Answer:
Audit planning defines scope, objectives, timelines, and resources. It helps identify risk areas and prioritize audit efforts. Proper planning ensures efficient use of resources, avoids duplication, and enhances audit quality. In UN audits, planning is critical due to complex global operations and multi-agency coordination.
Answer:
Risk-based auditing focuses on areas with higher risk of errors, fraud, or inefficiency. Auditors assess risks and allocate resources accordingly. This approach improves audit effectiveness and ensures critical areas receive attention. In UN systems, it helps manage diverse operational and financial risks across countries.
Answer:
Audit evidence supports audit conclusions. Types include documentary (records), physical (inspection), analytical (comparisons), and testimonial (interviews). Reliable and sufficient evidence ensures credibility of findings. In UN audits, evidence must be verifiable, especially due to international operations and varied data sources.
Answer:
Materiality refers to the significance of an error or omission that could influence decision-making. Auditors set materiality thresholds to focus on important issues. It helps in efficient audit execution. In UN audits, materiality considers financial size, reputational impact, and program importance.
Answer:
Audit sampling involves examining a subset of data to draw conclusions about the whole population. It saves time and resources while maintaining reliability. Methods include random and judgmental sampling. In UN audits, sampling is crucial due to large volumes of transactions across global operations.
Answer:
Audit working papers document audit procedures, evidence, and conclusions. They provide a basis for audit opinion and support accountability. They must be clear, complete, and organized. In UN audits, working papers are essential for review, quality assurance, and future reference.
Answer:
Internal control evaluation assesses effectiveness of systems in preventing errors and fraud. Auditors examine policies, procedures, and monitoring mechanisms. Strong controls reduce audit risk. In UN audits, evaluation is vital due to decentralized operations and varied control environments.
Answer:
Audit risk is the possibility of giving an incorrect audit opinion. It includes inherent risk, control risk, and detection risk. Auditors aim to minimize this risk through proper planning and procedures. In UN audits, high complexity increases audit risk, requiring careful assessment.
Answer:
Analytical procedures involve evaluating financial and operational data through comparisons and ratios. They help identify unusual trends and inconsistencies. These procedures improve audit efficiency and focus. In UN audits, they are useful for detecting anomalies across programs and regions.
Answer:
Professional skepticism is a questioning mindset that critically assesses audit evidence. Auditors should not assume management honesty or dishonesty without evidence. It helps detect fraud and errors. In UN audits, skepticism is essential due to complex operations and diverse stakeholders.
Answer:
Audit documentation must be complete, accurate, and timely. It should clearly show procedures performed, evidence obtained, and conclusions reached. Proper documentation supports audit quality and accountability. In UN audits, it ensures transparency and facilitates review by oversight bodies.
Answer:
Fraud risk assessment identifies areas vulnerable to fraud and evaluates likelihood and impact. Auditors design procedures to detect and prevent fraud. In UN audits, risks include procurement fraud and misuse of funds, requiring strong vigilance and control mechanisms.
Answer:
Effective communication ensures clear reporting of audit findings and recommendations. Auditors must present issues logically and diplomatically. Good communication improves acceptance of recommendations. In UN audits, it is vital due to multicultural environments and coordination with multiple stakeholders.
Answer:
Audit trail is a sequence of records showing transaction history from initiation to completion. It ensures traceability and accountability. Auditors use it to verify accuracy and detect irregularities. In UN audits, audit trails are crucial for transparency in financial and operational processes.
Answer:
Quality assurance ensures audit work meets standards and objectives. It includes review, supervision, and adherence to guidelines. It enhances reliability and credibility of audit reports. In UN audits, quality assurance is critical due to international scrutiny and governance requirements.
Answer:
Performance measurement evaluates outcomes against objectives using indicators. It helps assess efficiency and effectiveness. Auditors use it in performance audits. In UN audits, it ensures programs deliver intended results and resources are used optimally.
