Mod 3.4

Question 0

What is the definition of a successful financial audit?

Answer 0

Achieving an unqualified audit opinion

Question 1

What is the federal law that specifically required existing CFO agencies to have financial statements that successfully pass a financial audit?

Answer 1

The government management reform act of 1994

Question 2

In which of the four waves of the fire process would a DOD entity expect to have an audible statement of budgetary resources, to include it’s FundBalance with treasury?

Answer 2

Wave two

Question 3

Government audits provide essential elements of public accountability and what?

Answer 3

Control

Question 4

Which standards generally apply to all federal government audits?

Answer 4

GAO standards or GAGAS

Question 5

Who conducts, supervisors, monitors, and initiates audits and investigations relating to DOD programs and operations?

Answer 5

Department of defense inspector general

Question 6

Which is the DOD document that provides policy for DOT audit and internal review offices to use for conducting audits of DOD operations, systems, program, and functions?

Answer 6

DoD IG audit handbook

Question 7

Auditors auditing with personal impairments violate which general standard?

Answer 7

Independence

Question 8

How many hours of continuing professional education must an auditor complete every two years? What is the minimum number of hours that must be completed in any year of the two year period?

Answer 8

80 hours into years; 20 hours minimum each year

Question 9

The auditor is restricted access to essential data necessary to satisfy the audit objectives. What type of impairment with this be?

Answer 9

External impairment

Question 10

Which type of audit is expected to determine whether: the financial information is presented in accordance with established stated criteria; the entity has adhered to specific financial compliance requirements; and the entity’s internal control structure over financial reporting and or safeguarding of assets is suitably designed and implemented to achieve the control objectives?

Answer 10

Financial audit

Question 11

Which type of audit is expected to determine whether: the entity is acquiring, using, and protecting its resources economically and efficiently; the entities programs are achieving the desired results or benefits; and the entity is accomplishing its mission in accordance with applicable laws, regulations, and public policies

Answer 11

Performance audit

Question 12

Which audit phase involves gathering evidence and determining materiality and significance of the findings?

Answer 12

Review phase

Question 13

During which audit phase with the auditor select the most important areas for audit coverage?

Answer 13

Planning phase

Question 14

What document includes the audit objectives, findings, and (when appropriate) recommendations?

Answer 14

The audit report

Question 15

What should be considered when evaluating the effectiveness of DOD audit organizations?

Answer 15

Audit benefits

Question 16

What is the name of the GAL standard that provides reasonable assurance that DOD auditors comply with applicable auditing standards and DOD audit policies?

Answer 16

Quality control and assurance

Question 17

Inspection of office security, separate and secure storage of records and equipment, and restricted system access are examples of what kind of controls?

Answer 17

Internal controls

Question 18

If auditors are deterred from acting objectively and exercising professional skepticism by pressures, actual or perceived, from management of the entity being audited, what would this be cold?

Answer 18

Threat to auditor independence