Internal Audit Basics
8 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary purpose of internal audit?

  • To oversee external audit processes
  • To verify operations and evaluate the correctness of records (correct)
  • To enforce organizational policies and procedures
  • To provide financial consulting to the management

    • What does 'independent appraisal' mean in the context of internal audit?

  • The auditor should not allow biases or undue influence to override professional judgements (correct)
  • The auditor should have no prior knowledge of the organization
  • The auditor should be appointed by an external regulatory body
  • The auditor should work independently from the management

    • Who is responsible for the internal audit within an organization?

  • The regulatory authorities
  • External consulting firms
  • Specially assigned staff within the organization (correct)
  • The senior management team

    • What are the main areas systematically examined during internal audit?

    <p>Records, procedures, and operations of an organization</p> Signup and view all the answers

    What is the primary focus of internal audit?

    <p>Evaluating the correctness of records on a continuous basis</p> Signup and view all the answers

    What does 'independent appraisal' mean in the context of internal audit?

    <p>Maintaining unbiased professional judgements</p> Signup and view all the answers

    Who is responsible for the internal audit within an organization?

    <p>The internal auditor, who is an employee of the organization</p> Signup and view all the answers

    What are the main areas systematically examined during internal audit?

    <p>Records, procedures, and operations of an organization</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser