External Audit Practice Exam

External Audit

About External Audit

An external audit is a financial examination carried out by a party unconnected to the organization or division that is being audited willingly or involuntarily. An established set of guidelines or legislation govern the conduct of an external audit.

A firm, government agency, other legal entity, or organization's financial statements are audited by an external auditor who is independent of the entity being audited and who does it in compliance with certain laws or norms.

External audit has gained immense popularity across the globe resulting in huge demand for certified professionals.

Why is External Audit important?

An external audit inspires trust in shareholders. An unbiased analysis of the financial accounts can show shareholders that the business is being operated in their best interests and can draw their attention to any problems that may not have been brought to their attention.

An external audit gives you information on the challenges and opportunities in the business environment that might affect how you allocate resources, create new products, enter or leave markets, and make other strategic choices.

External audit certified professionals, executives and managers are in high demand in companies across the globe.

Who should take the External Audit Exam?

• Auditors
• Finance professionals
• Aspiring accountants
• CPA students
• Accounting students
• Anyone in business wanting to learn the external audit process

Knowledge and Skills required for the External Audit

Candidates gain quick success in career of external audit if they have skills of critical thinking and good communication skills.

External Audit Practice Exam Objectives

External Audit exam focuses on assessing your skills and knowledge in auditing.

External Audit Practice Exam Pre-requisite

There are no prerequisites for the External Audit exam. Candidates who are well versed  in auditing can easily clear the exam.

External Audit Certification Course Outline

1. Audit process
2. Initial engagement, costs, timing, and the engagement letter
3. Review the planning phase, and what is involved
4. Discuss audit testing, what is tested, what auditors are looking for
5. Review the account analysis process
6. Understand what the auditor's report means and the types of reports they may issue
7. Finalization of the audit and what is required post audit

Exam Format and Information

Certification name – Certificate in External Audit
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees  - INR 1199