Internal Audit Function – Questions and Answers

Subject Title: Auditing and Assurance Revision Kit

Topic: Internal Audit Function

QUESTION 1
December 2022 Question Four C
An internal audit function is an appraisal activity established or provided as a service to the entire entity.

Required:
With reference to the above statement, explain FIVE functions that could be performed by the internal audit department. (10 marks)

QUESTION 2
April 2022 Question One C
Evaluate three benefits of an audit committee in a not-for-profit organisation (NGO).
(3 marks)
QUESTION 3
December 2021 Question Five C
Examine three mandates of internal auditors of a government entity as per the Public Financial Management Act. Regulations (2015). (3 marks)

QUESTION 4
September 2021 Question Two D
Describe four ways an internal audit function of a government entity would achieve independence in conduct of its functions in relation to the Internal Audit Guidelines for National Government Entities in your country. (4 marks)

QUESTION 5
September 2021 Question Three C
Compare the responsibilities of the internal auditor and those of the external auditor in respect to detection of fraud. (4 marks)

QUESTION 6
May 2021 Question Four C
In some organisations, the internal audit function is involved in the provision of a broad range of services that can either be classified as assurance services or consulting services.

Required:
Discuss four distinguishing features between assurance services and consulting services provided by the internal audit function in an organisation. (8 marks)

QUESTION 7
November 2019 Question One A
Lingo Ltd. was recently incorporated. It will be operating I the retail sector. The company has five directors and is currently in the process of setting-up in order to commence business on 1 January 2020. The directors of the company are considering outsourcing the internal audit function in the interim period instead of recruiting their own staff.

Required
Analyse six advantages of Lingo Ltd. of outsourcing the internal audit function
(6 marks)
QUESTION 8
May 2019 Question Five B ii
The internal audit function of an entity should have an internal audit charter approved by the Board to govern its activities:

Required:
As an internal auditor of Zed Ltd., discuss six matters contained in an internal audit charter of an entity. (12 marks)

QUESTION 9
May 2017 Question Two A
Describe five roles you would expect the internal audit staff to perform. (10 marks)

QUESTION 10
May 2017 Question Three A iii
Explain the following terms as used in auditing:

(iii) Audit committee. (2 marks)

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