ACC210
Question: A Why can the auditor not give absolute assurance?
Answer: Not 100% of the transactions \nin the year aretested
Question: Which of the following would limit the independence of the Internal Audit function?
Answer: The remuneration package of the Internal \nAudit function includes a bonus based on profit for the year.
Question: What is the purpose of an Internal Audit Report?
Answer: To report to the Audit Committee on controls, procedures and compliance.
Question: Which of the following statements is correct:
Answer: Internal Audit report to the Audit Committee whereas ExtemalAudit reports to the shareholders.
Question: An example of a self-review threat is:
Answer: An auditor who implements an accounting system for an audit client.
Question: If the banking process should be carried out with one member of staff counting the cash and another banking it what is this control called?
Answer: separation
Question: How does Internal Audit properly carry out its function?
Answer: They cany out assignments and\n report their findings to the AuditCommittee.
Question: An auditor can be removed from their position as Auditor by:
Answer: A vote by a majority of theshareholders
Question: Corporate governance is a crucial element on how companies should be run. Which of the following has ultimate responsibility for Corporate Governance within an organisation
Answer: The Board of Directors
Question: Â Which of the following would you \nassociate with a Limited AssuranceEngagement?
Answer: A report containing negative \nassurance from theAuditor
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