Internal Audit Terms and Definitions
Quiz
•
Professional Development
•
University
•
Practice Problem
•
Hard
Lawson Wang
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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
What is an Audit?
A systematic, independent and documented process for obtaining objective evidence.
A method used to determine whether the system is faulty.
A check arising from a complaint made by an employee.
An inspection of the process after it is implemented.
2.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
To ensure the internal auditors can render impartial or unbiased opinions during audit engagements, they shall:
Not involve in day-to-day operations of the organization.
Not involve in auditing his/her own activities that will lead to any conflict of interest.
Not make management decisions.
Not report to the CEO of the organization.
3.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Which 1 (ONE) of the following describe the audit scope?
It is the extent and boundaries of an audit.
It is the direction given by management to audit the departments.
It is the purpose in carrying out the internal audits.
It is the description generally referred to as internal audit responsibility.
4.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Senior management of an organization has requested that the internal audit function help educate employees about internal control concepts. This work is an example of which type of engagement:
An assurance engagement
A training consulting engagement
A facilitative consulting engagement
An advisory consulting engagement
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which 1 (ONE) of these statements is not the definition of audit criteria?
A set of requirements used as a reference against which objective evidence is compared.
If the audit criteria are legal requirements, the words "compliance" or "non-compliance" are often used in an audit finding.
A set of requirements may include policies, procedures, work instructions, legal requirements, contractual obligations, etc.
A set of guidelines to assist the internal quality auditors.
6.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
How are objective evidence obtained when conducting internal audits?
It can be obtained through observation, measurement, test, interview or by other means.
It can be obtained by using public media, magazines and catalogues.
It can be obtained by questionnaire given to the auditees.
It can be obtained from third parties' records and registers.
7.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
The policies and procedures helping to ensure that management directives are executed and actions are taken to address risks to achievement of objectives describes
Control activities.
Control environments.
Risk assessments.
Monitoring.
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