Answer:
Audit reporting communicates findings, conclusions, and recommendations. Reports must be clear, objective, and evidence-based. They support decision-making and accountability. In UN audits, reports are submitted to governing bodies and influence policy and resource allocation.
Answer:
Compliance testing checks whether operations follow rules, policies, and regulations. It ensures legality and adherence to procedures. In UN audits, it verifies compliance with financial regulations and donor requirements, reducing risk of irregularities.
Answer:
Data analysis involves examining large datasets to identify patterns, anomalies, and risks. It improves audit efficiency and accuracy. In UN audits, data analytics helps monitor global operations, detect fraud, and enhance decision-making.
Answer:
Ethics ensures integrity, objectivity, and independence in auditing. Auditors must avoid conflicts of interest and maintain confidentiality. Ethical behavior builds trust and credibility. In UN audits, adherence to ethics is crucial due to high standards of accountability and global impact.
Answer:
The UN Board of Auditors is responsible for external audit of UN funds, programmes, and specialized agencies. It ensures financial statements present a true and fair view and verifies compliance with regulations. It also conducts performance audits and reports findings to the General Assembly, enhancing accountability and transparency within the UN system.
Answer:
The Office of Internal Oversight Services (OIOS) provides internal audit, investigation, and evaluation services within the UN. It assists management in improving efficiency and detecting fraud or misconduct. OIOS strengthens internal controls and risk management while reporting to both the Secretary-General and General Assembly, ensuring independent oversight.
Answer:
Internal audit is conducted by OIOS and focuses on internal controls, risk management, and operational efficiency. External audit is performed by the UN Board of Auditors, independent of management, and examines financial statements and compliance. Internal audit is continuous, while external audit is periodic and reported to the General Assembly.
Answer:
International Public Sector Accounting Standards (IPSAS) are used by the UN for financial reporting. IPSAS ensures transparency, comparability, and accountability by adopting accrual-based accounting. It improves financial disclosure, asset-liability recognition, and decision-making, aligning UN reporting with global best practices in public sector accounting.
Answer:
Performance audit evaluates whether UN operations achieve economy, efficiency, and effectiveness. It assesses program implementation, resource utilization, and outcomes. Unlike financial audit, it focuses on results and impact. It helps improve governance, identify inefficiencies, and ensure that UN resources are used optimally to achieve organizational objectives.
Answer:
UN funding comes from assessed contributions and voluntary contributions. Assessed contributions are mandatory payments by member states for the regular and peacekeeping budgets. Voluntary contributions fund agencies like UNICEF and UNDP. This dual system ensures core operations while allowing flexibility for development and humanitarian programs.
Answer:
The General Assembly reviews audit reports submitted by the Board of Auditors. Through its Fifth Committee, it examines financial statements, audit observations, and recommendations. It approves budgets and ensures accountability of UN entities. The GA plays a critical role in financial governance and oversight of UN operations.
Answer:
The Advisory Committee on Administrative and Budgetary Questions (ACABQ) provides expert advice to the General Assembly on budgetary and administrative matters. It reviews financial proposals, audit findings, and expenditures. ACABQ ensures fiscal discipline and supports informed decision-making, strengthening financial governance within the UN system.
Answer:
Internal controls ensure proper use of resources, compliance with rules, and prevention of fraud. They include policies, procedures, and monitoring mechanisms. Effective internal controls enhance accountability, reduce risks, and improve operational efficiency. They are essential for maintaining integrity and trust in UN financial and administrative processes.
Answer:
The Joint Inspection Unit is an independent external oversight body of the UN system. It conducts evaluations, inspections, and investigations to improve efficiency and coordination. JIU reports to legislative bodies and provides recommendations for system-wide improvements, strengthening accountability and performance across UN organizations.
Answer:
Compliance audit examines whether UN operations adhere to financial regulations, rules, and policies. It ensures that expenditures and activities are authorized and lawful. This audit enhances accountability and reduces risks of irregularities, ensuring that UN entities operate within established legal and procedural frameworks.
