ACCOUNTING MISC unit-1 Exam 2023 Questions and Answers (100% Correct) GRADED A+-2024

1: (19) Applicable Guidance 1- According to The IIA’s International Professional Practices Framework, which of the following constitute mandatory guidance for implementing the Standards? A. Development Aids. B. Performance Standards. C. Practice Aids. D. Implementation Guides. Answer (A) is incorrect. Development Aids are not part of the IPPF. Answer (B) is correct. The mandatory guidance portion of the IPPF consists of the Core Principles, Definition of Internal Auditing, the Code of Ethics, Attribute Standards, Performance Standards, and Implementation Standards. Answer (C) is incorrect. Practice Aids are not part of the IPPF Answer (D) is incorrect. Implementation Guides are strongly recommended guidance. 2- The Standards consist of three types of Standards. Which Standards apply to the characteristics of providers of internal auditing services? A. Implementation Standards. B. Performance Standards. C. Independence Standards. D. Attribute Standards. Answer (A) is incorrect. Implementation Standards apply to specific types of engagements. Answer (B) is incorrect. Performance Standards describe the nature of internal auditing and provide quality criteria for evaluation of internal audit performance. Answer (C) is incorrect. The IPPF does not contain Independence Standards Answer (D) is correct. Attribute Standards describe the characteristics of organizations and parties providing internal auditing services. 3- The types of services provided by the internal audit activity can best be described as A. Auditing and consulting. B. Auditing and engagement. C. Assurance and consulting. D. Auditing and assurance. Answer (A) is incorrect. The IIA Glossary defines assurance and consulting, not auditing and consulting, as the types of services provided by the intern