Group 1 - Internal Audit

Which of the following are components of the definition of internal auditing?

• Independence and Objectivity

• A systematic and disciplined approach

• Helping the organization accomplish its objectives

• All of the above

What is an internal audit?

• Check the company's finances.

• Check the company's internal control system.

• Check the company's tax.

• Check the company's production process.

What is the main purpose of an internal audit?

• Identify errors and frauds.

• Ensure compliance with legal regulations.

• Evaluate the effectiveness and efficiency of the internal control system.

• Both a) and c).

What stages does the internal audit process include

• Planning, implementing, and reporting.

• Planning, conducting, and evaluating.

• Planning, implementation, and evaluation

• Planning, implementation, and analysis.

What skills does the internal audit team need?

• Knowledge of internal audit and control.

• Communication and analytical skills.

• Leadership and project management skills.

• Both a), b), and c).

Internal audit is usually performed by whom in the company?

• Internal auditors.

• Financial staff.

• Senior management staff.

• Both a), b), and c).

The internal audit process includes data collection, analysis, and evaluation. What is the analysis phase?

• Identify risks and weaknesses.

• Compare actual data with the standard.

• Evaluate the effectiveness and efficiency of the internal control system.

• Identify remedial measures.

The internal audit process includes data collection, analysis, and evaluation. What is the evaluation phase?

• Identify risks and weaknesses.

• Compare actual data with the standard.

• Evaluate the effectiveness and efficiency of the internal control system.

• Identify remedial measures.

How many times per year are internal audits usually performed?

• One time

• Twice

• Three time

• Subject to company regulations

What is not a benefit of internal audit?

• Fraud detection and prevention.

• Ensure compliance with legal regulations.

• Improve the efficiency and effectiveness of the internal control system.

• Strengthen the power of internal audit staff.