Internal Control and Internal Audit
Commerce ⇒ Accountancy
Internal Control and Internal Audit starts at 12 and continues till grade 12.
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See sample questions for grade 12
A company has implemented strong internal controls, but fraud still occurred due to collusion among employees. What does this indicate about the limitations of internal control?
A company’s internal auditor found that the same person was responsible for both receiving cash and recording cash receipts. What internal control principle is being violated?
Define internal control.
Explain the difference between internal control and internal audit.
Explain the importance of documentation in internal control.
Explain the relationship between internal control and internal audit.
A company has implemented strong internal controls, but fraud still occurred due to collusion among employees. What does this indicate about the limitations of internal control?
A company’s internal auditor found that the same person was responsible for both receiving cash and recording cash receipts. What internal control principle is being violated?
Which of the following is a component of internal control? (1) Control environment (2) Control risk (3) Control account (4) Control ledger
Which of the following is a corrective control? (1) Authorization of transactions (2) Physical verification (3) Rectification of errors (4) Password protection
Which of the following is a detective control? (1) Password protection (2) Physical locks (3) Bank reconciliation (4) Authorization of payments
Which of the following is an example of a physical control? (1) Passwords (2) Locked storerooms (3) Authorization of payments (4) Bank reconciliation
Fill in the blank: ________ is the process of identifying and analyzing risks relevant to the achievement of objectives.
Fill in the blank: Internal audit is a part of ________ control system.
Fill in the blank: Internal audit reports are submitted to the ________.
Fill in the blank: The effectiveness of internal control is reviewed by ________.
True or False: Internal audit can help in improving the efficiency of operations.
True or False: Internal audit is a continuous process.
True or False: Internal audit is an independent appraisal function within an organization.
True or False: Internal audit is mandatory for all companies in India.
