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Free Financial CFSA Exam Questions

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The main purposes of the audit survey are to assist with following goals and tasks EXCEPT:

  1. Develop preliminary estimates of time and resource requirements
  2. Determine whether further auditing is necessary
  3. Documenting key control activities
  4. Identify potential critical control points, control deficiencies or excessive controls

Answer(s): C



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Auditors define audit objectives based on information gained:

  1. From external sources of the organization
  2. Either from knowledge they already have or from inquiries and observations
  3. From internal sources of the organization
  4. From external sources of the organization

Answer(s): B



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Which of the following is NOT included in the list of principles for formulating well- stated audit objectives?

  1. Clearly identify the client
  2. Clearly identify the type of performance to be audited and separate objectives if more than one element of performance is to be reviewed
  3. Frame objectives that consider a realistic scope and methodology
  4. Onsite Observation

Answer(s): D



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Carefully crafted audit objectives are important BECAUSE:

  1. Objectives provide direction
  2. Limit collection of unneeded information
  3. Control scope, methodology, timing and nature of audit work
  4. All of the above

Answer(s): D



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The scope of an audit defines the boundaries of the audit by addressing such items as the audit period or number of locations to be reviewed.. Some important considerations when defining the scope of an audit include:

  1. Needs of potential users of the audit report
    B Preliminary judgment about materiality levels
  2. Both A and B
  3. None of the above

Answer(s): C



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