ACCY 501 TEST 1 (LATEST UPDATE) REAL QUESTIONS AND
VERIFIED ANSWERS |100% CORRECT | ALREADY GRADED
A
internal audit does what? Ans✓✓✓evaluates and improves risk
management, control, and governance
things internal audit does vs does not do Ans✓✓✓internal audit
evaluates and improves processes but does not guide or lead them
Governance Ans✓✓✓process conducted by the board of directors to
authorize, direct, and oversee mgmt toward the achievement of the
organization's objectives
risk management Ans✓✓✓process conducted by management to
understand and deal with uncertainties that could affect the ability of the
organization to achieve its objectives
control Ans✓✓✓process conducted by mgmt to mitigate risks to an
acceptable level
accounting Ans✓✓✓collection, classification, summarization, and
communication of financial data as they affect and represent a given
entity
auditing Ans✓✓✓review the measurements and communications of
accounting for propreity; analytical but not constructive
, financial accounting intended audience Ans✓✓✓non-insiders
managerial accounting intended audience Ans✓✓✓insiders- managers
tax intended audience Ans✓✓✓government
audit intended audience Ans✓✓✓gov, non insiders, insiders
3 phases of internal audit Ans✓✓✓planning
performing and evaluating
communicating outcomes
planning phase of internal audit Ans✓✓✓obtain an understanding of the
auditee or customer
set objectives
determine required evidence
decide nature, extent and timing of audit tests
performing and evaluating Ans✓✓✓application of specific audit
procedures
document procedures and results
evaluate the evidence to reach conclusions and give practical advice
VERIFIED ANSWERS |100% CORRECT | ALREADY GRADED
A
internal audit does what? Ans✓✓✓evaluates and improves risk
management, control, and governance
things internal audit does vs does not do Ans✓✓✓internal audit
evaluates and improves processes but does not guide or lead them
Governance Ans✓✓✓process conducted by the board of directors to
authorize, direct, and oversee mgmt toward the achievement of the
organization's objectives
risk management Ans✓✓✓process conducted by management to
understand and deal with uncertainties that could affect the ability of the
organization to achieve its objectives
control Ans✓✓✓process conducted by mgmt to mitigate risks to an
acceptable level
accounting Ans✓✓✓collection, classification, summarization, and
communication of financial data as they affect and represent a given
entity
auditing Ans✓✓✓review the measurements and communications of
accounting for propreity; analytical but not constructive
, financial accounting intended audience Ans✓✓✓non-insiders
managerial accounting intended audience Ans✓✓✓insiders- managers
tax intended audience Ans✓✓✓government
audit intended audience Ans✓✓✓gov, non insiders, insiders
3 phases of internal audit Ans✓✓✓planning
performing and evaluating
communicating outcomes
planning phase of internal audit Ans✓✓✓obtain an understanding of the
auditee or customer
set objectives
determine required evidence
decide nature, extent and timing of audit tests
performing and evaluating Ans✓✓✓application of specific audit
procedures
document procedures and results
evaluate the evidence to reach conclusions and give practical advice
