<div style='margin-bottom: 20px;'> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the primary objectives of internal and external auditing?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Internal auditing aims to evaluate the company's risk management and control systems, providing assurance and recommendations for improvement, while external auditing assesses the company's financial records to provide an independent opinion on their accuracy.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What is the primary role of professional bodies in the accounting profession?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The primary role is to provide quality assurance, ongoing support and training, and regulation of professional and ethical conduct.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How does the management of internal audit resources impact audit effectiveness?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Effective management ensures auditors are suitably skilled, adequately numbered, and correctly deployed, enhancing the audit's efficiency and thoroughness.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the key differences between a company and a close corporation in terms of ownership and management?</h2> <p style="font-weight: normal; font-size: 1.2rem;">A company is managed by directors and owned by shareholders, with ownership represented by shares. A close corporation is managed and owned by members, with ownership represented by members' interest.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What distinguishes a qualified audit report from an unqualified one?</h2> <p style="font-weight: normal; font-size: 1.2rem;">A qualified audit report indicates minor non-compliance with accounting standards, whereas an unqualified report finds the financial statements free from discrepancies and accurately presented.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How do audit procedures contribute to the effectiveness of internal audits?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Audit procedures, through various methods like inspection, observation, and analytical review, help gather evidence and perform tests to ensure compliance and the effectiveness of internal controls.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What does the Companies Act (71 of 2008) require from company directors in South Africa?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Directors must act in good faith, in the best interest of the company, with care, skill, and diligence, disclose conflicts of interest, and can be held personally liable for breaches.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What types of tests do internal auditors perform to obtain audit evidence?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Compliance tests (tests of control) and substantive tests (tests of detail).</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are the key principles and policies of the King Code III?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Ethical leadership, ethical corporate culture, sustainability, corporate citizenship, integrated reporting, and risk governance.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How does the internal audit function contribute to a business's objectives?</h2> <p style="font-weight: normal; font-size: 1.2rem;">By evaluating the effectiveness of risk management and internal control to ensure the business is managing risk effectively.</p> </div> </div>