Internal Audit Awareness Month Pop Quiz
Internal Audit Awareness Month Pop Quiz
Test your knowledge about internal auditing and its importance in organizations. This quiz will challenge your understanding of internal control, governance, and the role of internal auditors.
- Multiple choice questions
- True or false statements
- Gain insights into the practices of internal audit
1. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.
True
False
2. Internal control is…
The combination of processes and structures implemented by the board to inform, direct, manage, and monitor the activities of the organization toward the achievement of its objectives.
Is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency.
Includes the methods and processes used by organizations to identify, assess and manage risks related to the achievement of their objectives.
3. Internal audit reports go to...
Management and audit committee
Shareholders, regulators, board of directors and audit committee.
4. __________is the freedom from conditions that threaten the ability of the internal audit activity to carry out internal audit responsibilities in an unbiased manner.
Assurance
Consulting(advisory) services
Objectivity
Independence
5. Which of the following statements are true?
We are a global force with 100,000 + members in 120 countries and territories and 180,000 certified Internal Auditors worldwide. This is The IIA. (The Institute of Internal Auditors)
We are a global force with 110,000 + members in 135 countries and territories and 185,000 certified Internal Auditors worldwide. This is The IIA. (The Institute of Internal Auditors)
We are a global force with 200,000 + members in 125 countries and territories and 181,000 certified Internal Auditors worldwide. This is The IIA. (The Institute of Internal Auditors)
We are a global force with 210,000 + members in 125 countries and territories and 180,000 certified Internal Auditors worldwide. This is The IIA. (The Institute of Internal Auditors)
6. __________ are directly concerned with the prevention of fraud in any activity reviewed
External auditors
Internal auditors
7. Some benefits of internal audit are:
Efficiency, improved compliance, discipline, integrity
Efficiency, improved compliance, security, integrity.
Efficiency, improved compliance, loyalty, integrity.
8. Internal audit helps an organization accomplish its objectives by only disciplined evaluating the effectiveness of risk management, control processes.
True
False
9. ‘Governance’ refers to
The relationship organizations have with Government Agencies
The ability of organizations to set their strategic objectives and manage their operations free from the interference of external parties
The combination of processes and structures implemented by management to inform, direct, manage, and monitor the activities of the organization toward the achievement of its objectives.
None of the above
Internal Auditors are independent of management and the governing body including the Board of Directors
True
False
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