Podcast
Questions and Answers
What is the primary purpose of an audit?
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?
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?
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?
Who benefits from the third-party assurance provided by audits?
What does Professor Michael Power refer to as the 'Audit Society'?
What does Professor Michael Power refer to as the 'Audit Society'?
What does the word 'audit' derive from?
What does the word 'audit' derive from?
What was the main duty of auditors as identified by Moyer in 1951?
What was the main duty of auditors as identified by Moyer in 1951?
Which organization operated the Central Auditing Commission from 1921 to 1990?
Which organization operated the Central Auditing Commission from 1921 to 1990?
What is the main purpose of a statutory audit?
What is the main purpose of a statutory audit?
What is the role of an information technology audit?
What is the role of an information technology audit?
What do financial audits assess?
What do financial audits assess?
In what context are financial audits often associated with gaining information?
In what context are financial audits often associated with gaining information?
Why has auditing become a legal requirement for many entities?
Why has auditing become a legal requirement for many entities?
What does a third party express an opinion on in financial audits?
What does a third party express an opinion on in financial audits?
