Internal Auditing | Revision 1

1.

Multiple Choice

10 sec

1 pt

What is an internal audit?

Check, compare, communicate and consult.

Check, compute, communicate and consult.

Cheat, compare, communicate and consult.

Check, compare, community and consult.

2.

Multiple Choice

10 sec

1 pt

To ensure independence, it is important for internal auditors to be part of the management hierarchy.

True

False

3.

Multiple Choice

20 sec

1 pt

The cornerstones of effective corporate governance are:

audit committee

management

external auditors

All options are correct.

4.

Multiple Choice

20 sec

1 pt

What do Internal Auditors do?

Determining if entities are not complying with applicable laws.

Preparing financial statement and ensure its accuracy and proper treatment.

One option is correct.

Both options are correct.

5.

Multiple Choice

20 sec

1 pt

IPPF stands for:

International Professional Practices Foundation

International Profession Practices Framework

International Professional Practical Framework

International Professional Practices Framework

6.

Multiple Choice

20 sec

1 pt

The following(s) is/are core principles for the Professional Practice of Internal Auditing:

Demonstrates integrity.

Communicates efficiently.

Is subjective and free from undue influence .

All options are correct.

7.

Multiple Choice

20 sec

1 pt

Why do we have IPPF standards?

Provide the principles that represent the practice of external auditing as it should be.

Foster improved External Audit process and operations.

Both options are correct.

Both options are incorrect.

8.

Multiple Choice

20 sec

1 pt

Which standard starts with number 1?

Overarching Standard

Underlying Standards

Performance Standard

Two options are correct.

9.

Multiple Choice

10 sec

1 pt

Implementation Guidance is a mandatory guidance under IPPF Standard.

True

False

10.

Multiple Choice

10 sec

1 pt

Code of Ethics are a mandatory guidance under IPPF Standard.

True

False

11.

Multiple Choice

20 sec

1 pt

Quality in internal audit begins with the ___________ and organization of the audit activity.

structure

vision

mission

risk

12.

Multiple Choice

20 sec

1 pt

What are the benefits of quality assurance for internal auditors

Obtaining best-practice recommendations and benchmarks.

Continuous improvement.

Both options are correct.

Both options are incorrect.

13.

Multiple Choice

30 sec

1 pt

Pandemic outbreak is considered as the biggest business risk in 2021

True

False

14.

Multiple Choice

20 sec

1 pt

The following(s) is/are examples of event(s) that may generate(s) operational risk:

Availability of staff.

Utility failures.

Non-compliance with key legislations.

All options are correct.

15.

Multiple Choice

20 sec

1 pt

_________________ is the remaining level of risk following the development and implementation of the entity’s response.

Risk

Inherent Risk

Residual Risk

Returns

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