WorksheetsInternal Auditing | Revision 1
Total questions: 15
Worksheet time: 5mins
What is an internal audit?
Check, compare, communicate and consult.
Check, compute, communicate and consult.
Cheat, compare, communicate and consult.
Check, compare, community and consult.
To ensure independence, it is important for internal auditors to be part of the management hierarchy.
True
False
The cornerstones of effective corporate governance are:
audit committee
management
external auditors
All options are correct.
What do Internal Auditors do?
Determining if entities are not complying with applicable laws.
Preparing financial statement and ensure its accuracy and proper treatment.
One option is correct.
Both options are correct.
IPPF stands for:
International Professional Practices Foundation
International Profession Practices Framework
International Professional Practical Framework
International Professional Practices Framework
The following(s) is/are core principles for the Professional Practice of Internal Auditing:
Demonstrates integrity.
Communicates efficiently.
Is subjective and free from undue influence .
All options are correct.
Why do we have IPPF standards?
Provide the principles that represent the practice of external auditing as it should be.
Foster improved External Audit process and operations.
Both options are correct.
Both options are incorrect.
Which standard starts with number 1?
Overarching Standard
Underlying Standards
Performance Standard
Two options are correct.
Implementation Guidance is a mandatory guidance under IPPF Standard.
True
False
Code of Ethics are a mandatory guidance under IPPF Standard.
True
False
Quality in internal audit begins with the ___________ and organization of the audit activity.
structure
vision
mission
risk
What are the benefits of quality assurance for internal auditors
Obtaining best-practice recommendations and benchmarks.
Continuous improvement.
Both options are correct.
Both options are incorrect.
Pandemic outbreak is considered as the biggest business risk in 2021
True
False
The following(s) is/are examples of event(s) that may generate(s) operational risk:
Availability of staff.
Utility failures.
Non-compliance with key legislations.
All options are correct.
_________________ is the remaining level of risk following the development and implementation of the entity’s response.
Risk
Inherent Risk
Residual Risk
Returns
