quiz 2-gov

The main objectives of an internal audit are the following except

• to analyze the operation

• to render an opinion on the financial statements

• to review controls

• to improve internal controls

measuring performance quality improvement in carrying out assigned responsibilities is called

• assessment

• review

• enhancement

• advisory

knowing the adequacy and effectiveness of the organizations' system of internal control is called

• assessment

• review

• enhancement

• advisory

External Auditing _________

• Provides financial, operational assurance consultative

• Focus on future events and evaluating controls designed to ensure the accomplishment of entity goals and objectives

• Focuses on the accuracy and understandability of historical events expressed in financial statement

• none of the given answer

statement 1: It is optional for the company to have at LEAST ONE MEMBER of the board to have relevant qualifications and experience in the field of finance and accounting.

statement 2: The CHAIR OF THE COMMITTEE must be independent and cannot be the chair of the board of directors

• both statement is true

• only first statement is true

• only second statement is true

• both statements is not true

Statement 1: The audit committee must consist of independent members.

Statement 2: The audit committee is given the responsibility of selecting and overseeing the company’s independent auditor.

• both statement is true

• only first statement is true

• only second statement is true

• both statements is not true

An objective examination of evidence provides an independent assessment of risk management, control, or governance processes for the organization. An independent opinion is needed (entity operation, function, process, system, or other subject matter)

• assurance

• consulting

• risk management

• assurance and consulting

the practice of providing a third party with expertise on a matter in exchange for a fee.

• assurance

• consulting

• risk management

• none of the given answer

refers to the process of increasing the worth or importance of something, often in a financial or business context

• assurance

• consulting

• risk management

• adding value

a systematic process that involves identifying, analyzing, and controlling hazards and risks is called

• risk management

• risk assessment

• risk

• risk research