[Solved] Internal audit means (MCQ)

Internal audit means

a) Audit undertaken to ascertain truth and fairness of state of affairs

b) Audit undertaken internally to evaluate management functions

c) Audit undertaken by employees of the organization to check financial irregularities

d) Audit by independent auditor to improve internal affairs

Answer: (c) Internal audit means audit undertaken by employees of the organization to check financial irregularities. The role of internal audit is to provide independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively.

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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