ISA 610 Using the work of internal auditors MCQs

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ISA 610 (Revised) Using the work of internal auditors deals specifically with the external auditor’s responsibilities when choosing to use the work of
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ISA 610, Using the work of internal auditors

ISA 610 (Revised) Using the work of internal auditors deals specifically with the external auditor’s responsibilities when choosing to use the work of internal auditors. Here on MCQs.club we have prepared easy Multiple-Choice Questions (MCQs) on ISA 610 Using the work of internal auditors revised IFAC that fully cover the ISA 610 summary and definition, ISA 610 MCQs with answers, these MCQs are a basis of conclusions. These MCQ on SA 610 are helpful for Competitive exams, Professional Accountancy exams and Business management exams.

  1. Internal auditing activities will usually include:
    1. Monitoring of internal control
    2. Examination of financial and operating information
    3. Review of the economy, efficiency and effectiveness of operations
    4. All of the above
  1. Internal audit work costs money and should therefore provide benefits to justify the costs. The justification for internal audit may come from:
    1. Improvements in financial controls or operational controls within the entity
    2. Improvements in compliance with key laws and regulations, thereby reducing the risk of legal action or action by the regulators against the entity
    3. Improvements in the economy, efficiency or effectiveness of operations
    4. All of the above
  1. ISA 610 (Revised) Using the work of internal auditors deals specifically with the external auditor’s responsibilities when choosing to use the work of internal auditors. This includes:
    1. using the work of the internal audit function in obtaining audit evidence.
    2. using internal auditors to provide direct assistance under the direction, supervision and review of the external auditor.
    3. Both A&B
    4. None
  1. When ISA 610 (Revised) is applied the objectives of the external auditor are:
    1. to determine whether the work of the internal audit function or direct assistance from internal auditors can be used
    2. if using the work of the internal audit function, to determine whether that work is adequate for purposes of the audit
    3. if using internal auditors to provide direct assistance, to appropriately direct, supervise and review their work.
    4. All of the above
  1. ISA 610 Using the Work of Internal Auditors provides guidance regarding using the work of internal auditors. Which of the following is correct?
    1. An internal audit department forms part of the client’s system of internal control.
    2. If this is an effective element of the control system it may reduce control risk, and therefore reduce the need for the auditor to perform detailed substantive testing.
    3. Both A&B
    4. None
  1. Evaluating the internal audit function, the auditor must evaluate:
    1. The extent to which the internal audit function’s organisational status and relevant policies and procedures support the objectivity of the internal auditors.
    2. The competence of the internal audit function.
    3. Whether the internal audit function applies a systematic and disciplined approach.
    4. All of the above
  1. Evaluating the objectivity of internal audit function, the auditor must evaluate:
    1. Whether the internal audit function reports to those charged with governance or has direct access to those charged with governance.
    2. Whether the internal audit function is free from operational responsibility.
    3. Whether the internal auditors are members of a professional body which requires compliance with ethical requirements.
    4. All of the above
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