Cga Mu1 Past Exams and Solution

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CGA-CANADA INTERNAL AUDITING & CONTROLS [MU1] EXAMINATION December 2013 Marks Note: The questions in this examination test the knowledge, skills, and professional values demonstrated in this course. Marks are given for reasoned and persuasive arguments, and for clarity and impact of presentation. You must provide practical illustrations for the use of concepts and analytical methods in the circumstances described in each question. Read the specific requirements of each question carefully, and ration your time across all questions. Time: 4 Hours 22 Question 1 Select the best answer for each of the following unrelated items. Answer each of these items in your examination booklet by giving the number of your choice. For example, if the best answer for item (a) is (1), write (a)(1) in your examination booklet. If more than one answer is given for an item, that item will not be marked. Incorrect answers will be marked as zero. Marks will not be awarded for explanations. Note: 2 marks each a. Which of the following is a requirement individual internal auditors must meet to comply with the standard on professional proficiency? 1) 2) 3) 4) Communicate the engagement results Exercise due professional care in performing their audit Manage the internal audit activity to ensure it adds value to the organization Conform to International Standards for the Professional Practice of Internal Auditing b. “Engagement planning” is part of which of the following standards? 1) 2) 3) 4) c. Performance standard Engagement standard Implementation standard Attribute standard Which of the following is part of the long-term planning phase? 1) 2) 3) 4) Obtain specific knowledge of unit to be audited Determine frequency of audits Determine and allocate audit resources Obtain senior management approval d. Which factor should be considered when assessing external inherent

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