Answer:
The Fifth Committee of the General Assembly handles administrative and budgetary matters. It reviews financial statements, audit reports, and budget proposals. It plays a crucial role in financial oversight and ensures that UN resources are allocated and used efficiently, supporting transparency and accountability.
Answer:
Audit independence ensures that auditors perform their duties without influence from management. The UN Board of Auditors operates independently as it comprises Supreme Audit Institutions of member states. Independence enhances credibility, objectivity, and reliability of audit findings, ensuring unbiased reporting to the General Assembly.
Answer:
UN auditing faces challenges such as complex global operations, diverse regulatory environments, multiple funding sources, and coordination across agencies. Risks include fraud, inefficiency, and lack of uniform controls. Auditors must address these challenges through robust methodologies, international standards, and coordination mechanisms.
Answer:
Financial audit examines whether UN financial statements present a true and fair view. It verifies accuracy, completeness, and compliance with accounting standards like IPSAS. The audit ensures transparency and accountability, providing assurance to member states regarding proper financial management.
Answer:
The UN Ethics Office promotes integrity, ethical conduct, and accountability among staff. It provides guidance on ethical standards, protects whistleblowers, and manages conflicts of interest. It strengthens governance and fosters a culture of transparency and responsibility within the UN system.
Answer:
Risk management involves identifying, assessing, and mitigating risks affecting UN operations. Auditors evaluate risks related to financial mismanagement, fraud, and inefficiency. Effective risk management improves decision-making, enhances controls, and ensures achievement of organizational objectives.
Answer:
Transparency ensures openness in financial and operational activities, enabling stakeholders to access information. It builds trust among member states and donors. Transparency reduces corruption, enhances accountability, and supports effective governance within the UN system.
Answer:
Procurement audit evaluates whether procurement processes are fair, competitive, and transparent. It checks compliance with rules, cost-effectiveness, and value for money. It helps prevent fraud, favoritism, and inefficiencies, ensuring that UN resources are used prudently.
Answer:
The objective is to ensure accountability, transparency, and efficient use of resources. Audit and oversight mechanisms detect irregularities, improve governance, and enhance performance. They support decision-making and ensure that UN activities align with its mandate and serve global interests effectively.
A. General Assembly
B. Security Council
C. ECOSOC
D. Trusteeship Council
Answer: B
A. Any member state
B. Only permanent members
C. All members collectively
D. Secretary-General
Answer: B
A. 3
B. 4
C. 5
D. 6
Answer: C
A. Security Council
B. General Assembly
C. ECOSOC
D. ICJ
Answer: B
A. Geneva
B. New York
C. Vienna
D. The Hague
Answer: D
A. ECOSOC
B. UNSC
C. ICJ
D. Secretariat
Answer: A
A. General Assembly only
B. Security Council only
C. GA on recommendation of UNSC
D. ICJ
Answer: C
A. ECOSOC
