14 Questions
What is the primary purpose of an audit?
To express an opinion on financial information
What does an auditor aim to ensure about the books of accounts?
They are maintained by the concern as required by law
In what areas are audits commonly conducted?
Quality management and project management
Who benefits from the third-party assurance provided by audits?
Various stakeholders
What does Professor Michael Power refer to as the 'Audit Society'?
The expansion of auditing practices into various areas of public and corporate life
What does the word 'audit' derive from?
The Latin word for 'to hear'
What was the main duty of auditors as identified by Moyer in 1951?
Detect fraud
Which organization operated the Central Auditing Commission from 1921 to 1990?
The Communist Party of the Soviet Union
What is the main purpose of a statutory audit?
To determine the accuracy of financial statements
What is the role of an information technology audit?
Examine management controls within an IT infrastructure
What do financial audits assess?
Validity and reliability of information
In what context are financial audits often associated with gaining information?
Financial systems and records of a company or business
Why has auditing become a legal requirement for many entities?
Strong incentives to misstate financial information
What does a third party express an opinion on in financial audits?
The person/organization/system in question
Test your knowledge of auditing fundamentals with this quiz. Explore concepts such as financial information examination, opinion expression, evidence collection, and legal compliance.
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