Get Principles Of Auditing Mcqs

Types of Audits and Services Operational Audits. This function assesses risks and evaluates internal controls of operational systems for departments, units, and functions. ... Financial Audits. ... Advisory and Consulting Engagements. ... Investigations. ... Information Systems Audits. ... Compliance Audits.

The basic principles of auditing are confidentiality, integrity, objectivity, independence, skills and competence, work performed by others, documentation, planning, audit evidence, accounting system and internal control, and audit reporting.

There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.

What Are The Basic Principles Of Auditing? Integrity, Objectivity and independence. Confidentiality. Skills and competence. Work performed by others. Documentation. Planning. Audit evidence. Accounting Systems and Internal Controls.

The objective of the audit is to detect and prevent the fraud and error by verifying the records inn depth.

Auditing Question 1: Planning. Reporting. Testing. Internal Control.

Principle Aspects Covered by Auditing 2.1 1] Review of all Systems. 2.2 2] Review of the Internal Controls. 2.3 3] Arithmetical Accuracy. 2.4 4] Accounting Principles. 2.5 5] Verification of Assets. 2.6 6] Verification of Liabilities. 2.7 7] Vouching. 2.8 8] Statutory Compliance.

We refer to these as the four Cs: culture, competitiveness, compliance, and cybersecurity.