What is the main purpose of internal control in an organization?

To increase external audit scrutiny.

To hinder the management's decision-making process.

To establish efficient and orderly business operations.

To eliminate the need for financial reporting.

Which of the following is NOT an objective of internal control?

To ensure reliable accounting records.

To safeguard the assets of the organization.

To evaluate the efficiency of personnel.

What is the purpose of internal check?

To eliminate the need for external audits.

To ensure complete segregation of duties.

To locate errors and frauds by involving multiple individuals.

To minimize administrative traditions.

What is the main purpose of ratio analysis in an organization?

To increase financial complexity.

To simplify accounting records.

To provide a simple understanding of performance and financial position.

To replace the need for external audits.

What is the primary advantage of inter-firm comparison?

It ensures complete secrecy of business operations.

It leads to a reduction in cost consciousness.

It facilitates quality improvement and cost reduction.

It replaces the need for internal audits.

What is the objective of "audit in depth"?

To perform a surface-level review of transactions.

To only assess arithmetical accuracy.

To extensively examine a transaction from origin to end.

To eliminate the need for internal controls.

What is the main advantage of intra-firm comparison?

It hinders the management's decision-making process.

It leads to an increase in cost consciousness.

It provides an overall view of the industry.

It helps identify weaknesses and strengths among different units.

What is the primary objective of internal audit?

To eliminate the need for internal controls.

To locate all errors and frauds within an organization.

To ensure the internal control system is effective in design and operation.

To replace the external audit process.

Internal Control Free MCQ Practice Test with Solutions

	Auditing and Secretarial Practice 55 videos\|53 docs\|24 tests

	Auditing and Secretarial Practice 55 videos\|53 docs\|24 tests

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