EXAMINATION ON IAICC

IAASB is ……?.

a. An executive accounting body.

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b. An Independent body

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c. A product quality organization.

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d. An international trade watchdog

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The …… Provide oversight function over IAASB ?

a. The public interest oversight Board.

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b. The generally accepted Accounting practice board.

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c. The Federation of private practitioners Board.

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d. The Global financial board.

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Identify what is not an objective of the IAASB from the following statements?

a. Supporting global political stability.

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b. Supporting global financial stability

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c. Enhancing the role, relevancy and quality of assurance in an evolving world

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d. Facilitating adoption and implementation of the standards it sets.

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The audit to constructs a risk profile for existing and new projects refers to…?

a. System process audit

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b. Technological innovation process audit.

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c. Client server audit.

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d. System Information facility audit.

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The primary functions of an IT audit include?

a. To evaluate the systems that are in place to guard an organization's information.

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b To define the cost of new system in the budget.

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c. To give time to management to settle their disputes before Implementing audit reports.

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d. To prevent internet downtime.

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Information security is typical of ?

a. Financial audit

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b. Budget control

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c. Information Technology audit.

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d. Physical audit

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One of these is a type of information control in IT Audit?

a. Use of analog phones

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b. Password

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c. Use of cordless microphones

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d. Stop and Search.

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……..is not one of the principles of IT audit practice?

a. Referencing

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b. Timeliness

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c. Encoding.

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d. Elaborateness.

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Why do you use user manual in IT audit?

a. To check originality

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b. To check reference

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c. To select programm

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d. For enscription.

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Communication and Information audit help an entity to do the following excluding?

a. Minimize damage to reputation

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b. Maintain regulatory compliance

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c. Control business products.

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d. Prevent information leakage

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What can you describe as the meaning of audit tools.

a. An instrument used for performance of accounting job.

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b An instrument used in the testing and assurance of a control process.

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c. An instrument invented by auditors

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d. An instrument for measurement of audit assignment.

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Differentiates CAATs and CAATTs?

a. Inclusion of technology.

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b. Letter difference

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c. One is traditional while the other is modern.

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d. One use old computer while the other use modern computer.

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What is the meaning of CAATs ?

a. CAATTs is the practice of using computers to automate the IT audit processes.

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b. CAATTs is the technology of using computers to automate the IT audit processes.

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c. CAATs is the process of using computers to automate the IT audit .

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d. CAATs is the practice of using computers to automate the IT audit processes.

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The major feature of a traditional audit is the use of…?

a. Analog instruments

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b. Sampling method

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c. Traditional accounting.

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d. Primitive methods.

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CAATTs can be limited in use to ?

a. The number of transactions in the entity.

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b. The data saved on the computer.

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c. The number of experience audit staff

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d. To the extent of management permission.

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Among specialized tools, one is not included?

a. Excel

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b. Access

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c. Password

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d. Business object

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Describe data queries in Audit?

a. The use of audit language for extraction of financial reports in a computer.

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b. The query and warning letters issued by Auditors.

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c. The processes and practices of audit sanctions

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d. The rule of non compliance.

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Data stratification refers to?

a. Data separation and identification.

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b. Data calculation.

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c. Data furmular

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d. Data options.

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CAATTs aid the auditor to?

a. Catch fraud

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b. Identify and locate incidence of likely fraud.

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c. To prosecute fraudsters

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d. Integrate fraud into audit

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Continuous monitoring include all but one ?

a. Analysing

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b. Acquiring

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c. Risk identification

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d. Reporting.

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Normally in change management audit, requests are recorded and stored ?

a. Identification.

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b. To calculate the cost.

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c. For reference.

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d.. Legal purpose

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Auditing change of controls, the effect of the requested change is

a. Assessed.

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b. Control.

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c. Distributed

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d. Influenced.

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………..is the amount of risk that an entity (on broad level) is willing to accept ?

a. Risk Appetite

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b. Risk tolerance

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c. Risk Capacity.

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d. Risk management.

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The risk that still remains after effective controls have been implemented is described as?

a . Inherent risk

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b. Residual risk

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c. Control risk

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d. Necessary risk.

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Each change in a management change audit is assessed based on its projected effect to the ….?

a. computer system and business operations.

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b. Business operations

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c. Products and services

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d. The total profit of the entity.

