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Free Financial CFSA Exam Questions (page: 12)

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"Audit management must decide whether to sample (judgment or statistical) or use the entire universe, and which specific quantitative and qualitative methodologies will provide sufficient, competent and relevant evidence to answer the questions posed in the audit objectives." It is an example of:

  1. Determining appropriate audit methods and strategies
  2. Determining resources needed to conduct the audit
  3. Determining audit scope
  4. None of these

Answer(s): A



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Auditors must use professional judgment to determine the impact a risk factor may have on the use off audit resources. Risk can be controlled by various preventive measures such as:

  1. Adding personnel to a function
  2. Installing burglar alarms
  3. Increasing the frequency and level of management review implement tighter standards
  4. All of these

Answer(s): D



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An organization might decide that the risk of fire is high so it will pay a high premium on its fire insurance policy to transfer the risk as much as possible. However, the organization will still have to pay deductible amount on the policy if a fire occurs. This scenario depicts:

  1. Assessment of the likelihood that a given risk will occur
  2. Control the risk
  3. Accept the risk
  4. Transfer the risk

Answer(s): C



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Which of the following is not a characteristic of a control environment?

  1. Management communicates the importance of internal controls to all employees
  2. Employees have a vague idea of their responsibilities; so they work in a flexible environment
  3. Employees are held accountable for their performance
  4. A system is in place to monitor controls on a regular basis

Answer(s): B



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Factor/s that influences/influence the state of an organization's control environment is/are:

  1. Organizational history of control weakness or violations
  2. Whether management emphasizes and values competence, integrity, and ethical behavior
  3. An inconsistent or unfair employee performance evaluation, compensation and promotion system.
  4. All of these

Answer(s): D



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