IIA-CGAP Exam Questions - Real Practice Questions for Guaranteed Success

Question 1

All of the following are the examples of employee's red flags EXCEPT:

AEmployee lifestyle changes: expensive cars, jewelry, homes, clothes.

BBehavioral changes: may be indication of drug, alcohol, or gambling problem.

CHigh employee turnover, especially in areas that are more vulnerable to fraud.

DExcessive number of year-end transactions (particularly if backed out in the next period).

Correct : D

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AEmployee lifestyle changes: expensive cars, jewelry, homes, clothes.

BBehavioral changes: may be indication of drug, alcohol, or gambling problem.

CHigh employee turnover, especially in areas that are more vulnerable to fraud.

DExcessive number of year-end transactions (particularly if backed out in the next period).

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Question 2

All of the following are the examples management's red flags EXCEPT:

AExcessive number of year-end transactions (particularly if backed out in the next period).

BUnexpected overdrafts or declines in cash balance.

CReluctance to provide information to auditors.

DHigh employee turnover, especially in areas that are more vulnerable to fraud.

Correct : D

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AExcessive number of year-end transactions (particularly if backed out in the next period).

BUnexpected overdrafts or declines in cash balance.

CReluctance to provide information to auditors.

DHigh employee turnover, especially in areas that are more vulnerable to fraud.

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Question 3

In testing the controls established by management, auditors should be able to identify if there are high-risk areas for integrity violations. Auditor responsibilities for detecting integrity violations include all of the following EXCEPT:

AAuditors should evaluate the evidence and determine the appropriate course of action. An investigation may be warranted if indicators strongly suggest that integrity violations occurred.

BWhen significant control weaknesses are found, the auditor should conduct sufficient tests to determine if these weaknesses resulted in integrity violations. The level of testing should increase as the number or significance of control weaknesses increases.

CAuditors must not have the knowledge and skills to adequately identify when violations occurred.

DAuditors should notify the proper legal authorities, if warranted.

Correct : C

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AAuditors should evaluate the evidence and determine the appropriate course of action. An investigation may be warranted if indicators strongly suggest that integrity violations occurred.

CAuditors must not have the knowledge and skills to adequately identify when violations occurred.

DAuditors should notify the proper legal authorities, if warranted.

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Question 4

All of the following are the examples Purchasing/Inventory Red Flags EXCEPT:

AIncrease in purchasing inventory but no increase in productivity.

BCustomer complaints that they are not receiving notices for nonpayment on account.

CPayments to vendors who are not on approved vendor list.

DVendors without physical addresses.

Correct : B

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AIncrease in purchasing inventory but no increase in productivity.

BCustomer complaints that they are not receiving notices for nonpayment on account.

CPayments to vendors who are not on approved vendor list.

DVendors without physical addresses.

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Question 5

________ is a contract for recurring services related to the maintenance of a public building (i.e. janitorial, custodial, security, window washing, housekeeping).where as _________ is a contract in which Government facilities are provided to a contractor or subcontractor by the government for use in connection with performing one or more related contracts for supplies or services.

AFacilities contract, Building service contract

BProfessional and consultant services, Transportation term contracts

CBuilding service contract, Facilities contract

DProfessional and consultant services, Transportation term contracts

Correct : C

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AFacilities contract, Building service contract

BProfessional and consultant services, Transportation term contracts

CBuilding service contract, Facilities contract

DProfessional and consultant services, Transportation term contracts

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