24)Which among the following is not considered as a part of reconciliation in internal control system?

a.

The agency should sign and date the reconciliation on completion

b.

Should be reviewed by a person outside of the reconciliation process

c.

Agencies should reconcile all funds and accounts on at least a monthly basis

d.

A powerful control tool to identify and correct errors on a timely basis.

25)The purpose of internal control is to have proper control over business. Proper control means, the business will be able to _____________

a.

Achieve maximum efficiency

b.

Compromise on quality

c.

Compromise on quality

d.

Produce more goods in more time

26)Audit of Bank Muscat is an example of __________

a.

Statutory audit

b.

Public sector Audit

c.

Internal Audit

d.

External Audit

27)Which of the following is not a principle relating to risk assessment?

a.

Specifies objectives with sufficient clarity

b.

Considers the potential for fraud in assessing risks

c.

Designing the information systems

d.

Identifies and analyses risks and respond to changes

28)Which among the following is incorrect statement regarding audit procedure?

a.

One of the basic elements in designing the internal control system is personnel

b.

Internal control system in an organisation cannot work until and unless the people who are working in the organisation are competent and honest.

c.

While performing audit, auditor is required to interact with a lot of people in the organisation

d.

Accounting begins where auditing ends.