During the auditors entrance meeting with the top management of a client, which of the following matters are discussed?

a.

Follow up for the issues

b.

Corrective action plan

c.

Implementation date for the issues

d.

Reporting process

The internal auditor reviews the reliability and integrity of financial information, because they need to

a.

Share the information with external auditors

b.

Share the information with the employees

c.

Classify the information

d.

Publish the information

The audit clients are informed for the audit through the notification letter. The letter is sent to:

a.

Human resource

b.

Stakeholders

c.

Head of marketing

d.

Chairperson

Auditors initially shares the draft audit report for a particular company with their

a.

Directors

b.

Management

c.

Immediate manager

d.

Employees

The internal audit, which is a tool to evaluate the working of each management function, It refers to

a.

Control environment of the entity

b.

Performance appraisal

c.

Assessment of risk by the management

d.

Independent audit

Auditors initial meeting with the top management, which of the following matters are not discussed?

a.

Estimated time for completing the audit

b.

Corrective action plan for the expected issues

c.

The objectives and scope of the audit

d.

Audit methodology

The auditors perform the audit on the previously reported recommendations to determine whether corrective action plans have been implemented to get the expected results. If the desired results are not achieved, the auditors may go for re-auditing the whole audit process. The re-audit process falls under

a.

Fieldwork by the auditors

b.

Examination by the auditors

c.

Observations by the auditors

d.

Follow up by the auditors

Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management is the responsibility of

a.

Auditor

b.

Accountant

c.

Director

d.

Management

Which one of the following control activity will help the management to meet their objectives?

a.

Adequate segregation of duties

b.

Estimating the significance of the risk

c.

Assignment of authority and responsibility

d.

Integrity and ethical values