{"id":32672,"date":"2024-04-15T09:05:10","date_gmt":"2024-04-15T09:05:10","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32672"},"modified":"2024-04-15T09:05:10","modified_gmt":"2024-04-15T09:05:10","slug":"management-audit-is-done-by","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/management-audit-is-done-by\/","title":{"rendered":"Management audit is done by"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a99253f21cfd\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    Chartered Accountant                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Company Secretary                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Manager                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Any Qualified Person                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>A. Chartered Accountant<\/strong><\/p>\n<p>A management audit is an independent assessment of the effectiveness of a company&#8217;s management systems and controls. It is typically conducted by a chartered accountant, who is a qualified professional with expertise in <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n     <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>    <\/a>\r\n    <\/div> accounting, auditing, and financial reporting.<\/p>\n<p>A management audit can be used to identify areas where a company&#8217;s management systems and controls can be improved. It can also be used to provide assurance to stakeholders, such as shareholders and creditors, that the company is being managed effectively.<\/p>\n<p>A management audit typically involves the following steps:<\/p>\n<ol>\n<li>Planning the audit: The auditor will meet with management to discuss the scope of the audit and the objectives that they hope to achieve.<\/li>\n<li>Gathering evidence: The auditor will collect evidence to support their findings, such as financial statements, management reports, and interviews with employees.<\/li>\n<li>Analyzing the evidence: The auditor will analyze the evidence to identify areas where management systems and controls can be improved.<\/li>\n<li>Reporting the findings: The auditor will report their findings to management and, if necessary, to other stakeholders.<\/li>\n<\/ol>\n<p>A management audit can be a valuable tool for companies of all sizes. It can help companies to identify and address areas where their management systems and controls can be improved. It can also provide assurance to stakeholders that the company is being managed effectively.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li><strong>Chartered Accountant<\/strong> is a qualified professional with expertise in accounting, auditing, and financial reporting. They are typically appointed by companies to conduct management audits.<\/li>\n<li><strong>Company Secretary<\/strong> is a qualified professional with expertise in company law and corporate governance. They are typically appointed by companies to provide advice on legal and governance matters.<\/li>\n<li><strong>Manager<\/strong> is a person who is responsible for the day-to-day operations of a business unit or department. They are typically not qualified to conduct management audits.<\/li>\n<li><strong>Any Qualified Person<\/strong> is a person who has the necessary knowledge and experience to conduct a management audit. However, it is not advisable to appoint someone who is not qualified to conduct a management audit, as this could lead to inaccurate or misleading results.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[698],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Management audit is done by<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/management-audit-is-done-by\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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