includes all types of evidence? N

49
Q

Assessing control risk too low will affect sampling risk?

A

Yes
Efficiency? No
Effectiveness? Yes

50
Q

Who has basics responsibility for taking corrective action?

A

Management

51
Q

Code of ethics requires?

A

Confidentiality and Objectivity

52
Q

Who is responsible for creating an audit plan?

A

Auditor

53
Q

The role of identical controls is to achieve

A

Objectives
Safeguard assets
Prevent/detect fraud
Right things happening

54
Q

Red book is compliance code of ethics mandatory?

A

Yes

55
Q

If trying to decide if to use specialist, who decides if you have enough skills?

A

The IG or CAE

56
Q

The agency has a code of conduct is that part of control activities?

A

Control environment? Yes

57
Q

Quality of an audit is determined by quality of

A

The audit plan

58
Q

According to yellow book, do you have to write down a plan?

A

Yes

59
Q

Three lines of defense. Internal audit is the the

A

3rd line of defense

60
Q

Serration of duties is part of

A

Preventative control activities

61
Q

Detection risk in a financial audit is

A

The risk that the auditor will not detect material mistakes.

62
Q

Top management philosophy and attitude is part of

A

Control environment

63
Q

Segregation of duties is part of what contorl?

A

Internal control

64
Q

What is the primary purpose of having internnal controls?

A

to prevent fraud, waste and abuse.

65
Q

Is top management’s attituide and philiopshy a control environment?

A

Yes

66
Q

what is the purpose of a follow up

A

to see if recommendation has been implemented

67
Q

should auditors document the natiore and scopy of external speicalists? their objectives? Proceures? Testing?

A

Yes - all of above

68
Q

Who is repsonibile for corrective action

A

Management

69
Q

Who is repsonsible for deciding if external specialist is needed?

A

IG

70
Q

What will happen if you assess control risks too low?

A

you loose effetivness of audit

71
Q

should audit methodology proivded reasonable assurnace and reduce risk of reaching inaccurate condculsion?

A

yes

72
Q

should methodology inlcude all types of evidence?

A

no

73
Q

should audit plan be in writing?

A

yes

74
Q

what is the first step when coducting an annual risk assessment?

A

identifying the auditable universe

75
Q

which of the books requires a yearly audit plan?

A

red book

76
Q

4 items in standard working paper

A

purpose
scope
source
conclusion

77
Q

evidience obtained from internal is more reliablel than external

A

yes

78
Q

management controls over work papers affects work papers

A

true

79
Q

evidence reliability refers to the consistency of results when info is measured or tested and includes concept of being verifiable and supported

A

true

80
Q

evidence is relelvant if it has a logical relationship? evidence is relelvant if it has validity?

A

true - all of above

81
Q

should you document when audit objectives are achieved? when working papers support findings and conclusion? when working papers show who is assigned?

A

yes to all

82
Q

can you use evidence to support more than one finding?

A

yes

83
Q

the term sufficency means

A

an auditor has to collect enough evidence to support findings

84
Q

should the following be part of working papers? evidence to support findings? tests? proecudrues?

A

Yes - all of above

85
Q

is evidence obtained by physical examination mroe reliable than inquiry?

A

yes

86
Q

for financial audits, use of phsyical examination to obtain evidence is for ?

A

the existence of ..

87
Q

if you increase the margin of error when calcuating sample size you w ill need less

A

sample

88
Q

what is the magic number

A

384

89
Q

when to use statistical over non-statistical sampling?

A

when you want to make an inference

90
Q

4 elements in every finding

A

criteria
condition
cause
effect

91
Q

the best way to ensure consistency in reportin writing is

A

to create/use policy and proecedures on report writing

92
Q

characteristics of well written report

A

pursuasive, complete, concise

all of above

93
Q

should auditor make recommendaitons that ar specific

A

no, shouldnot make management decisions

94
Q

the assessment of data reliablity and basis for that determination should be in what seciton?

A

methodology

95
Q

are conclusion more compelling if recommendation logically inferred from finding?

A

yes

96
Q

the yellow book advises that getting coborating evidence will help with testimonial evidence

A

true

97
Q

skills and atitues and preparation will result in a quality interview

A

true

98
Q

an audit interview by iteslf proivdes sufficient evidence

A

no, should proivde physical docuemnt

99
Q

what is the best characterstic of auditor interviewer?

A

good listener

100
Q

what is the purpose of an exit conference

A

to communciate the findings of the audit

101
Q

if you upset auditee in intreview, yous hould

A

stop and reschedule

102
Q

according to yellow book, should supervisor docuemtn supervisory review of report?

A

yes

103
Q

yellow book advice on bad employee/auditor?

A

on the job training

104
Q

when reviewing audit work papers, at minimum, what should be reviewed by supervisor?

A

the critical work papers

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