Question

1. ______ is multipurpose software that can be used for general purposes such as record selection, matching, recalculation, and reporting.
   1. Continuous audit software (CAS)
   2. Utility software
   3. Generalized audit software (GAS)
   4. Test audit software (TAS)
2. An auditable entity has an internal control significance of 0.25 and the likelihood of an internal control weakness score of 0.80. We have assumed here that internal audit has taken no steps to see if the weakness were corrected. Rounded to two decimals, the entity would receive a preliminary audit score of
   1. 1.05
   2. 0.20
   3. 0.25
   4. 0.80
3. _________ involves redoing controls or other procedures, and provides direct audit evidence regarding their operating effectiveness.
   1. Re-performance
   2. Tracing
   3. Vouching
   4. Internal benchmarking
4. Under the attribute standard for due professional care in IIA’s International Standards for the Professional Practice of Internal Auditing, internal auditors must
   1. Take an annual exam
   2. Consider the use of technology-based audit and other data analysis techniques
   3. Provide an annual report to the SEC
   4. Perform continuous risk assessment and report results to outside investors

Answer 1

Question 1 Solution

You may choose option C, "Generalized audit software (GAS)" for the purpose of recording, selection, matching, recalculation and reporting since these are the features included in GAS application along with other features and functionality.

Since nothing specific was mentioned. Question 1 is answered based on the answering guidelines mentioned below.
You may also come across the following types of questions while answering on the Q&A board How to Answer? Type of Question How to Answer Multiple Sub-parts Answer the first 4 sub-parts, unless the student has asked for specific subpart(s) to be answered, subject to a max. of 4 sub-parts Dealing with: - Multi-subpart Qs - Multiple Choice Qs - Multiple Qs in a single Question Multiple Choice Provide detailed reasoning for the correct option, along with an explanation of why the remaining options are incorrect Multiple Questions Answer the first question, unless the student has asked for a specific question to be answered , subject to a max. of 1 question