Internal Control – Test 1

Internal financial controls are policies and procedures adopted by company for ———-

————–has been defined as the “checks on day to day transactions which operates continuously as part of routine system whereby the work of one person is provided independently or is complementary to the work of another, the object being the prevention or early detection of errors or fraud”

Which of the following is not fall under general considerations in framing a system of internal check?

————-is a complete and exhausted description of the system as found in operation by the auditors

—————is a series of instruction and questions which the auditor should follow and answer.

————–is a graphic presentation of each part of the entity’s internal controls system.

———-gives a bird’s eye view of the system and flow of transactions.

————-is mainly intended to ascertain whether the system of internal control is operating effective.

Objectives of internal controls can only be reasonably achieved but not absolutely due to ————–

Which of the following in inherent limitation of internal controls ?

Internal control system provides reasonable assurance about the achievements of entity’s objectives,except ———–

Which of the following section of Companies Act, 2013 deals with requirement of internal audit in companies

Which of the following person can be appointed as internal auditor of Companies

Section 138 of the Companies Act, 2013 shall apply to ——–

Company shall comply with requirement of section 138 of the Companies Act, 2013 w.r.t. internal audit within ——months from applicability of the section.

Which of the following statement is correct

Surprise check may be with respect to ———

The frequency of surprise check is ———-

The results of surprise checks

How many Standards on Internal Auditing are issued by the AASB

Internal financial controls are policies and procedures adopted by company for —–

—————has been defined as the “checks on day to day transactions which operates continuously as part of routine system whereby the work of one person is provided independently or is complementary to the work of another, the object being the prevention or early detection of errors or fraud”

Which of the following is not fall under general considerations in framing a system of internal check?

—————is a complete and exhausted description of the system as found in operation by the auditors.

————–is a series of instruction and questions which the auditor should follow and answer.

—————-is a graphic presentation of each part of the entity’s internal controls system.

—————gives a bird’s eye view of the system and flow of transactions.

————–is mainly intended to ascertain whether the system of internal control is operating effective.

Objectives of internal controls can only be reasonably achieved but not absolutely due to —————

Which of the following in inherent limitation of internal controls