NTA UGC NET - Commerce - Unit 2: Accounting and Auditing (PART 02)

 

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Unit 2

Accounting and Auditing

PART 02

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MCQ 01: Which of the following statements are correct?
 

a. Environmental Audits play a significant role in Sustainability.
 

b. The management audit assesses the overall management of the company.
 

c. Management audit does not assess the performance of individual managers.
 

d. All of the above.

 

ANSWER: All of the above

 

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Audit is an investigation of an existing system, report, or entity

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Management audit :
 

A management audit is an assessment of how well an organization's management team is applying its strategies and resources.

A management audit evaluates whether the management team is working in the interests of shareholders, employees, and the company's reputation.

 

The management audit assesses the overall management of the company, not the performance of individual managers

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Energy audit
 

An energy audit is an inspection survey and an analysis of energy flows
 

For energy conservation
 

in a building. It may include a process or system to reduce the amount of energy input into the system without negatively affecting the output

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Environmental Audit

 

An Environmental Audit is an independent assessment performed to ensure that businesses and organizations are complying with environmental policies.
 

Environmental Audits play a significant role in Sustainability 

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Information System audit

 

Thorough and careful evaluation and review of the information systems present in an organization. The main aim of the audit is to check for vulnerabilities, use, efficiency, security loopholes in the system and how the productivity, efficiency, and efficacy of the system can be improved.

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Safety audit

 

(known more formally as health and safety audits) provide an in-depth review of workplace safety programs and are conducted for the purpose of health , safety, and fire hazard identification. Health and safety

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System Audit
 

Evaluate the effectiveness of management system. (objective, improve)

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