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Monday, January 21, 2013

How to Pass Auditing Jobs exam and Free Test Sample Questions for 2013

How to Pass Auditing Jobs exam and Free Test Sample Questions

 

Questions How to Pass Auditing Jobs exam

After the success of my blogs on Wonderlic Free Personnel Test Sample Questions and Administrative Jobs Practice Sample question and Accounting Jobs, now I want to create this blog for readers to do well in Auditing exams.
In my first Auditing blog you learn little bit about the test and in my other coming blogs you will see some practice sample questions.

Description of the Auditing - Multiple Choice Test
The assessment tools used for this technical competency (auditing) consist of two types of tests aimed at assessing five different levels of proficiency.  Multiple choice tests are given to measure proficiency levels 1 and 2, and a Portfolio of Technical Competency is conducted to measure proficiency levels 3, 4, and 5.

 

Proficiency Level 1: Basic awareness of subject matter

Description of Test:
A multiple choice test that measures proficiency level 1, containing 30 questions where you choose the correct answer from among 4 choices
Time limit for test: 40 minutes

What is measured?

Auditing principles, techniques and/or practices, including: auditing concepts, types of evidence, types of reports, and purpose of the CICA handbooks
Pass Mark:
You must score 17 or greater to attain level 1 proficiency.
Proficiency Level 2: Basic capability and can apply in common situations
Description of Test:
A multiple choice test that measures proficiency level 2, containing 30 questions where you choose the correct answer from among 4 choices
Time limit for test: 40 minutes

What is measured?


Auditing principles, techniques and/or practices, including: planning/audit scope, evidence, audit manuals (including audit procedures), generally accepted auditing standards, assertions, and risk assessment
Pass Mark:
You must score 17 or greater to attain level 2 proficiency.
Tips on preparing for the test

Before taking the test

•It may be helpful to review the relevant principles, practices, techniques and procedures applicable to the test you are taking.
•Practice taking sample test questions under timed conditions to become more accustomed to time pressures.

The day of the test

•If you do not feel well on the day of the test and feel that this will impact on your test results, consider taking the test on an alternative date.  You have to contact the test coordinator to inform him/her of your decision.
•Determine the exact location, date and time of the test.  The onus is on you to know these details.
•Arrive in plenty of time so that you do not feel rushed or overly stressed.  You will not be admitted to the testing room once the testing session is in progress.
•If you have a disability that could affect your test results, there may be alternative forms of the test or administrative aids to assist you.  Please identify your concerns to the test coordinator, before the testing session, so that arrangements can be made.

 

When taking the test

•Read the instructions thoroughly and completely before you begin.
•Calculate how many questions you need to complete within the time limit, and pace yourself accordingly to finish the test on time.
•Read the question thoroughly.  Make sure you understand what the question is asking before answering.
•Try to determine an answer before you look at the choices, but make sure you read all of the choices before identifying a final answer.  If you are not sure of the answer, eliminate those that do not apply at first sight.  From the remaining responses, make your choice.  If you are uncertain, take your best guess.  There is no penalty for incorrect answers.

•Make sure you fill in the correct response choice on your answer sheet.  There will be four possible choices for each question.  Only fill in one choice on your answer sheet.  If you fill in more than one choice, the question will be scored as a wrong answer.
•Work quickly and do not spend too much time on one question.  If you are undecided after reviewing the answers, move to the next question.  When you have finished, return to the questions you skipped.
•Ensure that the number on the answer sheet corresponds to the number of the question you are answering.
•If you finish the exercise before the time limit, review your work.  This is time well spent.
•Answer all the questions. There is no penalty for incorrect answers.  If you are not finished and the test time is almost up, use the rest of the time to quickly complete the answer sheet, even if you do not read all the questions.

Sample test questions

 

Auditing - Multiple Choice Test

General instructions plus practice questions have been provided for the auditing technical competency.  Try to answer the question for both levels and verify your answers with those on the grid provided at the bottom of the last page.


This test consists of 30 questions.  All of the questions are in multiple choice format.  For these questions, you are presented with a number of possible answers represented by the letters A, B, C and D.  Your task is to choose the best answer from the four presented.

Here is the Answer sheet. Please do not check answers before trying yourself
1. a
2. d
3. d
4. b
5. d
6. b

 
Level 1

Question.1
When is there sufficient audit evidence?
a. when it substantiates the auditor's conclusion
b. When the allotted time has been utilized
c. When there is more evidence than was documented in previous years
d. When 100% of the transactions have been tested

Question 2
The demand for independent audits is now much greater than 50 years ago because of increased information risks.  The following are possible factors that increase the likelihood that unreliable information will be provided, EXCEPT:

A. the use of estimates
b. Voluminous data
c. Complex transactions
d. The cost of information

Question 3
A large amount of audit time is usually spent on cash transactions audits, EXCEPT for which of the following:
a. cash is the end result of most transactions
b. cash is susceptible to misappropriation
c. it is expected that cash balances should be more precisely determined than other accounting figures
d. all cash is deposited by the business into its bank account


Question 4
Why do we need (audited) financial statements?
A.to show details of revenues and expenses
B.to provide fair, objective and independent opinions
C.to identify who the shareholders are
D.to summarize computer books and records

Question 5
 Unaudited financial statements may not be reliable because:

a. They include economic data
b. They are based on historical data
c. The target audience includes shareholders
d. The level of assurance provided is lower than in an audit

Question 6
As a CRA auditor, which of the following would you consider the most authoritative source of guidance?
a.Ontario Securities Commission (OSC) guidelines
b. Canadian Institute of Chartered Accountants (CICA) handbook
c. Securities and Exchange Commission (SEC) guidelines
d. International Federation of Accountants (IFAC) guidelines
 

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