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WorksheetsAuditing Vocabulary
Total questions: 32
Worksheet time: 16mins
"Designed and conducted solely to define or judge current service" Is this:
Audit
Research
Evaluation
What comes first.....
Identify best practices
Setting standards
"Measures against a standard" Is this.....
Audit
Evaluation
Research
Why might you do an audit
There's been an incident / complaint
Evidence is required
There could be a cost / risk to a patient / the organisation
Audit Questions must be:
Specific
Easy
Yes/No
Who is responsible for updating the action plan?
You the auditor
The person who's completing the actions
Your Manager
The audit Committee Chair
Who do you share your findings with?
The audit committee
Your mum
People who may need to complete actions
Colleagues
Disclaimer means no opinion is given by auditors on financial statements.
True
False
There are only two types of opinions that can be given on financial statements.
True
False
An unqualified audit report is given by unqualified auditors.
True
False
The internal auditor is appointed by the directors.
True
False
Which auditor works within the company?
Internal Auditor
Independent auditor
External auditor
Qualified auditor
Who appoints the independent auditor?
Shareholders
Directors
Bank manager
SAIPA
Which will not form part of the companies annual report?
Income Statement
Balance sheet
List of employees
Audit report
The independent auditor will not:
Inspect the companies books
Check that Internal controls are adhered to
Compile all statements
Say whether the statements are reliable
How many types of opinions can be given by auditors on a company’s financial
statements?
1
2
3
4
Which audit opinion is most favourable for companies?
Unqualified
Qualified
Disclaimer
Who appoints the independent auditor?
Shareholders
SAIPA
Directors
Which of the following are not objectives of auditing?
Ascertain the profit and preparation of P/L Account, Balance sheet
Detection and prevention of frauds and errors.
Give a true and fair view of financial amount
To submits the accounts to the Government
Which of the following is not a kind of audit?
Statutory and private audit
Government and continuous audit.
final, Interim, Cash, Cost and Management audit
None of these.
An audit which is compulsory by the law __________.
Government audit.
Internal audit.
Cost audit.
Statutory audit.
Audit done by the employees of the business undertaking is called _______.
final audit.
management audit.
government audit.
company audit
Management audit otherwise called as _______.
final audit.
efficiency audit.
cost audit.
cash audit.
A number of checks and controls exercised in a business to ensure its efficient working is known as ________.
Internal check.
Internal control.
Internal audit.
Interim check.
Voucher relates to _________.
cash receipt.
cash payment.
credit transactions.
all the above.
Internal check is meant for ___________.
prevention of frauds.
detection of frauds
helping audit is depth.
detection of errors.
Internal auditor is appointed by ________.
the management.
the shareholders
the government.
he statutory body.
Auditing begins where ______ ends.
Selling.
inventory valuation.
Accounting.
Purchases.
Each of the three parties involved in an audit ......................... plays a role that contributes to its success.
the client, the auditor, and the auditeer
the client, the auditor, and the audit
the client, the moderator, and the auditee
the client, the auditor, and the auditee
assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded
Completeness
Existence
Valuation and Allocation
Occurrence
the inspection of documentary evidence supporting and substantiating a transaction, by an auditor
VOUCHING
TRACING
SAMPLING
VERIFYING
An attitude that includes a questioning mind and a critical assessment of audit evidence
Skill
Accuracy
Independent
Professional skepticism
