Rio owns an architects business which employs 12 skilled architects and four administrative staff. The Office Manager has just attended a workshop on internal controls and the way in which they can improve organisations. He intends to implement some internal controls as soon as possible. What are the limitations of an internal control system in Rio's business?
Answer(s): B,C,D
Which of the following are objectives of the audit planning procedure?
Answer(s): A,C,E
D plc is a public relations company. Shares in D plc have recently been listed on the UK stock exchange.D plc has an internal audit department that reports to the Chief Executive Officer (CEO). The CEO is considering outsourcing internal audit to an audit firm, which would not be the firm that conducts D plc's external audit.Identify THREE advantages to D plc of outsourcing internal audit in this way.
Answer(s): A,D,E
DRAG DROPA government department is conducting a value for money audit on a school. The school's pupils sit leaving exams. Classify each of the audit tests as either economy and efficiency or effectiveness.
Answer(s): A
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