Audit Stages

Audit Stages

Professional Development

10 Qs

quiz-placeholder

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Audit Stages

Audit Stages

Assessment

Quiz

Instructional Technology

Professional Development

Easy

Created by

Jimmy Moedjahedy

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first stage in the audit process?

Preplanning the audit

Approving the audit charter or engagement letter

Performing a risk assessment

Gathering evidence

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the purpose of an audit charter?

To define the scope and objectives of the audit

To provide authority to perform an audit

To document the results of the audit

To outline the responsibilities of the audit team

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is responsible for issuing the audit charter?

The internal audit team

The audit committee

The independent auditor

The external organization

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the six key areas discussed during preplanning?

Management

Data

Audit Results

echnology Platform

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of performing a risk assessment in the audit process?

To approve the audit charter

To ensure sufficient evidence will be collected

To analyze the results of the audit tests

To report the findings to the audit committee

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of risk refers to natural or built-in risks that always exist?

Detection Risk

Control Risk

Inherent Risk

Mitigation Risk

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of mitigation as a risk response?

To transfer the risk to another party

To reduce the effect of potential damage

To avoid taking the risk entirely

To accept the risk without taking action

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