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Auditing Basics Quiz

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Questions and Answers

What is the primary purpose of an audit?

To manage the financial books of accounts

To ensure compliance with tax regulations

To provide consulting services to the entity

To express an opinion on financial information (correct)

What does an auditor aim to ensure about the books of accounts?

They comply with internal company policies

They are approved by external consultants

They are profitable for the entity

They are maintained by the concern as required by law (correct)

In what areas are audits commonly conducted?

Production and manufacturing processes

Quality management and project management (correct)

Employee benefits and salary management

Environmental impact and sustainability initiatives

Who benefits from the third-party assurance provided by audits?

Various stakeholders Signup and view all the answers

What does Professor Michael Power refer to as the 'Audit Society'?

The expansion of auditing practices into various areas of public and corporate life Signup and view all the answers

What does the word 'audit' derive from?

The Latin word for 'to hear' Signup and view all the answers

What was the main duty of auditors as identified by Moyer in 1951?

Detect fraud Signup and view all the answers

Which organization operated the Central Auditing Commission from 1921 to 1990?

The Communist Party of the Soviet Union Signup and view all the answers

What is the main purpose of a statutory audit?

To determine the accuracy of financial statements Signup and view all the answers

What is the role of an information technology audit?

Examine management controls within an IT infrastructure Signup and view all the answers

What do financial audits assess?

Validity and reliability of information Signup and view all the answers

In what context are financial audits often associated with gaining information?

Financial systems and records of a company or business Signup and view all the answers

Why has auditing become a legal requirement for many entities?

Strong incentives to misstate financial information Signup and view all the answers

What does a third party express an opinion on in financial audits?

The person/organization/system in question Signup and view all the answers