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CA Final Internal Audit — practice questions — page 2

Explore 99 free Internal Audit questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Internal Audit questions and exercises with answers

Showing questions 31–60 of 99.

Which U.S. law of 2002 raised the profile of internal auditors?Read the answer and worked solution →Who is the primary customer of the internal audit activity?Read the answer and worked solution →Which of these shows functional reporting of the CAE to the board?Read the answer and worked solution →What do post investigation fraud audits aim to establish?Read the answer and worked solution →What constrains how much extra control an entity adds to raise assurance?Read the answer and worked solution →Who sets the tone at the top that shapes the control environment?Read the answer and worked solution →Evaluating controls within one's own unit by staff and junior managers is called what?Read the answer and worked solution →Which PERCV assertion means all transactions that should be processed were processed?Read the answer and worked solution →Which assertion requires transactions to be valued using the proper method?Read the answer and worked solution →Edit checks on data entry in an accounting application are which type of control?Read the answer and worked solution →Passwords and access-log reviews are part of which IT control group?Read the answer and worked solution →A control with direct impact on achieving an objective is said to have what?Read the answer and worked solution →What can automating manual controls help an entity achieve?Read the answer and worked solution →What does continuous controls monitoring use to evaluate controls?Read the answer and worked solution →Which person can be internal auditor under s.138(1)?Read the answer and worked solution →Who prescribes the manner and intervals of internal audit under s.138(2)?Read the answer and worked solution →Rule 13(1)(a) covers which companies, whatever their size?Read the answer and worked solution →Rule 13(1)(b)(i) sets what paid-up share capital level for unlisted public firms?Read the answer and worked solution →Which turnover level in Rule 13(1)(b)(ii) pulls in an unlisted public firm?Read the answer and worked solution →An unlisted public firm's bank loans must exceed what sum to be covered?Read the answer and worked solution →How much outstanding deposit brings an unlisted public firm within clause (b)(iv)?Read the answer and worked solution →Rule 13(1)(c): turnover limit for a private company?Read the answer and worked solution →A private company needs an internal auditor if bank loans exceed:Read the answer and worked solution →Which test covers unlisted public companies but not private ones?Read the answer and worked solution →Rule 13(1) allows the internal auditor to be an individual, a firm or:Read the answer and worked solution →Under the Explanation to Rule 13, the internal auditor:Read the answer and worked solution →In Rule 13, a Chartered Accountant also includes a CA who is:Read the answer and worked solution →Who formulates scope and periodicity of internal audit under Rule 13(2)?Read the answer and worked solution →Which item is NOT formulated under Rule 13(2)?Read the answer and worked solution →How long did existing covered companies get to comply with s.138?Read the answer and worked solution →

Worked practice questions

Which U.S. law of 2002 raised the profile of internal auditors?

  1. Sarbanes–Oxley Act
  2. Securities Act
  3. Glass–Steagall Act
  4. Dodd–Frank Act
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Correct answer: A. Sarbanes–Oxley Act

The Sarbanes–Oxley Act of 2002 raised the exposure and value of the profession because auditors had skills needed for compliance.

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Who is the primary customer of the internal audit activity?

  1. The board's audit committee
  2. The sales department head
  3. The company's suppliers
  4. The income tax office
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Correct answer: A. The board's audit committee

Though paid by the company, internal audit mainly serves the body charged with overseeing management, typically the audit committee.

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Which of these shows functional reporting of the CAE to the board?

  1. Board approves the audit charter
  2. CEO approves the audit findings
  3. Manager picks the audit staff
  4. Vendors review the audit plan
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Correct answer: A. Board approves the audit charter

Board approval of the charter, risk-based plan and budget are examples of functional reporting to the board.

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How to practise

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More Auditing topics

Auditor's ReportOverview of Audit of Public Sector UndertakingsStandards on Auditing and Professional EthicsInternational Ethics Standards Board for AccountantsRisk Assessment and Internal ControlSpecial Features of Audit of Banks and Non-Banking Financial CompaniesAuditor's Report on Financial StatementsAudit Planning Strategy and Execution