WorksheetsModule 8: Internal Audit
Total questions: 12
Worksheet time: 6mins
What is the primary purpose of an internal audit under ISO 55001?
To verify financial statements and accounting records
To ensure the Asset Management System meets ISO 55001 requirements and supports strategic objectives
To manage employee salaries and benefits
To certify external suppliers
How does an internal audit differ from a financial audit?
Internal audits focus on asset management system conformity and improvement
Internal audits focus on tax compliance
Internal audits are always performed by external parties
Internal audits only evaluate employee satisfaction
Which of the following best describes an internal auditor (IA)?
A company employee who manages daily operations
A third-party auditor assessing financial records
A trained professional providing independent assessments of the AMS, ensuring ISO 55001 compliance
A government inspector
Which is NOT a typical responsibility of an internal auditor?
Assess risks within the AMS
Evaluate compliance with asset management policies
Make recommendations to improve the AMS
Approve company budgets
What is the first step in the internal audit process?
Reporting findings
Monitoring corrective actions
Planning the audit, including objectives, timeline, and checklist
Conducting interviews with employees
What is included in the reporting stage of an internal audit?
Only a verbal discussion with employees
A formal report, interim reports, and recommendations for improvements
Issuing fines to non-compliant departments
Filing tax documentation
The 5 C’s of an internal audit report include:
Cost, Compliance, Control, Corrective Action, Communication
Criteria, Condition, Cause, Consequence, Corrective Action
Control, Cause, Compliance, Consequence, Cost
Criteria, Control, Cost, Cause, Communication
Which is a key benefit of internal audits?
Reducing external audit requirements and improving efficiency
Filing company taxes
Increasing employee salaries
Purchasing new assets
Which type of internal audit focuses on whether IT infrastructure supports the AMS effectively?
Operational Audit
IT Audit
Compliance Audit
Environmental Audit
Which statement correctly distinguishes an internal auditor from an external auditor?
Internal auditors report to external stakeholders; external auditors report to management
Internal auditors evaluate AMS efficiency and alignment with ISO 55001; external auditors provide an independent assessment of compliance
Internal auditors only focus on finances; external auditors focus on operations
Internal auditors are independent third parties; external auditors are employees
How often can internal audits be conducted?
Only once a year
On a day-to-day, monthly, quarterly, or annual basis depending on management needs
Only before external audits
Only when an asset is purchased
Why might a company perform an internal audit even if external audits exist?
To replace the need for ISO 55001 certification
To improve efficiency, motivate staff, identify loopholes, and proactively address issues
To reduce taxes
To avoid reporting to management
