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Free IIA IIA-CGAP Exam Questions (page: 11)

Page 11 of 67
PDF with 337 Questions

Which committee of IFAC issues pronouncements aimed at developing and harmonizing public sector financial reporting, accounting, and auditing practices while "Public sector" refers to national governments, regional (state, provincial, territorial) governments, local (city, town) governments, and related governmental entities (agencies, boards, commissions, and enterprises)?

  1. Advisory committee
  2. Ethic's committee
  3. Public Sector Committee (PSC)
  4. general rules and regulation committee

Answer(s): C



The auditors of public sector entities may be required to report on all of the following EXCEPT:

  1. reporting to the owners
  2. Compliance with legislative or regulatory requirements and related authorities;
  3. Adequacy of accounting and internal control systems;
  4. Economy, efficiency, and effectiveness of programs, projects, and activities.

Answer(s): A



All of the following are the objectives of an audit EXCEPT:

  1. Compliance with legislative or regulatory requirements and related authorities.
  2. the auditor's opinion enhances the credibility of the financial statements, the user Cannot assume that the opinion is an assurance as to the future viability of the entity nor the efficiency or effectiveness with which management has conducted the affairs of the entity.
  3. The phrases used to express the auditor's opinion are "give a true and fair view" or "present fairly, in all material respects," which are equivalent terms.
  4. The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with and identified financial reporting framework.

Answer(s): A



The auditor should comply with the Code of Ethics for Professional Accountants issued by the International Federation of Accountants. All of the following are the ethical principles governing the auditor's professional responsibilities EXCEPT:

  1. Independence and integrity.
  2. Professional competence and due care and confidentiality.
  3. Professional behavior and Technical standards.
  4. No confidentiality;

Answer(s): D



The term _________ refers to the audit procedures deemed necessary in the circumstances to achieve the objective of the audit. The procedures required to conduct an audit in accordance with _________ should be determined by the auditor having regard to the requirements of ISAs, relevant professional bodies, legislation, and regulations:

  1. Scope of an audit, ISAs
  2. Purpose of an audit, ISAs
  3. Principle of an audit, ISAs
  4. Purpose of an audit, PSPs

Answer(s): A



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