Free Financial CFSA Exam Questions (page: 5)

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The responsibility for preparing and presenting the audited financial statements is that of:

  1. Internal auditor
  2. Engagement client/ Management of the entity
  3. Process owner
  4. Auditing Agency

Answer(s): B



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All these are disparities in public and private sector audits EXCEPT:

  1. Objective and scope
  2. Specific requirements of relevant regulation, ordinances or ministerial directives
  3. Specific and broad range mandate in public sector
  4. Reasonable assurance

Answer(s): D



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Which one of the following is an internal control component?

  1. Compliance control
  2. Control activities
  3. Financial Reporting Controls
  4. Communication channels and network

Answer(s): B



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Management must assess business risk and develop clearly defined control objectives:

  1. Continually
  2. Annually
  3. Periodically
  4. Weekly

Answer(s): A



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Internal audit routinely reviews compliance risk and also should be reviewing business risk. The efforts to control both risk types will purely enhance:

  1. The short-term profitability and viability of an organization
  2. The long-term profitability and viability of an organization
  3. Both short-term and long-term profitability and viability of an organization
  4. None of these

Answer(s): C



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