Solved Internal Control and Internal Check

Internal Control and Internal Check MCQs for Competitive Exams

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Topic Notes: Internal Control and Internal Check

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Internal Control and Internal Check MCQs in Commerce are useful for candidates who need targeted practice for CSS, PMS, FPSC, PPSC, NTS, entry tests, and other competitive exams in Pakistan. This topic page is designed for quick revision, repeated practice, and exam-focused preparation.

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Which of the following statements regarding fraud and internal control is considered false?

None of the above

Management fraud is difficult to detect than employee fraud

An internal control system reduces the possibility of occurrence of employee fraud and management fraud

The auditor's responsibility for the detection and prevention of errors and fraud is similar

Report

Who is primarily responsible for performing internal checks within an organization?

Members of the staff

Staff specially appointed for the purpose

Internal auditor

Supervisor of the staff

Report

Who is the appropriate person required to sign every voucher to ensure internal control?

Manager

Accounts Officer

Accountant

Responsible Official

Report

Which of the following practices is NOT considered a contributing factor or a method for committing fraud?

Keeping voucher for monetary transactions

Overstatement of stock

Understatement of purchases

Absence or laxness in internal control

Report

What is the primary definition of 'routine checks' in the context of auditing?

Checking routine items

Internal inspection system

Provisional check of accounts

Daily checking of daily copy transactions

Report

Which organizational process involves the systematic and rational distribution of tasks among staff members to ensure operational efficiency and error prevention?

Internal Check

Internal Evaluation

Internal Audit

Internal Management

Report

If an internal auditor identifies fictitious purchases, which internal control mechanism is likely missing?

Goods received notes requires the signature of individual who authorized the purchase

Routine checks are performed by internal auditor fortnightly

Purchase invoices are independently matched with purchase orders and goods received notes

Purchase function and production function are clubbed in one department

Report

Which of the following auditing concepts are correctly defined?

1 and 2

1, 2 and 4

2, 3 and 4

1, 2 and 3

Report

How is internal check related to the broader framework of internal control?

Standard audit

Internal control

Annual audit

Internal audit

Report

How does the proper segregation of duties minimize the risk of fraudulent activities?

Record the transaction in journal and ledger

Establish controls and executes them

Records cash receipts and cash payments

Perpetuate errors and frauds and conceals them

Report

Internal Control and Internal Check MCQs for Competitive Exams

Internal Control and Internal Check MCQs for Competitive Exams

Topic Notes: Internal Control and Internal Check

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