What is the purpose of an internal control questionnaire?

The correct answer is B. To assess risks that could prevent an audited area from achieving its objectives. An internal control questionnaire (ICQ) is a tool used by auditors to gather detailed information about the internal control system of an audited area. The primary purpose of an ICQ is to identify and assess risks that could prevent the area from achieving its objectives. By…

Planning the Engagement

Question

Options

ATo gather information from a sample of people who are geographically dispersed
BTo assess risks that could prevent an audited area from achieving its objectives.
CTo evaluate tie level of compliance of remote offices with centrally designed procedures
DTo perform testing of controls more frequently

How the community answered

(28 responses)

B
89% (25)
C
7% (2)
D
4% (1)

Explanation

An internal control questionnaire (ICQ) is a tool used by auditors to gather detailed information about the internal control system of an audited area. The primary purpose of an ICQ is to identify and assess risks that could prevent the area from achieving its objectives. By systematically covering various control points, the questionnaire helps the auditor evaluate the adequacy and effectiveness of controls in place and identify areas where controls may be lacking or need

Topics

#internal control questionnaire#risk assessment#audit tools#control evaluation

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