Free Financial CFSA Exam Questions (page: 2)

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Which of the following situation would not impair audit objectivity?

  1. An auditor is assigned to audit a business function that the auditor was responsible for nine months ago
  2. An individual temporarily assigned to the internal audit activity because of the individual's expert knowledge in a particular business function assigned to audit an activity that the individual was responsible for just prior to transferring to the internal audit activity
  3. An auditor is assigned to perform a post-implementation review on a system for which the auditor participated in the design process
  4. An auditor is assigned to perform a post-implementation review on a system for which the auditor performed a procedure review and made control recommendations prior to the system's implementation

Answer(s): D



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Internal auditing:

  1. Is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations
  2. Is an independent, performance measurement and consulting activity designed to add value and improve an organization's operations
  3. Helps an organization accomplish objectives by bringing a systematic, disciplined approach to evaluate but rarely improve the effectiveness of risk management, control and governance
  4. Helps an organization accomplish objectives by bringing a targeted, disciplined approach to evaluate but rarely improve the effectiveness of risk management, control and governance

Answer(s): A



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IIA's code of ethics applies to that provide internal auditing services:

  1. Individuals
  2. Entities
  3. Individuals and entities
  4. Individuals, entities and indirect authorities

Answer(s): C



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Internal auditors are expected to uphold the following principles:

  1. Integrity, objectivity, competency
  2. Integrity, objectivity, confidentiality, and competency
  3. Integrity, objectivity, awareness and competency
  4. Integrity, objectivity, entirety

Answer(s): B



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"Internal auditors make a balanced assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgments." This statement best explains one of the following principles:

  1. Competency
  2. Confidentiality
  3. Objectivity
  4. Integrity

Answer(s): C



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