
Audit Planning and Strategy
Quiz
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Other
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University
•
Practice Problem
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Easy
Md Fauzi Ismail
Used 4+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of planning the audit process?
To waste time and resources
The purpose of planning the audit process is to ensure that the audit is conducted effectively and efficiently.
To confuse the auditors
To delay the audit process
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the key components of an audit plan?
scope and objectives, audit criteria, audit methodology, audit resources, audit schedule, and reporting
audit budget, audit timeline, audit objectives
audit team, audit tools, audit software
audit findings, audit recommendations, audit conclusions
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between an audit plan and an audit program?
An audit plan is used for internal audits, while an audit program is used for external audits.
An audit plan outlines the overall approach and objectives of an audit, while an audit program provides detailed procedures and instructions for conducting specific audit tests and procedures.
An audit plan focuses on financial audits, while an audit program focuses on operational audits.
An audit plan is created by the auditee, while an audit program is created by the auditor.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors should be considered when developing an audit plan?
Organization's objectives, risks, control environment, regulatory requirements, industry standards, and previous audit findings.
Favorite color, favorite food, and favorite movie.
Personal preferences, weather conditions, and social media trends.
Budget constraints, employee availability, and office location.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of an audit program in the audit process?
The role of an audit program is to provide a subjective and biased approach to conducting an audit.
The role of an audit program is to hinder the audit process and slow down productivity.
The role of an audit program is to provide a structured approach and guidelines for conducting an audit.
The role of an audit program is to create unnecessary paperwork and bureaucracy.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is an audit program designed?
An audit program is designed by randomly selecting tasks to be audited.
An audit program is designed by following a systematic approach that includes planning, organizing, executing, and reporting on the audit process.
An audit program is designed by skipping the planning phase and directly executing the audit process.
An audit program is designed by only focusing on reporting and neglecting the other phases of the audit process.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the key elements of an audit strategy?
planning, risk assessment, materiality, audit procedures, and reporting
budgeting, sampling, documentation, and analysis
interviewing, observation, testing, and evaluation
planning, execution, review, and follow-up
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