Internal Audit Report

What is means of clear?

• Give management make decisions

• Free from errors

• Easily understand and logical

• Leds to improvmeent

What are the 4 features of internal audit report?

• Disclose findings, Follow up, Suggestions and Recommendations and Auditee’s comment

• Disclose findings, Description of findings, Suggestions and Recommendations and Auditee’s comments

• Disclose findings, Description of findings, Suggestions and Formal draft

• Disclose findings, Description of findings, Management response and Recommendations and Auditee’s comment

What is main role of internal audit?

• Detecting fraud and preventing fraud

• Prepare financial statement for company

• Identify swot for organization

• Understand key activities and internal control within organisation

Existing controls are in place to manage a risk, but there's room for improvement. This scenario would be best described by which control rating?

• Strong (S) control

• Moderate (M) control

• Limited (L) control

• Insufficient (I) control

Which of the following is NOT a characteristic of a SMART response according to the slide?

• Measurable - Defines how you'll track progress.

• Time-bound - Establishes a deadline for completion.

• Specific - Directly addresses the issue at hand.

• Ambitious - Sets a very high goal for improvement.

The internal audit report is specify about?

• Operational inefficiencies and wasted resources

• Material weaknesses in internal control

• Financial statement misstatements and control deficiencies

• Immaterial variances in key performance indicators

How many element in internal audit report?

• 5

• 3

• 6

• 4

How many internal audit structure embedded in internal audit report?

• 5

• 4

• 3

• 2

Answer explanation

Effective "Corrective Actions" in the 5 Cs framework should be?

• Focused solely on penalizing those responsible for the issue.

• Broad and open-ended, leaving room for interpretation.

• Primarily concerned with cost-cutting measures, regardless of effectiveness.

• Clear, measurable, achievable, relevant, and time-bound (SMART)