The procedure, which is necessary to accomplish the objectives of the audit, falls under

a.

Follow up

b.

Fieldwork during the audit

c.

Implementation date for the audit issues identified

d.

Corrective action plan for the issues identified

Commitment to competence refers to

a.

Communication of behavioural standards

b.

Transfer of basic skills and knowledge

c.

Assignment of authority and responsibility

d.

Arranging meetings with stakeholder

Which of the following is not true about Internal Audit?

a.

The scope of the internal audit is decided by the Board of Directors

b.

It is performed by a separate internal auditing department

c.

It is conducted by the employees of the company

d.

The auditor is appointed by the Management

An audit procedure that is used widely throughout the audit and frequently matching to perform other audit procedures:

a.

Identifying the risk

b.

Inquiry

c.

Bank reconciliation

d.

Investigation

Mohsin Auditors is an official auditor for PDO. The audit has to begin from the first week of January 2021 for the year ended 2020. The auditors are coming up with clear objectives of audit. The auditors have already decided the audit methodology. The audit methodology of the auditors shall be based on:

a.

Audit program of Auditors

b.

Corrective action plan and their implementation

c.

Issued discussed during the entrance meeting with management of PDO

d.

Issues identified during the audit

KPMG audit firm is planning to visit Omantel for annual audit. Identify, which of the following is not a part of their audit plan for the annual audit?

a.

Create audit program

b.

Identify risk

c.

Test transactions and documentations

d.

Collect background information

Internal audit aims to conduct systematic scrutiny of records. Internal audit is described as control over other controls. It means the internal audit seeks

a.

Proper examination of controls established with in organization

b.

To trace out the deficiencies and sharing it with external audit team

c.

To find appropriate deficiencies in controls but not sharing with organization

d.

Proper control of work by the board of directors