IIA IIA-CIA-Part2 Quiz 119 Topic 3 Questions 591-595

Question: 1

A determination of cost savings is most likely to be an objective of a(n)

AProgram-results engagement.

BFinancial engagement.

CCompliance engagement.

DOperational engagement.

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Question: 2

Most audit work in a financial statement audit consists of obtaining and evaluating evidence about

AInternal controls.

BAssertions.

CFraud.

DMaterial errors.

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Question: 3

The existence of audit risk is recognized by the statement in the auditor's standard report that the

AAuditor is responsible for expressing an opinion on the financial statements, which are the responsibility of management.

BFinancial statements are presented fairly, in all material respects, in conformity with GAAP.

CAudit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

DAuditor obtains reasonable assurance about whether the financial statements are free of material misstatement.

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Question: 4

The risk that an auditor's procedures will lead to the conclusion that a material misstatement does not exist in an account balance when, in fact, such misstatement does exist is

AAudit risk.

BInherent risk.

CControl risk.

DDetection risk.

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Question: 5

Inherent risk and control risk differ from detection risk in that they

AArise from the misapplication of auditing procedures.

BMay be assessed in either quantitative or nonquantitative terms.

CExist independently of the financial statement audit.

DCan be changed at the auditor's discretion.

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IIA IIA-CIA-Part2 Quiz:119 Topic:3 Questions:591-595