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Unit 6: Internal and External Audit

6.11 Review Questions Notes

1. Explain the concept of internal audit.
2. What are the objects of internal audit?

3. Discuss about the scope of internal audit.
4. Narrate the points of dissimilarities between external audit and internal audit.
5. What is internal check? Explain with example.
6. What is the role and scope of Internal Audit?
7. “Coordination with the internal auditor is usually more effective when meetings are
held at appropriate intervals during the year”. Elaborate this statement.
8. What are the essentials of effective Internal Auditing?
9. Correlate the management functions and scope of internal audit.

10. What do you mean by external audit? Explain its features and activities.

Answers: Self Assessment

1. True 2. False
3. True 4. False
5. External 6. Professional

7. True 8. True
9. External 10. Activities
11. Testing 12. External
13. Year 14. Internal

15. Internal auditor 16. True
17. True

6.12 Further Readings

Books David Coderre (2009). Internal Audit: Efficiency through Automation, John Wiley &
Sons.

Emile Woolf, Moira Hindson (2011). Audit and Accountancy Pitfalls: A Casebook for
Practising Accountants, Lawyers and Insurers, John Wiley & Sons.
Iain Gray, Stuart Manson (2007). The Audit Process: Principles, Practice and Cases,
Cengage Learning EMEA.
Jeanette Franzel (2009). Single Audit: Opportunities exist to improve the Single Audit
Process and Oversight, DIANE Publishing.
Susan Switzer (2007), Internal Audit Reports Post Sarbanes-Oxley: A Guide to Process-
Driven Reporting, John Wiley & Sons.

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