B. Trusteeship Council
C. Security Council
D. ICJ
Answer: B
A. 1944
B. 1945
C. 1946
D. 1950
Answer: B
A. Secretariat
B. General Assembly
C. ICJ
D. ECOSOC
Answer: A
A. Population
B. Economic power
C. One country, one vote
D. Military strength
Answer: C
A. 5 years
B. 7 years
C. 9 years
D. 10 years
Answer: C
A. 9
B. 11
C. 15
D. 17
Answer: C
A. General Assembly
B. UNSC
C. ICJ
D. Secretariat
Answer: A
A. General Assembly
B. Security Council
C. ECOSOC
D. ICJ
Answer: B
A. ECOSOC
B. ICJ
C. UNSC
D. Secretariat
Answer: B
A. Geneva
B. Paris
C. New York
D. London
Answer: C
A. IMF
B. ICJ
C. ECOSOC
D. Secretariat
Answer: A
A. Promote trade
B. Supervise trust territories
C. Conduct audits
D. Set budgets
Answer: B
A. World map with olive branches
B. Eagle symbol
C. Globe and sword
D. Torch
Answer: A
A. ECOSOC
B. General Assembly
C. Security Council
D. ICJ
Answer: C
A. Chief diplomat
B. Chief administrative officer
C. Military head
D. Judicial authority
Answer: B
A. Security Council
B. ECOSOC
C. General Assembly
D. ICJ
Answer: C
A. Voluntary donations only
B. Assessed contributions
C. Loans
D. IMF funding
Answer: B
A. Individuals
B. Corporations
C. States
D. NGOs
Answer: C
A. 24
B. 36
C. 54
D. 60
Answer: C
A. 2 years
B. 3 years
C. 4 years
D. 5 years
Answer: B
A. Permanent army
B. Voluntary troop contributions
C. NATO forces
D. Mercenaries
Answer: B
A. Security Council
B. General Assembly
C. ICJ
D. Secretariat
Answer: B
A. Private firms
B. UN organs and agencies
C. Individuals
D. Military bodies
Answer: B
A. 3 years
B. 4 years
C. 5 years
D. 6 years
Answer: C
A. 101
B. 111
C. 121
D. 131
Answer: B
A. ICJ
B. ECOSOC
C. General Assembly
D. Secretariat
Answer: C
A. 8
B. 10
C. 12
D. 15
Answer: B
A. 1 year
B. 2 years
C. 3 years
D. 4 years
Answer: B
A. Procedural matters
B. Substantive matters
C. Both
D. None
Answer: B
A. ECOSOC
B. ICJ
C. UNSC
D. Secretariat
Answer: A
A. Compulsory
B. Voluntary
C. Automatic
D. Mandatory
Answer: B
A. Secretariat
B. GA
C. UNSC
D. ECOSOC
Answer: A
A. Monthly
B. Quarterly
C. Annually
D. Biannually
Answer: C
A. ECOSOC
B. UNSC
C. ICJ
D. Secretariat
Answer: A
A. ICJ
B. UNSC
C. ECOSOC
D. GA
Answer: A
A. Yearly
B. Monthly
C. Weekly
D. Daily
Answer: B
A. GA
B. UNSC
C. ICJ
D. Secretariat
Answer: A
A. GA
B. UNSC
C. Secretary-General
D. ECOSOC
Answer: C
A. GA
B. ECOSOC
C. UNSC
D. ICJ
Answer: A
A. Trade
B. Peace and cooperation
C. Military expansion
D. Colonization
Answer: B
A. Trusteeship Council
B. GA
C. ECOSOC
D. UNSC
Answer: A
A. Secretariat
B. GA committees
C. UNSC
D. ICJ
Answer: B
A. Treaty
B. Constitution of UN
C. Agreement
D. Protocol
Answer: B
A. Only UN Secretariat
B. Only Peacekeeping missions
C. UN funds, programmes, and specialized agencies
D. Only ICJ
Answer: C
A. 3 members from different countries
B. 5 members
C. 7 members
D. 10 members
Answer: A
A. Appointed by Secretary-General
B. Supreme Audit Institutions of member states
C. Private auditors
D. IMF officials
Answer: B
A. 2 years
B. 4 years
C. 6 years
D. 3 years
Answer: C
A. Security matters
B. External audit practices across UN system
C. Legal cases
D. Budget allocation
Answer: B
A. Board of Auditors
B. OIOS
C. ECOSOC
D. GA
Answer: B
A. Office of Internal Oversight Services
B. Office of International Operations
C. Organization of Internal Systems
D. Office of International Security
Answer: A
A. Secretary-General
B. General Assembly
