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OPBC Oregon Procurement Basic Certificate > Audits > Flashcards

Audits Flashcards

1
Q

True or False: An Audit is most commonly defined as an official inspection of an individuals or organizations accounts, typically by an independent body.

A

True

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2
Q

It is recommended an agency prepare in advance for an Audit by doing which of the following?:
A. Compiling agency contract files
B. Reviewing retention period details
C. Determination of scope and later adjustments
D. All of the above

A

D. All of the above

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3
Q

True or False: An Entrance Conference is meeting the Audits Division holds with agency officials at the start of n engagement.

A

True

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4
Q

Which of the following are examples of how the Audits Division decides what to Audit?
A. Data-Mining-research to answer questions and look for patterns
B. Change of Director Reviews
C. Hotline Calls
D. All of the above

A

D. All of above

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5
Q

Which of the following is an example of past audit findings items?
A. Not defining key terminology
B. Contract payments and expenses
C. Cost- Based vs. Fixed Based Price Contracts
D. All of the above

A

D. All of the above

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6
Q

True or False: Being prepared to demonstrate effective documentation is one valuable way to prepare for an Audit.

A

True

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7
Q

Which of the following is a notification example, the Audits Division will provide to an agency?
A. General objective or purpose of the work
B. Team performing the engagement
C. Points of contact (name, phone, email)
D. All of the above

A

D. All of the above

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8
Q

The annual Statewide Single Audit is an example of what type of Audit?
A. Financial
B. Performance
C. Compliance
D. Information Technology

A

A. Financial

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9
Q

A. _________________Audits play an important role in helping to insure agencies are following through on implementing, maintaining and abiding by the direction given by the legislature and governor.
A. Financial
B. Performance
C. Compliance
D. Information Technology

A

C. Compliance

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10
Q

Which of the following are examples of important milestones in the Audit process? (multiple)
A. Working Draft and Exit Conference
B. Agency Response to Final Draft
C. Notice of Division Work
D. Update & Findings Meetings
E. Entrance Conference

A
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11
Q

True or False: In Oregon, audits are conducted by the Office of the Secretary of State.

A

True
Oregon is the only state where the secretary of state is responsible for public spending.

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12
Q

What is the purpose of an Audit?
A. Independent Assessment
B. Ensure Accountability
C. Communicate conclusions & recommendations of audit results
D. Agency Response
E. Improves Performance & Facilitates follow-up and corrective action
F. Transparency
G. Required by law
H. All of the above

A

H. All of the above

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13
Q

True or False: One of the contract Audit objectives is to investigate whether contract procedures comply with the policy of the code ORS279A. Main focus is on contract solicitation, award and monitoring.

A

TRUE

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14
Q

True or False:
The independent State Auditor is to act as he/she deems appropriate in order to ensure state government is fiscally responsible and accountable to the citizens of Oregon.

A

TRUE

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15
Q

The _______________ Statue is defining the duties of the territorial auditor and as he/she deem expedient to lessen the public expenses, use public money to best advantage, promote frugality in public office, and generally, for better management.
A. Public Money Statue
B. Territorial Statue
C. Auditor Statue
D. Management Statue

A

B. Territorial Statue

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16
Q

Attorney General Opinions:
5/18/79 No. 7759
May the Legislative Assembly delegate any aspect of the audit function assigned to the Secretary of State pursuant to Article VI, Section 2 of the Oregon Constitution to any other branch of the state government?

A

NO

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17
Q

Attorney General Opinions:
12/1/89 No.8211
Do the constitutional duties of the Secretary of the State include the duty to report recommendations for lessening the public expense, promoting frugality and economy in public office and generally for the better management and more perfect understanding of the fiscal affairs of the state?

A

YES

18
Q

Attorney General Opinions:
6/12/92 No 8222
Does the Secretary of State have the authority to require public officials maintaining the accounts for the agency, instrumentally or branch of Oregon State Government, to prepare and file financial reports in a for he/she determines necessary to carry out the duties as Auditor of Public Accounts?

A

YES

19
Q

There are five audit categories. Which one is NOT one of them?
A. Compliance
B. Financial
C. Performance
D. Special Investigation
E. Procurement
F. Information Technology

A

E. Procurement is not an audit category

20
Q

___________audit is an objective and systematic examination of evidence to provide an independent assessment of a government organization, program, activity or function.
A. Compliance
B. Financial
C. Performance
D. Special Investigation
E. Information Technology

A

C. Performance

21
Q

___________ Audits plays an important role in helping to insure agencies are following through on implementing, maintaining and abiding by the direction given by the legislature and governor.
A. Compliance
B. Financial
C. Performance
D. Special Investigation
E. Information Technology

A

A. Compliance

22
Q

True or False: The Audit Division has enforcement powers.

