Module Nine - Audit and Change Flashcards

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1
Q

What is an audit

A

The evaluation of something to a predefined criteria

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2
Q

Why are audits conducted

A

To establish the validity and reliability of information and processes

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3
Q

What is the goal of an audit

A

To form an objective opinion relating back to audit standards

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4
Q

what is an external auditor

A

Employed by a Business for annual reviews

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5
Q

What is an internal auditor

A

Qualified company employee who checks records

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6
Q

What three things does an external auditors report show

A
  1. Free from material mis statement 2. Free from errors 3. Are a true and fair reflection
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7
Q

What is an audit report

A

A time related snap shot

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8
Q

What is the most common type of audit report known as

A

Unqualified opinion

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9
Q

What is the role of an internal auditor

A

To advise the business on how they can better achieve their objectives

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10
Q

What three things under COSO should an internal audit look at

A
  1. Effectiveness of Business Operations 2. Reliability and Quality of Financial Reporting 3. Compliance with laws and regulations
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11
Q

What are the 5 interrelated components of COSO

A
  1. Control Environment 2. Risk Assessment 3. Control Activities 4. Information & Communication 5. Monitoring
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12
Q

What is ERM and what does it do

A

Enterprise Risk Management - Internal Audit Managing risk using a system such as SOX

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13
Q

What are the 4 types of audit

A
  1. Transaction Based 2. Results Based 3. Systems Based 4. Risk Based
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