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AUE1501 Exam pack
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AUE1501 Oct/Nov 2016 MemoINSTITUTION: UNISA
COLLEGE NAME: UNICALCULUS
TITLE: AUE 1501 Oct-Nov 2016
QUESTION 1
1. C
2. D
3. A
4. A
5. A
6. C
7. C
8. A
9. D
10. B
11. B
12. C
QUESTION 2
1. A
2. A
3. D
4. B
5. B
6. D
7. D
8. E
9. D
10. D
QUESTION 3
INTERNAL AUDITOR EXTERNAL AUDITOR
Obtain a mandate from management/ Obtain a mandate through legislation.
the audit committee. Perform an external attestation function
Perform a management function (auditing function).
Are contracted by the company they are Work for an independent audit firm.
working with. Function independently from the
Function independently in the organization.
organisation but remain part of it. Report to the shareholders
Report to management (including the External audit works primarily with those
audit committee). financial systems that have a bearing on
Internal audit covers all the the financial accounts.
organisation’s operations. External audit tends to be a year-end
Internal audit per forms audits process, even though some testing may
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