CISA Activity1

Auditing is the process of attesting to assertions about economic actions and events.

• True

• False

The internal auditor is a primary provider of operational audits. 

• False

• True

The objectives of internal auditors are considerably broader than the objectives of external auditors. 

• False

• True

Program audits are primarily focused on inefficient uses of government funds in sponsored programs. 

• True

• False

To help them remain independent of the operations they audit, internal auditors should report directly to the controller. 

• False

• True

Independent financial statements audit is an example of reasonable level but direct reporting assurance engagement. 

• True

• False

The auditor would ordinarily expect to find evidence to support management representations and assume they are necessarily correct. 

• True

• False

The CPA firm is engaged and paid by the client, but the primary beneficiaries of the audit are those who rely on the financial statements. 

• True

• False

The auditor has no responsibility to plan and perform the audit to obtain reasonable assurance that misstatements, whether caused by errors or fraud, that are not material to the financial statements are detected. 

• False

• True

Assertions are relevant to the audit process because they are the representations of management embodied in the financial statements. 

• False

• True