PAS3343 Quiz 1 CLO1 Ogos 2022

Which of the following are components of the

definition of internal auditing?

• Independence and objectivity.

• A systematic and disciplined approach.

• Helping the organization accomplish its

  objectives.

• All of the above.

Assurance, Insight, and Objectivity comprise:

• The mission of internal auditing.

• The three lines of defense model.

• The objectives of internal auditing.

• The value proposition.

Independent outside auditors provide financial

reporting assurance services primarily for:

• The benefit of third parties.

• Management.

• Board of directors.

• The CEO.

Within the context of internal auditing, assurance

services are best defined as:

• Objective examinations of evidence for the

  purpose of providing independent assessments.

• Advisory services intended to add value and

  improve an organization's operations.

• Professional activities that measure and

  communicate financial and business data.

• Objective evaluations of compliance with policies,

  plans, procedures, laws, and regulations.

Internal auditors must have competent

interpersonal skills. Which of the following does not

represent an attribute of interpersonal skills?

• Communication.

• Leadership.

• Project management.

• Team capabilities.

Internal auditing is _____ , _____ and _____ that is designed to add value and improve the organization's operation.

• consulting activity

• independent

• giving audit report for public reviews

• objective assurance

• an examination

Internal Auditing helps an organization to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the efficiency of risk management, control and governance process.

• True

• False

Which is not scope and responsibility of internal auditing?

• Look into issues pertaining to the financial matters/ financial position

• Examination and appraisal of control, performance, risk and governance for public and private entities.

• Submit a proposal outlining audit methodology, staffing plan, audit program & audit fees.

• Concentrate on certifying the accuracy of financial matters

• Examination and assessment of both performance and controls

Operational Audit's goal is to identified area for improvement, and provide suggestions that could maximize efficiency and effectiveness.

• True

• False

All of the companies must abide with many laws and regulations including company law, tax law, and environmental protection.

Regulations requires which of the internal control objectives?

• Effective operations

• Financial Reporting

• Government Reporting

• Compliance