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AE 10 QUIZ 1

Total questions: 13

Worksheet time: 20mins

Name
Class
Date
1.

ISO Stands for?

a)

International Standard Organization

b)

Internal Organization for Standardization

c)

International Organization for Standardization

d)

International Standard for Organizations

2.

The requirements of ISO 9001:2015 depend on which type of organization according to its type or size, or the products and services it provides.

a)

TRUE

b)

FALSE

3.

All categories of risk, their management, including reporting on them are covered in external audit.

a)

TRUE

b)

FALSE

4.

Improvement is fundamental to the purpose of internal auditing

a)

TRUE

b)

FALSE

5.

Internal Auditors report to board and senior management who are within the organizations governance structure.

a)

TRUE

b)

FALSE

6.

Which of following is not an example of risk?

a)

health and safety risks

b)

risks associated with market failure

c)

risks of supplier failure

d)

competitors' reputation

7.

The following are activities of internal audit except?

a)

Evaluating controls and advising the employees

b)

Evaluating risks

c)

Analyzing operations and confirm information

d)

Working with other assurance providers

8.

This type of internal audit evaluate compliance with applicable laws, regulations, policies and procedures.

a)

Environmental

b)

Information Technology

c)

Compliance audit

d)

Operational

9.

This aims to assess the organization’s control mechanisms for their overall efficiency and reliability.

a)

Compliance Audit

b)

Information Technology Audits 

c)

Operational Audits 

d)

Environmental Audits

10.

This evaluates whether the organization is meeting the metrics set by management in order to achieve the goals and objectives set forth by the Board of Directors.

a)

Operational Audit 

b)

Information Technology Audit 

c)

Compliance Audit

d)

Performance Audit

11.

During this stage, the internal audit team will define the scope and objectives, review guidance relevant to audit and review the results from previous audits.

a)

Fieldwork

b)

Reporting

c)

Planning

d)

Follow-up 

12.

Which of the following is not among the common pitfalls that can derail an Internal Audit?

a)

not reviewing the data

b)

not talking to all clients/stakeholders

c)

subjectivity and independence

d)

scope creep

13.

Enumerate and explain the internal audit procedure.

4 lines