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What is the primary purpose of internal audit?
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?
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?
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?
What are the main areas systematically examined during internal audit?
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What is the primary focus of internal audit?
What is the primary focus of internal audit?
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What does 'independent appraisal' mean in the context of internal audit?
What does 'independent appraisal' mean in the context of internal audit?
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Who is responsible for the internal audit within an organization?
Who is responsible for the internal audit within an organization?
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What are the main areas systematically examined during internal audit?
What are the main areas systematically examined during internal audit?
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