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COPY: Test Your Knowledge of Auditing

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Questions and Answers

What is the main purpose of auditing?

To detect fraud

To uncover issues encountered during a project lifecycle

To assess whether a company adheres to legal duties

To provide assurance that financial information is free from material misstatement (correct)

What is the scope of auditing?

Auditing is only applied to secretarial and compliance matters

Auditing is only applied to internal controls

Auditing is only applied to financial information of profit-oriented entities

Auditing is applied to a wide range of areas (correct)

What is the difference between financial audit and statutory audit?

A financial audit assesses legal duties, while a statutory audit assesses financial statements and records (correct)

There is no difference

A financial audit is conducted by the government, while a statutory audit is conducted by a third-party

A financial audit is voluntary, while a statutory audit is mandatory

What is the level of assurance provided by an audit?

Reasonable assurance (C) Signup and view all the answers

What is the purpose of a performance audit?

To assess whether an entity is achieving economy, efficiency, and effectiveness in the employment of available resources (D) Signup and view all the answers

What is the purpose of a quality audit?

To verify conformance to standards through review of objective evidence (D) Signup and view all the answers

What is the purpose of a project audit?

To uncover issues, concerns, and challenges encountered during the project lifecycle (A) Signup and view all the answers

What is the purpose of an energy audit?

To reduce the amount of energy input into a building, process, or system without negatively affecting the output(s) (D) Signup and view all the answers