Discus Information communication and monitoring

Discus Information communication and monitoring
1 Fill in the blank:
…………………………………. ensures that internal control continues to operate effectively. This process
involves assessment by appropriate personnel of the design and operation of control on a suitable timely
basis, and the taking of necessary actions. It applies to all activities within an organisation and sometimes
to outside contractors as well.
2 Complete the mnemonic in respect of the qualities of good information.
3 What are the main elements of internal audit’s review of the accounting and control systems?
4 Which of the following is not a measure designed to enhance the independence of internal audit?
A Internal audit should have unrestricted access to records, assets and personnel.
B Internal audit should report ultimately to the finance director.
C Internal auditors should not audit systems that they have designed.
D The terms of reference of the internal audit department should draw a clear distinction between
regular audit services and consultancy work.
5 List the main responsibilities of audit committees.
Discus Information communication and monitoring
6 Audit committees are generally staffed by executive directors.
True
False
7 What according to the Turnbull report should be the main elements of the board’s regular review of
internal controls?
8 And what should be the main elements of the board’s annual review of internal controls?
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