WorksheetsAuditing in Public Sector
Total questions: 15
Worksheet time: 4mins
Internal Audit is carried out by?
The Institute of Internal Auditors
National Audit Department
Internal Audit Unit
National Audit Department and Internal Audit Unit
How many parties are involved in the framework for public sector accounting?
7
3
5
2
What are the nature and scope of audit work?
Reasonable precautions to safeguard collection and custody of public money.
Payments made with proper authority supported by sufficient vouchers.
Due care has been taken into account for proper use, control, maintenance and disposal of all public stores.
All of the above.
"To declare any virtue in relations to the regulations" is one of the purposes of Audit in government.
True
False
Which one is NOT types of Audits?
Financial Audit
External Audit
Compliance Audit
Performance Audit
External audit for public sector aims...
To achieve high level of public accountability.
To have clear understanding about the organization's strategic directions and objectives.
To maintain or improve the efficiency and effectiveness of internal control and governance.
All of the above.
Which one is not the duty of public sector organisations?
Maintain proper accounting system and practice.
Perform record keeping.
Review statements and provide any related comments.
Prepare financial statements at the end of the day.
Which one of these are the powers of Audit General?
Have powers to CALL UPON any person for explanation and information for all records, vouchers, documents and properties subject to audit.
Have powers to ADD or REMOVE the details in the financial statements.
Have powers NOT to obtain the advice of law office upon legal matters.
None of the above.
Over the years, practice and sope of Audit has expanded and included non-financial subject matters. Eg: management operations.
True
False
Which one is NOT key challenges of Public Sector Auditing?
Increase use of technology
Receive a demand for new types of Audits.
Inadequate number and relative competence of Audit Personnel
Transitional method: Straight line and Reducing balance
What is the function of compliance audit?
To determine the true and fair view of the annual financial statement
To determine and examine evidence whether a financial or operating activity confirms to specified conditions, rules or regulations
To assess or examine the extent to which an activity, programme or public institution operates efficiently and effectively
Who will present the audit report to the PAC?
Public sector organisations
Auditor general department
Public accounts committee
None of the above
Are financial statements, financial management of state department, financial management of federal statutory bodies, activities and special research of state department falls under the audit report?
Yes
No
Give one example of professional audit standards for public sector auditing.
International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA).
Government Internal Audit Standards, United Kingdom.
Generally Accepted Government Auditing Standards issued by the US Government Accountability Office (GAO)
All of the above.
What does acronym O.B.B. stands for?
Opening Billboard
Organizational Buying Behavior
Outcome-based Budgeting
Optus Business Broadband
