Internal Auditing | Revision 1

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