Exam (elaborations)

Test Bank For Principles of Auditing & Other Assurance Services (2024) 23rd Edition By Ray Whittington (All Chapters, 100% Original Verified, A+ Grade)

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Course
Principles of Auditing & Other Assurance Services,

Institution
Principles Of Auditing & Other Assurance Services,

This Is The Original 23rd Edition Of The Test Bank From The Original Author All Other Files In The Market Are Fake/Old Editions. Other Sellers Have Changed The Old Edition Number To The New But The Test Bank Is An Old Edition. Test Bank For Principles of Auditing & Other Assurance Services (202...

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Course Principles of Auditing & Other Assurance Services,

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Principles of Auditing & Other Assurance Services, 2024 23e By
Ray Whittington (Test Bank All Chapters, 100% Original Verified,
A+ Grade) Answers At The End Of Each Chapter
(All Chapters Are Reversed From 21-1)
Chapter 21

Student name:__________
1) The work of internal auditors is primarily for the benefit of shareholders and potential
investors.
⊚ true
⊚ false

2) The first internal auditors were primarily concerned with financial and accounting functions.
⊚ true
⊚ false

3) The passage of the Foreign Corrupt Practices Act increased the demand for internal auditing.
⊚ true
⊚ false

4) Independence and Objectivity is one of the sections of attribute standards in the IIA's
Standards of the Professional Practice of Internal Auditing.
⊚ true
⊚ false

5) In operational auditing, the preliminary survey serves as a guide for the development of the
audit program.
⊚ true
⊚ false

6) When no weaknesses in internal control are discovered during an operational audit, the
appropriate report will be either standard unqualified or unqualified with explanatory
language.
⊚ true
⊚ false

Version 1 1

,Chapter 21

7) Compliance audits are primarily concerned with whether an organization follows appropriate
laws and regulations.
⊚ true
⊚ false

8) Compliance procedures are tests of an organization's controls.
⊚ true
⊚ false

9) In an audit in accordance with Government Auditing Standards, the auditors are required to
perform tests beyond those of an audit in accordance with generally accepted auditing
standards relating to internal control over major federal assistance programs.
⊚ true
⊚ false

10) In an audit in accordance with the Single Audit Act of 1984, the auditors must test
compliance with the significant requirements of all major programs.
⊚ true
⊚ false

11) When auditing an entity's financial statements in accordance with Government Auditing
Standards (the "Yellow Book"), an auditor is required to report on:
A) Noteworthy accomplishments of the program only.
B) The scope of the auditor’s testing of internal controls only.
C) Both noteworthy accomplishments of the program and the scope of the auditor’s
testing of internal controls.
D) Neither noteworthy accomplishments of the program nor the scope of the auditor’s
testing of internal controls.

Version 1 2

,Chapter 21

12) When auditing an entity's financial statements in accordance with Government Auditing
Standards (the "Yellow Book"), an auditor is required to report on:
A) Recommendations for actions to improve operations only.
B) The scope of the auditor's tests of compliance with laws and regulations only.
C) Both recommendations for actions to improve operations and the scope of the
auditor's tests of compliance with laws and regulations.
D) Neither recommendations for actions to improve operations nor the scope of the
auditor's tests of compliance with laws and regulations.

13) A comprehensive examination of an organization or one of its operating units that evaluates
its systems, controls, and performance, as measured by management's objectives is called
a(an):
A) Compilation.
B) Consultation.
C) Operational Audit.
D) "Yellow Book" audit.

14) An audit in accordance with the Single Audit Act does not involve reporting upon:
A) Compliance with provisions of laws that may have a direct and material effect on
each major federal financial assistance program.
B) Financial statements.
C) Internal control over operations.
D) Schedule of expenditures of federal awards.

15) Under the Single Audit Act, the auditor must apply procedures to test for compliance and test
the effectiveness of controls for:
A) Major programs and non-major programs.
B) Major programs only.
C) Non-major programs only.
D) Neither major programs nor non-major programs.

Version 1 3

, Chapter 21

16) Internal auditing is considered to be part of an organization's:
A) Accounting system.
B) Control activities.
C) Monitoring.
D) External controls.

17) Which of the following is not one of the attribute standards of the IIA's Standards for the
Professional Practice of Internal Auditing?
A) Independence and objectivity.
B) Integrity and skepticism.
C) Proficiency and professional care.
D) Purpose, authority, and responsibility.

18) Which of the following is not required of an individual seeking to become a certified internal
auditor?
A) Two years of work experience in internal auditing or its equivalent.
B) Successful completion of an examination.
C) A baccalaureate degree from an accredited college.
D) One year of supervisory experience.

19) For the highest degree of independence, the director of internal auditing should report
directly to:
A) The controller.
B) The audit committee of the board of directors.
C) The executive vice-president.
D) The chief accountant.

20) The operational auditors' initial conclusions about potential problem areas are summarized
as:
A) The definition of purpose.
B) The audit program.
C) The preliminary survey.
D) The audit report.

Version 1 4

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Exam (elaborations)

Test Bank For Principles of Auditing & Other Assurance Services (2024) 23rd Edition By Ray Whittington (All Chapters, 100% Original Verified, A+ Grade)

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