CDFM – MODULE 3 EXAM(ACTUAL EXAM)
WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2026
What are the threats to an Auditor's Independence? -
ANSWERS-- Self-Interest Threat
- Self-Review Threat
- Bias Threat
- Familiarity Threat
- Undue Influence Threat
- Management Participation
- Structural Threat
the threat that a financial or other interest will
inappropriately influence an auditor's judgement or
behavior - ANSWERS-self-interest threat
,the threat that an auditor or audit organization that has
provided non-audit services will not appropriately evaluate
the results of previous judgments made or services
performed as part of the non-audit services when forming a
judgement significant to an audit - ANSWERS-self-review
threat
the threat that an auditor will, as a result of political,
ideological, social, or other convictions, take a position that
is not objective - ANSWERS-bias threat
the threat that aspects of a relationship with management
or personnel of an audited entity, such as a close or long
relationship or that of an immediate or close family
member, will lead an auditor to take a position that is not
objective - ANSWERS-familiarity threat
the threat that external influence or pressures will impact
an auditor's ability to make independent and objective
judgements - ANSWERS-undue influence threat
the threat that results from an auditor's taking on the role
of management or otherwise performing management
functions on behalf of the entity undergoing an audit -
ANSWERS-management participation
,the threat that an audit organization's placement within a
Government entity, in combination with the structure of the
Government entity being audited, will impact the audit
organization's ability to perform work and report results
objectively - ANSWERS-structural threat
Auditor Professional Judgement - ANSWERS-- Exercise
reasonable care and diligence
- Maintain the highest degree of integrity, objectively and
independence in applying professional judgement to all
aspects of their workl
- Use professional judgement in determining the type of
assignment to be performed and the standards that apply to
the work
- Carefully define the scope of work, the methodology for
gathering information, the amount of evidence to be
gathered, and the tests and procedures for work
The staff assigned to perform the audit or attestation
engagement should collectively posses ___for the tasks
required. - ANSWERS-adequate professional proficiency
, For Auditor competence, auditors must complete ___ of CPE
every ___, with a minimum of ___ being completed in any
one year of the two-year period, and at least ___ of the ___
be directly related to Government auditing, the
Government environment, or the specific or unique
environment in which the audited entity operates. -
ANSWERS-80 hrs, 2 yrs, 20 hrs, 24 hrs, 80 hrs
How many hours of continuing professional education must
an auditor complete every 2 years? - ANSWERS-80 hours in
2 years
(p. 3.4.14)
What is the minimum number of hours that must be
completed in any year of the 2-year period? - ANSWERS-20
hours minimum each year
(p. 3.4.14)
The auditor is restricted access to essential data necessary
to satisfy the audit objective. What type of impairment
would this be? - ANSWERS-External Impairment
(p. 3.4.12)
Which type of audit is expected to determine whether:
WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2026
What are the threats to an Auditor's Independence? -
ANSWERS-- Self-Interest Threat
- Self-Review Threat
- Bias Threat
- Familiarity Threat
- Undue Influence Threat
- Management Participation
- Structural Threat
the threat that a financial or other interest will
inappropriately influence an auditor's judgement or
behavior - ANSWERS-self-interest threat
,the threat that an auditor or audit organization that has
provided non-audit services will not appropriately evaluate
the results of previous judgments made or services
performed as part of the non-audit services when forming a
judgement significant to an audit - ANSWERS-self-review
threat
the threat that an auditor will, as a result of political,
ideological, social, or other convictions, take a position that
is not objective - ANSWERS-bias threat
the threat that aspects of a relationship with management
or personnel of an audited entity, such as a close or long
relationship or that of an immediate or close family
member, will lead an auditor to take a position that is not
objective - ANSWERS-familiarity threat
the threat that external influence or pressures will impact
an auditor's ability to make independent and objective
judgements - ANSWERS-undue influence threat
the threat that results from an auditor's taking on the role
of management or otherwise performing management
functions on behalf of the entity undergoing an audit -
ANSWERS-management participation
,the threat that an audit organization's placement within a
Government entity, in combination with the structure of the
Government entity being audited, will impact the audit
organization's ability to perform work and report results
objectively - ANSWERS-structural threat
Auditor Professional Judgement - ANSWERS-- Exercise
reasonable care and diligence
- Maintain the highest degree of integrity, objectively and
independence in applying professional judgement to all
aspects of their workl
- Use professional judgement in determining the type of
assignment to be performed and the standards that apply to
the work
- Carefully define the scope of work, the methodology for
gathering information, the amount of evidence to be
gathered, and the tests and procedures for work
The staff assigned to perform the audit or attestation
engagement should collectively posses ___for the tasks
required. - ANSWERS-adequate professional proficiency
, For Auditor competence, auditors must complete ___ of CPE
every ___, with a minimum of ___ being completed in any
one year of the two-year period, and at least ___ of the ___
be directly related to Government auditing, the
Government environment, or the specific or unique
environment in which the audited entity operates. -
ANSWERS-80 hrs, 2 yrs, 20 hrs, 24 hrs, 80 hrs
How many hours of continuing professional education must
an auditor complete every 2 years? - ANSWERS-80 hours in
2 years
(p. 3.4.14)
What is the minimum number of hours that must be
completed in any year of the 2-year period? - ANSWERS-20
hours minimum each year
(p. 3.4.14)
The auditor is restricted access to essential data necessary
to satisfy the audit objective. What type of impairment
would this be? - ANSWERS-External Impairment
(p. 3.4.12)
Which type of audit is expected to determine whether:
