Internal Audit Questions

Type of audit to examine the accuracy of an organization's Financial Statements and compliance w/ acctg.standards.

• Financial Audit

• Tax audit

• Management audit

• Compliance audit

(TRUE or FALSE) Internal Audit functions in an advisory capacity.

Who has the primary role over internal controls in an organization?

Which of the following is NOT considered a value-adding activity of internal audit?

• Risk Mitigation

• Cost and Time Savings

• Detection of Fraud

• Providing an opinion on the accuracy of the financial statements

(TRUE or FALSE) Providing reasonable assurance that all policies are implemented and operating effectively is an internal audit function

Which of the following is considered one of the important pillars of internal auditors?

• objectivity
• collaboration
• universality

• malasakit

Type of Audit which focuses on determining whether the organization is in compliance with relevant requirements.

• performance audit
• compliance audit
• financial audit
• tax audit

(True or False) Preliminary audit discussion is held after auditors complete their examination, analysis, and audit report preparation.

Refers to a formal document prepared by auditors after completing an audit of an organization.

• audit conclusion
• audit findings
• audit summary
• audit report

It refers to a concluding meeting in the audit process, held after the auditors have completed their report preparation.

• Final Audit Discussion

• Press conference

• Closing conference
• Audit review