C. Both A and B
D. Security Council
Answer: C
A. Internal audit
B. Investigation
C. Evaluation
D. External audit
Answer: D
A. Secretary-General
B. General Assembly
C. ECOSOC
D. ICJ
Answer: B
A. Biennially
B. Annually
C. Quarterly
D. Every 5 years
Answer: A
A. Included in regular budget
B. Separate from regular budget
C. Funded by IMF
D. Voluntary only
Answer: B
A. GDP only
B. Capacity to pay
C. Military strength
D. Population
Answer: B
A. UNSC
B. General Assembly
C. ICJ
D. Secretariat
Answer: B
A. Legal issues
B. Budget and administration
C. Security
D. Trade
Answer: B
A. ECOSOC
B. Fifth Committee
C. ICJ
D. UNSC
Answer: B
A. Jan–Dec
B. Apr–Mar
C. Jul–Jun
D. Oct–Sep
Answer: A
A. Regular budget
B. UN funds and programmes
C. ICJ
D. UNSC
Answer: B
A. Assessed contributions
B. Voluntary contributions
C. Loans
D. Taxes
Answer: B
A. Fund
B. Programme
C. Specialized agency
D. Tribunal
Answer: C
A. UNESCO
B. IMF
C. World Bank
D. UNDP
Answer: D
A. United Nations Development Programme
B. Development Policy
C. Department Programme
D. Development Project
Answer: A
A. OIOS
B. Board of Auditors
C. IMF
D. World Bank
Answer: B
A. International Public Sector Accounting Standards
B. Internal Public Standards
C. International Private Standards
D. Internal Policy Accounting System
Answer: A
A. IFRS
B. GAAP
C. IPSAS
D. None
Answer: C
A. Profitability
B. Compliance and performance
C. Taxation
D. Investment
Answer: B
A. Profit
B. Efficiency, effectiveness, economy
C. Tax collection
D. Revenue
Answer: B
A. OIOS
B. UNSC
C. ICJ
D. NATO
Answer: A
A. Military operations
B. Staff conduct and integrity
C. Budget
D. Trade
Answer: B
A. ICJ
B. OIOS
C. UNSC
D. GA
Answer: B
A. Secretary-General
B. General Assembly
C. ECOSOC
D. ICJ
Answer: B
A. Local preference only
B. Fairness, transparency, competition
C. Political influence
D. Profit
Answer: B
A. Profit
B. Risk management and compliance
C. Tax collection
D. Military strength
Answer: B
A. Board of Auditors
B. IMF
C. ICJ
D. WTO
Answer: A
A. External audit body
B. Independent oversight body
C. Court
D. Military unit
Answer: B
A. Secretary-General
B. Legislative bodies of UN system
C. ICJ
D. IMF
Answer: B
A. WHO
B. UNICEF
C. IMF
D. WTO
Answer: B
A. WHO
B. UNHCR
C. IMF
D. UNESCO
Answer: B
A. Assessed contributions
B. Voluntary contributions
C. Taxes
D. Loans
Answer: B
A. JIU
B. UNSC
C. ICJ
D. NATO
Answer: A
A. Secretary-General
B. Member states
C. Independent external auditors
D. IMF
Answer: C
A. Profit
B. Accountability
C. Expansion
D. Trade
Answer: B
A. Profit calculation
B. Multi-country operations
C. Taxation
D. Banking
Answer: B
A. Performance audit
B. Compliance audit
C. Financial audit
D. Internal audit
Answer: B
A. Efficiency
B. True and fair view
C. Policy making
D. Trade
Answer: B
A. Single budget
B. Independent budgets
C. IMF control
D. WTO rules
Answer: B
A. Secretariat
B. ICJ
C. UNSC
D. IMF
Answer: A
A. Profit
B. Governance and accountability
C. Trade
D. Tax
Answer: B
A. ECOSOC
B. ICJ
C. UNSC
D. NATO
Answer: A
A. Profit maximization
B. Transparency and accountability
C. Military strength
D. Trade expansion
Answer: B
🔷 UN AUDIT EXAM – 50 MCQs
(Advanced Level)
🔹 Q1
Which body appoints the External Auditor of UN
organizations?
A. Security Council
B. General Assembly
C. Secretary-General
D. ECOSOC
✅
Answer: B
🔹 Q2
IPSAS is primarily based on which accounting framework?
