External Audits of Financial Statements


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question 1 of 3

What is the term for an examination of a company's financial records by someone that is not an employee of the company?

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1. Identify the person that performs the financial statement audit?

2. Bob is an accountant with ABC Gas. Over the last 6 months, Bob has made intentional errors in his financial reporting in order to earn more money for himself. Who evaluates and will punish Bob's indiscretion?

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About This Quiz & Worksheet

This quiz/worksheet combination will examine what you know of the title of one who performs a financial statement audit, the judge and jury of the accounting world, those who review an audit report, and those who invest money into a company.

Quiz & Worksheet Goals

More particularly, you're going to be assessed on:

  • The process of examining a company's finances
  • The title of who reviews finances
  • What the judge and jury of the accounting world is
  • A person who reviews an audit report
  • A person who invests into a company or is interested in doing so

Skills Practiced

  • Information recall - access the knowledge you've gained regarding business infrastructure
  • Knowledge application - use your knowledge to answer questions about the auditing process
  • Reading comprehension - ensure that you draw the most important information from the related external auditing lesson

Additional Learning

Have a look at the related lesson, External Audits of Financial Statements to get a better grasp on topics like:

  • Auditing protocol
  • Organizations involved in auditing
  • Key players in the auditing process