Question 1

What is internal audit?

Accepted Answer

It is a review of internal processes and controls.

Question 2

Why is internal audit important?

Accepted Answer

To identify risks and improve efficiency.

Question 3

Who needs internal audit?

Accepted Answer

Businesses of all sizes, especially growing companies.

Question 4

How often should audits be conducted?

Accepted Answer

Periodically, depending on business needs.

Question 5

Does internal audit prevent fraud?

Accepted Answer

It helps detect and reduce fraud risks.

Question 6

What is a project report?

Accepted Answer

It is a detailed document outlining business feasibility and financials.

Question 7

Who needs a project report?

Accepted Answer

Businesses applying for loans or seeking investors.

Question 8

What does a DPR include?

Accepted Answer

Market analysis, cost, revenue, and projections.

Question 9

Can it help in loan approval?

Accepted Answer

Yes, it strengthens funding applications.

Question 10

Is it customized?

Accepted Answer

Yes, based on business requirements.

Question 11

What is a CMA report?

Accepted Answer

It is a financial report required by banks for loan approval.

Question 12

Who needs a CMA report?

Accepted Answer

Businesses applying for loans or credit facilities.

Question 13

What does CMA include?

Accepted Answer

Financial data, projections, and ratio analysis.

Question 14

Is CMA mandatory for loans?

Accepted Answer

Yes, for most business loans.

Question 15

Can CMA improve loan approval chances?

Accepted Answer

Yes, a well-prepared CMA strengthens your application.

Accounting & Audit

Internal Audit