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overall exam was easy
Mcq’s seem to be easy considering there were questions as follows :
Audit risk consists of two components : Control risk and Inherent Risk
(A) True
(B) False-,-
false
Also Detection Risk I think,Because Audit risk is the total Risk,
Audit Risk is Control+Detection+Inherent Riskwhich two is test of control?
1.observe the counting process.
2.inspect,review the client counting instructioni selected this two, is it right or wrong ?
Darkeye
I’m with you on this.
I believe the other 2 were substantive procedures.
Ilona
I think it was regarding the cost coz if you need it for full 52 weeks than the cost is alot more compared to maintaining an internal audit
I think the answer was D
Coz we can do circulation through sample
We can do ratios
The other was correct too.I think D was incorrect coz that described test of Control of test
Most of my answers to mcq’s were either option ‘B’ or ‘C’ apart from one or two.
Osama
What did you chose for the last MCQ regarding the going concern?
I think both were wrong
Darkeye
1-I choosed Observe the staff is following the Counting instruction
2-Inspect the counting intsruction something like that options…One of the benefits of outsourcing internal audit is cost and efficiency according to text book. I put in my answer no immediate access to internal audit.
ilona
Not the benefit of outsourcing was i think Immediate access to internal Audit This Type of option I choosed.
Because it is also cost effective and skilled benefits also there But not accessed easily I thinkThat’s what I thought as well. But the cost option was too more in my opinion. But yiu could also be right
I felt very time pressured in this exam i don’t know about anyone else? I feel worried 🙁
the question specifically said DURING the count. Inspect the counting instruction comes before the count so not applicable. don’t you think?
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