Audit

Question 1

Assurance

Answer 1

state of being sure (certain) of something

Question 2

Audit def

Answer 2

systematic review/assessment of a system, process, event or statement

ensure that the subject represents certain conditions in accordance with applicable standards

Question 3

Type of audits

Answer 3

Internal
External
Operational
Financial
Compliance
IT/ IS

Question 4

3 types of controls (think-pair-share)

Answer 4

• Preventive: problems from occurring (proactive)
• Detective: identify problems after occurence (reactive)
• Corrective: prevent recurrence of problems

Question 5

Preventive control

Answer 5

segregation of duties
monitoring
adequate documentation
physical safeguards

Question 6

Detective control

Answer 6

data analytics
reviews
reconciliations

Question 7

Corrective control

Answer 7

risk assessment process
back up data
submit corrective journal entries after discovering an error

Question 8

Finding should be based on 5 C’s

Answer 8

Criteria: what should be
Condition: The current state
Cause: the reason for the deviation
Consequence: the impact
Corrective: actions plan

Question 9

Auditors should have (characteristics )

Answer 9

integrity
objectivity
confidentiality
competency