A. Cash Basis
B. Accrual Basis
C. Modified Cash
D. Hybrid System
✅
Answer: B
🔹 Q3
Joint Inspection Unit (JIU) reports to:
A. Secretary-General only
B. General Assembly only
C. Legislative bodies of UN system
D. Security Council
✅
Answer: C
🔹 Q4
Which standard governs audit evidence?
A. ISA 200
B. ISA 500
C. ISA 315
D. ISA 700
✅
Answer: B
🔹 Q5
Risk-based audit focuses primarily on:
A. Past transactions
B. High-risk areas
C. Random sampling
D. Compliance only
✅
Answer: B
🔹 Q6
IPSAS 1 deals with:
A. Revenue
B. Financial Statements Presentation
C. Inventory
D. Leases
✅
Answer: B
🔹 Q7
Which UN body reviews budget proposals?
A. Fifth Committee
B. Sixth Committee
C. Security Council
D. ECOSOC
✅
Answer: A
🔹 Q8
Audit sampling is covered under:
A. ISA 530
B. ISA 240
C. ISA 300
D. ISA 700
✅
Answer: A
🔹 Q9
Internal control evaluation is part of:
A. ISA 200
B. ISA 315
C. ISA 700
D. ISA 800
✅
Answer: B
🔹 Q10
Which software is commonly used in UN audit?
A. Tally
B. IDEA
C. SAP only
D. QuickBooks
✅
Answer: B
🔹 Q11
IPSAS 2 relates to:
A. Presentation of Financial Statements
B. Cash Flow Statements
C. Revenue Recognition
D. Inventory Valuation
✅
Answer: B
🔹 Q12
Which ISA deals with forming an opinion and reporting on
financial statements?
A. ISA 240
B. ISA 315
C. ISA 700
D. ISA 500
✅
Answer: C
🔹 Q13
The auditor’s responsibility regarding fraud is governed by:
A. ISA 300
B. ISA 240
C. ISA 700
D. ISA 520
✅
Answer: B
🔹 Q14
Materiality in audit is covered under:
A. ISA 320
B. ISA 500
C. ISA 230
D. ISA 450
✅
Answer: A
🔹 Q15
Analytical procedures are dealt with under:
A. ISA 300
B. ISA 520
C. ISA 540
D. ISA 580
✅
Answer: B
🔹 Q16
UNDP stands for:
A. United Nations Development Programme
B. United Nations Defence Programme
C. United Nations Data Programme
D. United Nations Deployment Programme
✅
Answer: A
🔹 Q17
Independence of External Auditor in UN audits is:
A. Optional
B. Mandatory
C. Not required
D. Controlled by management
✅
Answer: B
🔹 Q18
Which type of audit evidence is considered strongest?
A. Oral Evidence
B. Analytical Evidence
C. Documentary Evidence
D. Inquiry-based Evidence
✅
Answer: C
🔹 Q19
Audit trail in IT systems refers to:
A. Data backup
B. Sequence of transactions recorded
C. Password protection
D. Software coding
✅
Answer: B
🔹 Q20
Sampling risk refers to:
A. Risk of fraud
B. Risk of incorrect audit conclusion due to sample
C. Risk of system failure
D. Risk of misstatement only
✅
Answer: B
🔹 Q21
If a significant variance is found during audit, the auditor
should:
A. Ignore it
B. Investigate further
C. Remove it
D. Report immediately without verification
✅
Answer: B
🔹 Q22
Missing supporting documents may lead to:
A. Clean audit report
B. Qualified opinion
C. Disclaimer
D. No impact
✅
Answer: B
🔹 Q23
Weak internal controls generally result in:
A. Reduced audit testing
B. Increased audit testing
C. No audit required
D. Audit termination
✅
Answer: B
🔹 Q24
Mismatch in financial data indicates:
A. Strong controls
B. IT audit concern
C. No issue
D. Budget surplus
✅
Answer: B
🔹 Q25
Vendor favoritism is an indicator of:
