Introduction to Audit
What is the literal meaning of the word ''audit''?
''Audit” - from the Latin word “audio” "he hears" or "listener"
BONUS
BONUS
Compare the government’s fiscal policy and monetary policy.
Fiscal Policy
Definition: Government’s use of taxation and public spending to influence the economy.
Main tools: Taxes, government expenditures, subsidies.
Goals: Economic growth, employment, income redistribution.
Responsible body: Government (Ministry of Finance, Treasury).
Monetary Policy
Definition: Central bank’s management of money supply and interest rates to regulate the economy.
Main tools: Interest rates, reserve requirements, open market operations.
Goals: Control inflation, stabilize currency, maintain financial stability.
Responsible body: Central Bank.
The sum of three numbers is 100. The first number is 2 greater than the second, and the second is three times the third. Find the three numbers.
44,42,14
Auditing activities (audit services) - activities related to conducting an audit and providing services related to the audit, carried out by audit organizations and individual auditors.
True or False
True
Why we need audit regulation and regularory bodies in Uzbekistan?
Ensures reliability and transparency of financial information. Prevents fraud, misstatements, and hidden data in reports. Provides trust for investors, government, and the public.
Ministry of Finance – state supervision
Chamber of Auditors – professional regulation
State Tax Committee – tax-related compliance
Treasury bonds are short-term securities. True or False
False- Treasury bills (T-bills) are short-term investments that mature in one year or less. Treasury notes have maturities ranging from two to 10 years. Treasury bonds offer the longest commitment, taking 20 or 30 years to mature.
It is always ahead, but it can never be reached. What is it?
Future
Difference between Internal and External audit?
Internal Audit - To improve internal controls, efficiency, and risk management,appointed by management,reports to management/board,continuous or periodic (throughout the year)
External Audit - To give an independent opinion on the financial statements,appointed by shareholders,eports to shareholders and external stakeholders,usually once a year
Auditors’ Rights and Obligations
Right to obtain necessary information and documents. Right to issue an independent opinion without external pressure.
Integrity and objectivity in work. Confidentiality of client information. Maintain professional competence and due care
How important is an audit report for investors and creditors?
Trust – It shows that the company’s financial information is correct.
Safety – It helps spot mistakes or fraud, reducing risk.
Easier funding – Companies with good audit reports can get loans or investment more easily.
Clear information – It helps investors and creditors understand the company’s real financial situation.
There are three digits A, B, and C. The two-digit number AB gives a remainder of 5 when divided by 9, and the two-digit number BC gives a remainder of 4 when divided by 9. If A = 2 and C = 1, what is the value of B?
B=3
Who are considered internal users and who are considered external users?
Internal Users-Owners,Shareholders,Managers,Employees of the enterprise,Trade unions
External Users-Investors,Creditors,Suppliers and customers,Analytical firms,The state as a whole,Tax authorities,Statistical agencies,Auditing organizations
Basic principles in the field of audit activity ?
Integrity,Objectivity,Professional Competence,Confidentiality,Independence...
For profit maximization how Marginal Revenue should be related to Marginal Cost
It should be equal, MR=MC
Which four-digit number, when multiplied by 4, gives the same digits in reverse order? (For example: abcd × 4 = dcba)
2178 × 4 = 8712