What is the first stage in the audit process?

Audit Stages

Quiz
•
Instructional Technology
•
Professional Development
•
Easy
Jimmy Moedjahedy
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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