What am I/ True or false
An auditor can also audit their own work. True or False
false
If its not documented, it's not ____
Done
Which of the following is considered the MOST important principle of internal auditing?
A. Confidentiality
B. Independence and Objectivity
C. Speed of reporting
D. Technical expertise only
B. Independence and Objectivity
An auditor discovers that one employee handles receiving cash, recording transactions, and bank reconciliation. What control weakness is present?
Lack of _____?
Lack of Segregation of Duties
Internal auditors are responsible for preventing all fraud within the organization. True or false
👉 Answer: False
(Management owns the responsibility; auditors evaluate controls.)
What do auditors need the most?
Answer: Evidence.
“I identify weaknesses, check compliance, review controls, and people get nervous when I arrive. What am I?”
Internal Audit
Trust is important, but ______ is essential.
Documentation
Compliance without understanding is __________.”
Answer: Risky.
“Good documentation makes audits __________.”
Answer: Easier.
“The more complete I am, the less questions auditors ask. What am I?”
Supporting documents.
I should match everywhere, but sometimes I don’t — causing audit issues. What am I?
Information/details.
The more people say “Trust me,” the more auditors ask for me. What am I?
Answer: Proof/evidence.
I am long, boring, and ignored… until auditors ask for me. What am I?
Answer: Policies and procedures
What has to be broken before you can use it?
Egg
People avoid me, management requests me, and employees panic when I arrive. What am I?
Audit findings.
I am not a problem, but I reveal problems. What am I?
Answer: Auditor
I can approve something incorrect and still look valid. What am I?
Answer: Signature
I make people suddenly very polite. What am I?
Answer: Auditor visit
I am small but can ruin a whole transaction. What am I?
Answer: Missing signature