Auditing in Public Sector

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