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SOM(5)

SOM(5)

Assessment

Presentation

Social Studies

University

Practice Problem

Medium

Created by

Nur Fatima Aisya Jamil

Used 1+ times

FREE Resource

15 Slides • 16 Questions

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Reorder

Reorder the following audit process

Planning

Fieldwork

Audit Report

Follow up review

1
2
3
4

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Multiple Choice

The Planning stage of the audit process is sometimes referred to as..

1

Closing Meeting

2

Follow-up Review

3

Survey or Preliminary Review

4

Final Review

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Multiple Choice

Why is client involvement critical at each stage of the audit process?

1

To replace the role of the auditor

2

To eliminate the need for reporting

3

To reduce the auditor’s workload

4

To ensure accurate evidence

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Multiple Choice

One key objective of the audit process is to…

1

Delay reporting deadlines

2

Eliminate client participation

3

Minimize time diverted from operations

4

Maximize disruption to ongoing activities

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Multiple Choice

The Follow-up Review stage in the audit process is conducted mainly to…

1

Shorten the fieldwork

2

Replace the planning stage

3

Ensure corrective actions taken

4

Prepare financial statements

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Match

Match the following audit planning

announcement letter

initial meeting

preliminary survey

internal control review

audit program

notify client about audit

discuss plan with client

info on client's operations

system's strength and weakness

audit procedures

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Match

Match the following fieldwork

transaction testing

communication

audit summary

check records for accuracy

suggest improvement

compile key findings

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Match

Match the following audit report

discussion draft

exit conference

formal draft

final report

first shared document

meeting to review findings

internal review before official report

audit report to stakeholders

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Multiple Choice

Which stage ensures that auditors and management agree on factual accuracy before the formal audit report is released?

1

Final Report

2

Follow-up Review

3

Exit Conference

4

Discussion Draft

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Match

Match the following audit follow up

follow up review

follow up report

annual report

check implement corrective actions

verify effectiveness

yearly overview

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Multiple Choice

During the planning portion of the audit, what are the key steps the auditor takes to notify the client and gather information?

1

Discuss the scope and objectives

2

Evaluate existing controls

3

Plan the remaining audit steps

4

Notify the client of the audit

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Multiple Choice

What is the purpose of the Announcement Letter in the audit planning process?

1

To inform the client about the audit

2

To schedule the initial meeting

3

To provide a summary of the audit findings

4

To outline the audit procedures

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Multiple Choice

What information does the client provide during the Initial Meeting?

1

The audit schedule

2

The unit or system to be reviewed

3

The audit report

4

The audit team members

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Multiple Choice

What is the purpose of the Preliminary Survey in audit planning?

1

To gather information about the unit

2

To review the internal control structure

3

To conduct the audit

4

To finalize the audit report

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Multiple Choice

What does the Internal Control Review process involve?

1

Gathering information about the unit

2

Reviewing the unit's internal control structure

3

Conducting the audit

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Finalizing the audit report

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Multiple Choice

What is the purpose of the audit program?

1

To outline the audit objectives

2

To conclude the preliminary review phase

3

To prepare financial statements

4

To conduct fieldwork

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