The objective of internal audit is
a) To prevent error and fraud
b) To detect error and fraud
c) To improve financial control
d) All of the above
Answer: (d) The objective of an internal audit is to provide insight into an organization’s culture, policies, procedures, and aids board and management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with any relevant laws or regulations.
More MCQ and Answers on Auditing
- Which among the following is not a right of company auditors.
- Test checking is done when there is an effective system of _________
- Test checking means
- Audit working papers are
- Current audit file consists of
- ____ begins where accounting ends.
- ________audit is compulsory for joint stock companies.
- Treating revenue expenditure as capital expenditure is an example of error of
- Financial statements are prepared by
- Preliminary expanses not written off are treated as