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Auditing Quizzes & Trivia

Auditing has become a scary word associated with the IRS, taxes, and having to pay money. Auditing involves an outside person or organization reviewing data to ensure that it is accurate and valid, and that it didn’t withhold or play up information. This is typically done in a financial setting but nearly anything can be audited, including security and safety auditing.
 
When auditing, three financial statements are generally used – what are the three? Only independent auditors can audit a company’s financial data. Using the internal (in house) auditor is against the law. Do you know what the name is of the financial sheet that lays out a business’s transactions? Here’s a hint: It begins with the letter “T”! To keep your accounting knowledge strong, take one of our auditing quizzes now!
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Questions: 10  |  Attempts: 6714   |  Last updated: Sep 21, 2022
  • Sample Question
    Internal Auditing as defined by the Institute of Internal Auditors (IIA) is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of Risk Management, Control and __________  
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What do you know about auditing and assurances? Assurance service is an individual professional service, typically offered by chartered or certified public accountants or chartered certified accountants, to advance information...

Questions: 33  |  Attempts: 6305   |  Last updated: Mar 22, 2022
  • Sample Question
    Compliance audits evaluate the efficiency and effectiveness of any part of an organization's operating procedures and methods.
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As you prepare for your midterm exams the quiz below is the second of a series of tests aimed at helping you get an idea of what to expect come exam time. The questions cover most of what you have learnt in class. Try them...

Questions: 61  |  Attempts: 1828   |  Last updated: Mar 22, 2022
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    Which of the following is an effective audit planning procedure that helps prevent misunderstandings and inefficient use of audit personnel?
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The final exams for the Audit class are just around the corner and the quiz below is designed to help you pass the quiz by getting rid of the cold feet you may be having. Give it a try and choose the right answer according to...

Questions: 53  |  Attempts: 2958   |  Last updated: Mar 22, 2022
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    As a result of analytical procedures, the auditor determines that the gross profit percentage has declined from 30% in the preceding year to 20% in the current year.  The auditor should:
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Short Answer review questions from assigned homework.

Questions: 16  |  Attempts: 282   |  Last updated: Mar 15, 2022
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