A

FALSE. The Audit Division does not have enforcement powers.

23
Q

The_____________ conference is a meeting the Audits Division holds with agency officials at the stat of an engagement:
A. Kick-Off
B. Statewide
C. Entrance
D. Introductory

A

C. Entrance Conference

24
Q

What are the common Audit findings? Examples of not ensure and encourage competition:
A. Not sufficiently identify, notify and encourage potential vendors
B. Not allow adequate time for a response
C. Not structure the request for proposal according to industry standards
D. the terms were written so narrowly to limit competition
E. All of the above

A

E. All of the above

25
Q

What are the common Audit findings? Examples of Not defining Key Terminology:
A. not including adequate guidelines and criteria for determining allowable expenses such as travel, relocation, reimbursements
B. Not defining cost thoroughly in cost-based contract
C. did not specifically define the scope
D. All of the above

A

D. All of the above

26
Q

What are the common Audit findings? Examples of Cost-Based Guaranteed Maximum Price contracts:
A. Unallowable overhead and markups
B. Excess travel and/or living expenses
C. Billing errors
D. Non-compliant expense
E. Subcontractor retainage being held
F. Contract requirements not being met
G. Unclear contract terms on reimbursable expenses
H. All of the above

A

H. All of the above

27
Q

Audits summary:
Plan Ahead
Read and know your contracts
Be familiar with the market
Regular communication
Define Key terminology
Link Payment to deliverables
Ensure Compliance with contract terms
Document reimbursements & invoices
Ask “Does this make sense?”

A

Audits summary:
Plan Ahead
Read and know your contracts
Be familiar with the market
Regular communication
Define Key reminology
Link Payment to deliverables
Ensure Compliance with contract terms
Document reimbursements & invoices
Ask “Does this make sense?”

28
Q

One Contract Audit objective is to:
A. Identify how the State of Oregon can write brand new statues and rules on managing contracts in the future
B. Identify areas where there may be a weakness in a system or program
C. Create new processes
D. Eliminate existing processes

A

B. Identify areas where there may be a weakness in a system or program

29
Q

One purpose of a Contract Audit is to:
A. Allow for the independent assessment of agencies and areas needing attention
B. Provide transparency to the public and other stakeholders through the accessibility and availability of audits for review
C. Generate money for the State of Oregon
d. Both A and B

A

D. Both A and B

30
Q

________________Audits play an important role in helping to insure agencies are following through on implementing, maintaining and abiding by the direction given by the legislature and governor.
A. Financial
B. Performance
C. Compliance
D. Information Technology

A

C. Compliance

31
Q

The annual Statewide Single Audit is an example of what type of Audit?
A. Financial
B. Performance
C. Compliance
D. Information Technology

A

A. Financial

32
Q

True or False: Performance Audits generally address whether agencies are operating economically and efficiently, or whether they are achieving desired results.

A

TRUE

33
Q

Which of the following are examples of how the Audits Division decides what to Audit?
A. Data Mining-research to answer questions and look for patterns
B. Change of Director Reviews
C. Hotline Calls
D. All of the above

A

D. All of the above

34
Q

True or False: Being prepared to demonstrate effective documentation is one valuable way to prepare for an Audit.

A

TRUE

35
Q

True or False: An Audit is most commonly defined as an official inspection of an individuals or organizations accounts, typically by an independent body.

A

TRUE

36
Q

TRUE or FALSE: Per legislation, the independent State Auditor (The Secretary of State) is to act as he/she deems appropriate in order to ensure state government is fiscally responsible and accountable to the citizens of Oregon.

A

TRUE

37
Q

Which of the following is NOT an example of an audit category the Audit Division performs?
A. Financial
B. Personal
C. Performance
D. Compliance

A

B. Personal

38
Q

True or False: The Audits Division’s recommendations are intended to improve the economy, efficient and effectiveness of an agency’s operations and to improve accountability of state government.

A

TRUE

39
Q

It is recommended an agency prepare in advance for an Audit by doing which of the following?
A. Compiling agency contract files
B. Reviewing retention period details
C. Determination of scope and later adjustment
D. All of the above

A

D. All of the above

40
Q

True or False: Being prepared to demonstrate effective documentation is one valuable way to prepare for an Audit.

A

TRUE

41
Q

Which of the following is NOT one of the four major Information Technology Audit categories?
A. General Control Reviews
B. Application Control Reviews
C. Security Reviews
D. Software Compatibility Reviews

A

notA

OPBC Oregon Procurement Basic Certificate (13 decks)

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