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In order to approving the directors’ statement on the company’s system of internal control, the Board will need to establish?

a. Terms of Reference to the Audit committee

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b. Increase their powers over the organization

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c. Deny access to information for internal auditing.

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d. Conceal reporting from AGM.

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The board’s major report to the shareholders is on ?

a. The state of the audit report.

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b. The responses to audit statement

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c. The effectiveness of internal Control system in the entity.

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d. The character of the Managing Director of the entity.

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The audit committee role is basically ….?

a. An executive role.

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b. Non Executive role

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c. A professional role

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d. A compensation role.

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One of these does not relate to companys objectives?

a. Vision statement

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b. Mission Statement

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c. Customers survey

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d. Budget.

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An effective internal Control manages….?

a. Risk

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b. Feelings of the industry.

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c. Recommend bills to be passed into law.

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d. Established chain of custody

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Define PEST assessment in risk management?

a. Personal evaluation self test.

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b. Political, Economic, social and technology assessment.

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c. Petroleum Exporting Selected Technology.

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d. Policy Efficiency Strategic Terms.

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What is the basis of the SWOT test analysis?

a. Determination of the Strength, weakness , Opportunity and Threats of an entity.

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b. Comparison of profitability.

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c. Determination of technology position of the entity.

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d. Security, weakness, Opportunity and Threats

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Name one example of financial risk?

a. Legal risk

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b. Compliance risk.

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c. Credit risk.

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d. Reputation risk

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Spot check is important in strengthening the internal Control system because?

a. It goes after the thieves and fraudsters

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b. It is quick, smart and result oriented.

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c. It is done first thing in the morning.

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d. It is done by whistleblower.

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Annual external audit exercise is …?

a. Both legal and compliance

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b. Indicate that the company is alive.

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c. It involves external parties.

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d. It cannot be compromised.

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Quality Management Principles include all the followings excluding ?

a. Customer focus

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b. Leadership

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c. Engagement of people.

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d. Profitability .

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An organization applying for ISO 9001 certification is audited based on all except ..?

a. its sites.

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b. functions.

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c. products and services

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d. , Presentation and reports.

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ISO 9000 has been reviewed in a series of times except in ..?

a. 1980

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b. 1987

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c. 1994

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d. 2000

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A basic advantage of standard and certification include one of these?

a. Skill use

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b. Increase Trust

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c. Network

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d. Massive sales.

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Auditors engaged for certification bodies are called?

a. Specialized Auditors

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b. Chartered Accountants

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c. Legal Auditors

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d. Lead Auditors.

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Rights and equitable treatment of shareholders means?

a. Given equal opportunity to all shareholders without partiality.

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b. Ensuring shareholders are paid dividends.

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c. Identify shareholders from staff.

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d. Honouring owners of business.

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Different models of corporate governance differ according to the forms of ..?

a. Socialism

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b. Financial System

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c. capitalism

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d. Democracy.

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The continental European countries introduces?

a. Single tier firm of corporate Governance.

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b. Two tier firm of corporate Governance

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c. Management system of corporate Governance

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d. Two steps checks and balances.

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United Kingdom practices a system of interest of shareholders that has board of

a. Executive directors

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b. Executive and non- Executive Directors.

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c. Elective directors.

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d. Internal Directors.

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Founders Centricism refers to?

a. Where founders still run their businesses.

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b. Where only one person takes Decisions

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c. Where there is no other shareholders.

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d. For unlisted companies.

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GRC stands for?

a. Governance, Revenue and corporate finance.

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b. Government Restructuring Controls

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c. Governance, Risk management and Compliance.

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d. Governance Risk Asset Control.

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Market Vendor GRC exit in …… segments?

a. 4

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b. 5

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c. 3

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d. 2

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GRC suggest that business plans and objectives should consider one of the followings?

a. Organization structure and how risk is managed.

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b. How profit is used.

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c. Encourage companies on how to avoid compliance.

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d. Assets and liabilities.

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Good Governance can do all the followings except?

a. To measure cash policy and cash management.

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b. To balance the cost associated with holding cash and benefits derived out of holding the cash.

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c. The objective of cash management is to balance the returns associated with holding cash and benefits derived out of holding the cash.

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d. To avoid over spending the budget.

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Businesses that has no risk don’t need to border about risk assessment?.

a. All businesses has risk, so risk assessment is necessary.

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b. If there is no risk why border.

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c. There are risk free businesses. You don't need to border.

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d. All of the above.

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EXAMINATION ON IAICC

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