Performance audits usually include [two answers]a. Financial audits.b. Economy and efficiency audits.c. Compliance audits.d. Program audits
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Performance audits usually include [two answers]
a. Financial audits.
b. Economy and efficiency audits.
c. Compliance audits.
d. Program audits
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- Another term used for performance audit is *a. Agency activity auditb. Value for money auditc. Program implementation auditd. Regulation compliance auditAn examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit Select one: a. compliance audit b. operational audit c. financial statement audit d. production auditThe internal audit risk assessment process: [SELECT ALL THAT APPLY] a) Provides the Internal Audit function with an ability to prioritize risk areas based on objective and subjective evaluation criteria. b) Should be considered the foundation of the audit function. c) Leads to the creation of the annual audit plan and audit budget. d) Should leverage management's enterprise risk management assessment process, if appropriate.
- List three reasons management may ask for an operational audit to be performed, and explain how the audit program would be impacted by each of them.Aligning the to the organization's strategic objectives links the entire audit process to business objectives and enterprise-wide risks. To effectively allocate audit resources, audit departments should develop a risk-based that takes into consideration the full audit universe and the risks associated with each audit universe item, including any departmental resource constraints. a) audit department; audit strategy b) risk assessment; audit plan c) audit universe; audit approach d) audit charter; audit budgetExplain the following audit strategy document main sections: Scope Materiality Audit Strategies Timeframe Communication and Reporting
- What are the two main categories of the Internal Audit Standards? a) Attribute and Performance b) Planning and Execution c) Internal and External d) Audits and ConsultingIn which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. FollowupA review of how an organization’s management and its operating procedures are functioning with respect to their effectiveness and efficiency in meeting stated objectives. a. External Audit b. Operational Audit c. Cash Audit d. Internal Audit
- The primary objective of compliance auditing is toa. Give an opinion on financial statements.b. Develop a basis for a report on internal control.c. Perform a study of effective and efficient use of resources.d. Determine whether client personnel are following laws, rules, regulations, and policiesExplain the function of standards andmeasurements in economy, efficiency, andprogram results audits.Which of the following is considered different and more limited in objectives than theothers?a. Operational auditing.b. Performance auditing.c. Management auditing.d. Financial statement auditing
