63)All of the following are components of internal control except

Risk assessment process

Monitoring

Management reports

The information and communication system

64)A bank reconciliation will be an essential check for an external auditor to carry out because:

it proves that there have been no double entry errors in the recording of either the sales receipts or purchase payments.

it provides an independent check on the work of the internal auditors in relation to the bank records.

it checks the organisation's bank record against the bank statement, which is an independent external source.

none of the options

65)Which of the following is not True about External Auditors?

i) External Audit is an audit function performed by a Independent body which is a part of the organization.
ii) External Auditor provides an Opinion on the effectiveness of the operational activities of the organization.

iii) External Auditor checks the accuracy and validity of Operational activities of the Organisation
iv) External Auditors analyzes and verifies the financial statement of the company

Only ii) and iii) are not True

Only iv) is not True

Only i) is not True

i) ,ii) and iii) are not True

Answer rating: 100% (QA)

ANSWER 1 A Risk assessment process A risk assessment is a process to identify potential hazards and analyze what could happen if a hazard occurs A business impact analysis BIA is the process for deter... View the full answer