KVV E-Modules

What is the primary purpose of a quality audit?

A: Routine inspection B: Assessing compliance and suitability of activities and their outcomes C: Checking inventory levels D: Conducting employee evaluations

What are internal audits designed to do?

A: Identify and rectify housekeeping issues B: Foster interdepartmental trust and communication C: Conduct financial assessments D: Monitor employee performance

What is a key difference between internal and external quality audits?

A: Internal audits assess compliance within the organization, while external audits evaluate suppliers and contractors B: External audits focus solely on financial compliance C: External audits are less thorough than internal audits D: Internal audits are conducted by external parties

Which type of audit is also known as a First Party Audit?

A: Regulatory Audit B: External Audit C: Financial Audit D: Internal Audit

What is one of the main goals of a regulatory audit?

A: Conducting employee performance reviews B: Increasing product sales C: Ensuring compliance with government regulations D: Enhancing interdepartmental communication

What distinguishes a Second Party Audit from a Third Party Audit?

A: A Third Party Audit is always unannounced B: A Second Party Audit is conducted by the company itself C: A Third Party Audit involves the audited company bearing the cost D: A Second Party Audit involves an external regulatory body

Which tier of internal audit is carried out by a corporate compliance group?

A: Tier Four B: Tier One C: Tier Three D: Tier Two

What is a significant benefit of a well-executed internal audit?

A: Identifying root causes of problems and planning corrective actions B: Reducing the need for external audits C: Increasing product prices D: Conducting employee performance reviews

What component is typically included in a well-structured external audit program?

A: Internal departmental meetings B: A full-scope financial audit C: Marketing strategy assessment D: Routine employee evaluations

Why are regulatory audits particularly important in certain industries?

A: They enhance employee satisfaction B: They reduce production costs C: They ensure compliance with specific government regulations D: They help increase product sales