[Solved] Internal audit is considered as a service to

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Internal audit is considered as a service to

a) Share holders

b) Board of directories

c) Management

d) None of these

Answer: (c) Internal audit is considered a service to Management. An internal audit offers risk management and evaluates the effectiveness of a company’s internal controls, corporate governance, and accounting processes. Internal audits provide management and board of directors with a value-added service where flaws in a process may be caught and corrected prior to external audits.

More MCQ and Answers on Auditing

  1. Which among the following is not a right of company auditors.
  2. Test checking is done when there is an effective system of _________
  3. Test checking means
  4. Audit working papers are
  5. Current audit file consists of
  6. ____ begins where accounting ends.
  7. ________audit is compulsory for joint stock companies.
  8. Treating revenue expenditure as capital expenditure is an example of error of
  9. Financial statements are prepared by
  10. Preliminary expanses not written off are treated as

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