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The major benefit of risk assessment is:

To staff the plans and financial budgets
To consider factor that may affect risk and giving the highest priority to audit areas that have the highest potential for adverse consequences
To identify the possible adverse effects based solely on the type of activity, the type of resources, amount of assets or complexity of transactions
Failure to achieve the organization's goal and objectives

Answer(s): B

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The risk analysis process involves all of the following steps EXCEPT:

Identifying auditable activities (e.g. programs, accounts, contracts, transactions)
Identifying relevant risk factors (e.g. Complexity of programs, size of program, adequacy of internal control system)
Prioritizing Risks
Determine the need for external assistance of outsourcing

Answer(s): D

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Which of the following steps is/are NOT considered in the audit planning process?

Answer(s): C

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Following is a list of background items auditors should review to determine their impact on audit objectives EXCEPT:

The history of the program or entire organization
Results of prior audits and their working papers
Applicable laws, rules and regulations. Specific items usually set forth in laws and regulations include the following:
What the program is supposed to do?
Who is supposed to do it?
How much can be spent on what?
Audit methods, strategies, tests, analysis and comparisons

Answer(s): D

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Auditors can use background information to define and modify:

Answer(s): A

Free Financial CFSA Exam Questions (page: 9)