Q2 Q1

Question 1

Purpose of Internal Auditing - P1

Answer 1

Evaluate sufficiency of the Internal controls established by management to minimise risks and ensure compliance with policies, laws, and regulations.
Reviewing processes and systems to identify weaknesses or gaps that could lead to errors, fraud or inefficiencies.

Question 2

Purpose of Internal Audit - P2

Answer 2

Risk Management - Identify and assess risks that could hinder organisational achievements.
Effectiveness of Risk Management- It helps minimise risks and ensure the organisation is prepared to address unexpected difficulties.

Question 3

Purpose of Internal Auditors - P3

Answer 3

Detecting and preventing fraud within organisations.
Examine financial transactions, inventory records, and other data to identify any unusual patterns or anomalies that showcase fraud.
Regular audits and implemented controls reduce risk of fraud and protect the company.

Question 4

Purpose of Internal Audit - P4

Answer 4

Provide recommendations for process improvements and operational efficiencies based on analysis and findings.
Help enhance the overall effectiveness and efficiency of business operations.