Internal Control & Auditing

Any action taken by management, the board and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved is definition of?

• Control

• Audit

• Internal Control

• Internal Auditing

Limitation of Internal control may result from the following condition, except?

• Internal events beyond the organization’s control

• Reality that human judgment in decision making can be faulty and subject to bias

• Breakdowns that can occur because of human failures such as simple errors

• Ability of management to override internal control

An independent, objective assurance and consulting activity designed to add value and improve an organization’s operations is definition of?

• Internal Control

• Internal Auditing

• Control

• Audit

The following item are difference between assurance and consulting, except?

• The Object

• The Output

• Parties involved

• Nature of engagement

The following are part of GANRA Audit Process, except?

• Annual Planning

• Management Reporting

• Quality Control

• Audit Project Execution