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Auditing Lesson 1: Introduction to Auditing

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Auditing Lesson 1: Introduction to Auditing

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Questions and Answers

What is the primary purpose of information system audits in tech companies?

To protect company servers and systems from hacking

To recommend software and equipment for specific business needs

To make sure private customer data is secure (correct)

To evaluate data processing technology

What type of audit is often conducted as part of a criminal or civil investigation?

Operational audit

Forensic audit (correct)

Financial audit

Compliance audit

What is the primary advantage of an audit to a partnership?

Minimization of disputes among partners in profit sharing

Receiving audited financial statements

Safeguarding of rights of the partners

A reasonable assurance to ensure that the financial statements are free from material misstatements (correct)

What is the primary advantage of an audit to shareholders?

To have a reasonable assurance as to the financial statements are free of material misstatements Signup and view all the answers

What is the primary purpose of forensic auditors?

To apply accounting knowledge and investigative procedures Signup and view all the answers

What is the outcome of a forensic audit?

The results may be used as evidence in legal proceedings Signup and view all the answers

What is the primary purpose of an audit in terms of internal control?

To strengthen the system of internal control and detection of error and frauds Signup and view all the answers

What is the primary advantage of an audit in terms of decision making?

To arrive at a decision on extent of capital (Introduction/withdrawn) make easy Signup and view all the answers

What is the primary purpose of an audit in terms of financial statements?

To receive audited financial statements Signup and view all the answers

What is the primary purpose of an audit in terms of partner rights?

Safeguarding of rights of the partners Signup and view all the answers