CGAP Test UPDATED Exam Questions
and CORRECT Answers
Standards address the following: - CORRECT ANSWER - * Audit staff qualifications
* Independence
* Due professional care
* Quality control
* Audit planning
* Fieldwork
* Reporting
Reasons for auditing standards - CORRECT ANSWER - * Uniform guidance to auditors
* Build credibility and confidence in adit profession
* Inform customer of role of auditing
* Establish basis for conducting internal and external reviews of quality
INTOSAI
(International Organization of Supreme Audit Institutions) - CORRECT ANSWER -A
model for government audit standards.
Adopted and modified by the Supreme Audit Institution (SAI): these standards vary widely and
are a baseline rather than a best practice.
International Federation of Accountants
(IFAC) - CORRECT ANSWER - The worldwide organization for the accountancy
profession.
Serve the public interest, strengthen the global accountancy profession and contribute to the
development of strong international economies by establishing and promoting adherence to high-
, quality professional standards, furthering the international convergence of such standards, and
speaking out on public interest issues where the profession's expertise is most relevant.
ISPPIA - CORRECT ANSWER - International Standards for the Professional Practice of
Internal Audit
ISA
(International Standards on Auditing) - CORRECT ANSWER - - the standards are
promulgated by the Internalation Federation of Accountants
- International standards are recommended for international adaption.
Government Audit Standards
(Yellow Book 3.49) - CORRECT ANSWER - Requires a organization to an external
quality control review at least once every 3 years by an unaffliciated organization.
Check for: Internal quality control system and policies and procedure and applicable auditing
standards are followed.
Internal Quality Review - CORRECT ANSWER - - random sample of audits are reviewed
- by independent staff (did not perform the audit)
- identify specific and systematic problems
- report for management
quality control policies revised or training courses developed
External Quality Review
(Peer Review) - CORRECT ANSWER - - group of professionals outside the organization
- sample of audits
and CORRECT Answers
Standards address the following: - CORRECT ANSWER - * Audit staff qualifications
* Independence
* Due professional care
* Quality control
* Audit planning
* Fieldwork
* Reporting
Reasons for auditing standards - CORRECT ANSWER - * Uniform guidance to auditors
* Build credibility and confidence in adit profession
* Inform customer of role of auditing
* Establish basis for conducting internal and external reviews of quality
INTOSAI
(International Organization of Supreme Audit Institutions) - CORRECT ANSWER -A
model for government audit standards.
Adopted and modified by the Supreme Audit Institution (SAI): these standards vary widely and
are a baseline rather than a best practice.
International Federation of Accountants
(IFAC) - CORRECT ANSWER - The worldwide organization for the accountancy
profession.
Serve the public interest, strengthen the global accountancy profession and contribute to the
development of strong international economies by establishing and promoting adherence to high-
, quality professional standards, furthering the international convergence of such standards, and
speaking out on public interest issues where the profession's expertise is most relevant.
ISPPIA - CORRECT ANSWER - International Standards for the Professional Practice of
Internal Audit
ISA
(International Standards on Auditing) - CORRECT ANSWER - - the standards are
promulgated by the Internalation Federation of Accountants
- International standards are recommended for international adaption.
Government Audit Standards
(Yellow Book 3.49) - CORRECT ANSWER - Requires a organization to an external
quality control review at least once every 3 years by an unaffliciated organization.
Check for: Internal quality control system and policies and procedure and applicable auditing
standards are followed.
Internal Quality Review - CORRECT ANSWER - - random sample of audits are reviewed
- by independent staff (did not perform the audit)
- identify specific and systematic problems
- report for management
quality control policies revised or training courses developed
External Quality Review
(Peer Review) - CORRECT ANSWER - - group of professionals outside the organization
- sample of audits
