 Show PrEl 3 - Operations Auditing Midterm Examination Name: _________________________ General Instruction: All answers must be indicated in the google docs using this template provided. Read each question carefully and indicate the correct answer. The examination is for 2 hours. God Bless. TRUE OR FALSE. Indicate whether the statement is true or false. __________ 1. Operational Auditing is a systematically and dependently analyzes an organization’s operations to evaluate operation defectiveness, efficiency, and economy, with a future-oriented perspective. __________ 2. One of the operational audit challenges is that it can be time consuming. __________ 3. In general the objectives of the operational auditing is align to give one overarching outcome and that is to do more with the least amount of resources possible. __________ 4. Function Based deals with an entire organization and how efficiently and effectively functions interact. __________ 5. In general the objectives of the operational auditing is align to give one overarching outcome and that is to do more with the least amount of resources possible. __________ 6. Operational audits are primarily concerned with whether an organization follows appropriate laws and regulations. __________ 7. In operational auditing, the preliminary survey serves as a guide for the development of the audit program. __________ 8. When no weaknesses in internal control are discovered during an operational audit, the appropriate report will be either standard unqualified or unqualified with explanatory language. __________ 9. Thoroughness is when you make a decision and not follow it through to its logical conclusion. __________ 10. Follow-up is a process by which internal auditors evaluate the adequacy, effectiveness, and timeliness of actions taken by management on reported MULTIPLE CHOICE. Read each question and indicate the letter of the correct answer in the this google docs provided. (write your answer in capital letters) __________ 11. A primary purpose of operational auditing standards is to provide: A.A means of assurance that internal control is operating effectively. B.Aid to the independent auditor in conducting the audit of financial statements. C.The results of internal examinations of financial and accounting matters to the company's top-level management. What does operational audit include?An operational audit refers to the process of evaluating a company's operating activities – both on a day-to-day level and a broader scale. While other types of audits might look solely at a single department or the company's finances, an operational audit delves deeper.
What are the three types of operational audits?Normally, the internal auditor performs their review on the three key types including financial statements audit, compliance audit, and operational audit.
What are the 4 Es of operations audit?Economy, Efficiency, Effectiveness and Ethics
The aim of using an operational auditing approach is to find out: › Whether business operations are being managed in an economic, efficient, effective and ethical manner (the 4Es).
What is the purpose of an operational audit quizlet?Purpose: The purpose of operational auditing of internal control is to evaluate efficiency and effectiveness. Scope: The scope of operational auditing concerns any control affecting efficiency or effectiveness.
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In planning an operational audit, an on-site survey could assist with all of the following, except
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