What is the primary role of internal auditing within an organization?

Internal Audit Process and Responsibilities

Interactive Video
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Business, Professional Development, Education
•
10th - 12th Grade
•
Hard

Mia Campbell
FREE Resource
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To manage daily operations
To provide independent assurance and add value
To handle customer complaints
To oversee employee performance reviews
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who does the internal audit team report to within an organization?
The Finance Department
The Marketing Department
The Board of Directors
The Human Resources Department
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the announcement letter in the internal audit process?
To announce new company policies
To provide feedback on past audits
To inform the auditee about the audit scope and schedule
To introduce new team members
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During the pre-audit meeting, what is the auditor's main objective?
To finalize the audit report
To train the auditee on new software
To understand the process and identify potential risks
To negotiate audit fees
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to request documents via email rather than on a pen drive?
Pen drives are more expensive
Emails provide a record for accountability
Emails are faster to send
Pen drives can be easily lost
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the risk control matrix (RCM) in the audit process?
To schedule audit meetings
To list all employees in the audit team
To summarize past audit findings
To outline potential risks and controls
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the significance of sampling during the fieldwork phase?
To reduce the number of auditors needed
To ensure all documents are reviewed
To make the audit process more efficient
To focus on the most critical areas
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