SOM(5)

Reorder

Reorder the following audit process

• Planning

• Fieldwork

• Audit Report

• Follow up review

1

2

3

4

• 1
• 2
• 3
• 4

Multiple Choice

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

• Closing Meeting

• Follow-up Review

• Survey or Preliminary Review

• Final Review

Multiple Choice

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

• To replace the role of the auditor

• To eliminate the need for reporting

• To reduce the auditor’s workload

• To ensure accurate evidence

Multiple Choice

One key objective of the audit process is to…

• Delay reporting deadlines

• Eliminate client participation

• Minimize time diverted from operations

• Maximize disruption to ongoing activities

Multiple Choice

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

• Shorten the fieldwork

• Replace the planning stage

• Ensure corrective actions taken

• Prepare financial statements

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

• notify client about audit

• discuss plan with client

• info on client's operations

• system's strength and weakness

• audit procedures

Match

Match the following fieldwork

• transaction testing

• communication

• audit summary

check records for accuracy

suggest improvement

compile key findings

• check records for accuracy

• suggest improvement

• compile key findings

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

• first shared document

• meeting to review findings

• internal review before official report

• audit report to stakeholders

Multiple Choice

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

• Final Report

• Follow-up Review

• Exit Conference

• Discussion Draft

Match

Match the following audit follow up

• follow up review

• follow up report

• annual report

check implement corrective actions

verify effectiveness

yearly overview

• check implement corrective actions

• verify effectiveness

• yearly overview

Multiple Choice

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

• Discuss the scope and objectives

• Evaluate existing controls

• Plan the remaining audit steps

• Notify the client of the audit

Multiple Choice

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

• To inform the client about the audit

• To schedule the initial meeting

• To provide a summary of the audit findings

• To outline the audit procedures

Multiple Choice

What information does the client provide during the Initial Meeting?

• The audit schedule

• The unit or system to be reviewed

• The audit report

• The audit team members

Multiple Choice

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

• To gather information about the unit

• To review the internal control structure

• To conduct the audit

• To finalize the audit report

Multiple Choice

What does the Internal Control Review process involve?

• Gathering information about the unit

• Reviewing the unit's internal control structure

• Conducting the audit

• Finalizing the audit report

Multiple Choice

What is the purpose of the audit program?

• To outline the audit objectives

• To conclude the preliminary review phase

• To prepare financial statements

• To conduct fieldwork