Audit Report Writing Quiz! Trivia

The statement "A report is written only to be read by the Auditor" is false. Reports are typically written for a specific audience or purpose, and the Auditor is just one potential reader. Reports can be written for various stakeholders such as management, clients, shareholders, or the general public. The purpose of a report is to provide information, analysis, or recommendations on a particular topic, and it is not limited to being read solely by the Auditor.

The correct statement in determining Criteria is that they are not just limited to formalized policies, procedures, and guidelines. This means that criteria can be derived from other sources as well, such as industry best practices, expert opinions, or specific organizational needs. It emphasizes that criteria should not be restricted to only what is documented in formalized documents, but should consider a broader range of factors to ensure comprehensive evaluation.

The correct answer is "Cause". Recommendations are given to correct the cause of a problem or issue. Identifying and addressing the cause of a problem is essential in order to prevent the same issue from recurring in the future. By understanding the root cause, corrective actions can be implemented to resolve the problem and prevent any negative consequences or impacts.

The given correct answer is "Cause". In order for our work to have a lasting value, it is essential to identify the cause of the condition. Understanding the cause helps us address the root of the problem and implement effective solutions. By identifying the cause, we can prevent the condition from recurring and ensure that our work has a long-lasting impact.

The portion of the report that causes the management to take note is the consequence. Consequences refer to the outcomes or results of a particular action or event. In a report, the consequences section would typically outline the impact or implications of certain decisions or events. Management is likely to pay attention to this section as it provides valuable information on the potential risks, benefits, or drawbacks associated with specific actions, helping them make informed decisions and take appropriate measures to address any negative consequences.

The title of a report is important in catching the reader's attention because it provides a concise and clear summary of the content. A well-crafted title can effectively convey the main idea or purpose of the report, making it more enticing for the reader to continue reading. It sets the tone for the entire document and helps the reader understand what to expect. A catchy and intriguing title can grab the reader's attention and make them curious to delve into the report further.

The benefit of using the 5C's in the WV Philippine audit team is not a timely audit report, feasibility report, or CBO minutes. The 5C's (Clear, Concise, Complete, Correct, and Courteous) help in achieving a clearer and well-presented audit report, correct identification of the cause and more appropriate recommendation, and a risk-focused and value-adding audit report. However, timeliness, feasibility reports, and CBO minutes are not directly related to the use of the 5C's in the audit process.

The incorrect statement for Cause is "Cause cannot be the same for different conditions." This statement is incorrect because the same cause can lead to different conditions. A cause is the reason behind a particular condition or event, and it can manifest in various ways, resulting in different conditions. Therefore, it is possible for the same cause to be associated with different conditions.

The title usually includes the cause. The cause refers to the reason or factor that leads to a particular event or outcome. In many cases, the title of a document or report will highlight the cause of a problem or issue that is being addressed. This helps to provide a clear focus and understanding of what the document is about.

The two most challenging attributes for WV Philippines internal auditors are criteria and cause. Criteria refers to the standards or benchmarks that need to be met in order to assess the effectiveness of internal controls and processes. This can be challenging as it requires a deep understanding of industry standards and best practices. Cause refers to the root cause of any identified issues or deficiencies in the internal controls. Identifying the cause requires thorough investigation and analysis to determine the underlying factors contributing to the problem.