A. Efficiency
B. Fraud risk
C. Compliance
D. Budgeting issue
✅
Answer: B
🔹 Q26
Budget overrun primarily indicates:
A. Profit
B. Compliance issue
C. Revenue increase
D. Audit completion
✅
Answer: B
🔹 Q27
Duplicate payments indicate:
A. Strong system
B. Internal control failure
C. Budget surplus
D. Audit success
✅
Answer: B
🔹 Q28
Unauthorized expenditure leads to:
A. Approval
B. Audit objection
C. Reward
D. No action
✅
Answer: B
🔹 Q29
Lack of segregation of duties results in:
A. Efficiency
B. Internal control weakness
C. Better audit
D. Faster processing
✅
Answer: B
🔹 Q30
System override in IT audit is considered:
A. Normal
B. High-risk issue
C. Minor issue
D. Not relevant
✅
Answer: B
🔹 Q31
IPSAS differs from IFRS mainly because:
A. IPSAS is for private sector
B. IPSAS is for public sector
C. IFRS is for government
D. No difference
✅
Answer: B
🔹 Q32
Going concern concept is covered under:
A. ISA 300
B. ISA 570
C. ISA 700
D. ISA 240
✅
Answer: B
🔹 Q33
How many types of audit opinions are there?
A. 2
B. 3
C. 4
D. 5
✅
Answer: C
🔹 Q34
Emphasis of Matter paragraph indicates:
A. Qualification
B. Disclaimer
C. Highlight without modifying opinion
D. Fraud
✅
Answer: C
🔹 Q35
UN External Auditor tenure is:
A. Unlimited
B. Fixed term
C. One year
D. Lifetime
✅
Answer: B
🔹 Q36
Primary objective of IT audit is:
A. Coding
B. Data integrity and system reliability
C. Software development
D. Hardware installation
✅
Answer: B
🔹 Q37
Procurement audit focuses on:
A. Profit only
B. Compliance and performance
C. Taxation
D. Salary
✅
Answer: B
🔹 Q38
Audit documentation is governed by:
A. ISA 200
B. ISA 230
C. ISA 300
D. ISA 500
✅
Answer: B
🔹 Q39
Risk assessment in audit is covered under:
A. ISA 315
B. ISA 700
C. ISA 520
D. ISA 240
✅
Answer: A
🔹 Q40
Audit planning is governed by:
A. ISA 300
B. ISA 320
C. ISA 500
D. ISA 700
✅
Answer: A
🔹 Q41
Audit evidence sufficiency relates to:
A. Quality only
B. Quantity only
C. Quantity and quality
D. Opinion only
✅
Answer: C
🔹 Q42
Reliance on internal audit is:
A. Full
B. Partial and limited
C. Not allowed
D. Mandatory
✅
Answer: B
🔹 Q43
Fraud detection responsibility of auditor is:
A. Primary
B. Secondary but exists
C. Not required
D. Only management duty
✅
Answer: B
🔹 Q44
Audit Committee primarily ensures:
A. Salary payment
B. Governance and oversight
C. Recruitment
D. Budget approval
✅
Answer: B
🔹 Q45
IPSAS adoption in UN organizations is:
A. Optional
B. Mandatory
C. Not used
D. Partial only
✅
Answer: B
🔹 Q46
Financial regulations in UN are:
A. Same globally
B. Entity-specific
C. Not defined
D. Optional
✅
Answer: B
🔹 Q47
Audit reports are submitted to:
A. Employees
B. Governing body
C. Vendors
D. Public only
✅
Answer: B
🔹 Q48
Performance audit focuses on:
A. Profit
B. Economy, efficiency, effectiveness
C. Taxation
D. Salary
✅
Answer: B
🔹 Q49
Compliance audit ensures:
A. Profitability
B. Adherence to rules
C. Recruitment
D. Budgeting only
✅
Answer: B
🔹 Q50
Data analytics in audit is used for:
A. Decoration
B. Better analysis and detection
C. Coding
D. Printing
✅
Answer: B