Question

An external audit focuses on identifying and evaluating trends and events within the control of management.

Select one:

True

False

2-The process of performing an internal audit, compared to the external audit, provides more opportunity for participants to understand how their jobs, departments and divisions fit into the whole organization.

Select one:

True

False

3-The basic premise of the research-based view is that the mix, type, amount, and nature of a firm's internal resources should be considered first and foremost in devising strategies that can lead to sustainable competitive advantage.

Select one:

True

False

4-Five major categories of external variables are: 1) economic forces, 2) social, cultural, demographic, and natural environment forces, 3) political, governmental, and legal forces, 4) technological forces and 5) demographic forces.

Select one:

True

False

5-As many managers and employees as possible should be involved in the process of performing an external audit.

Select one:

True

False

6-________ is NOT part of an external audit.

Select one:

a. Analyzing competitors

b. Analyzing financial ratios

c. Analyzing available technologies

d. Studying the political environment

e. Analyzing social, cultural, demographic and natural environment forces

7-To perform an external audit, a company first must

Select one:

a. get an approval from the Securities and Exchange Commission.

b. perform an internal audit.

c. gather competitive intelligence and information about external trends

d. hire a consultant to develop a comprehensive strategic plan.

e. all of the above

8/The I/O approach to competitive advantage advocates that external factors are ________ internal factors in a firm achieving competitive advantage.

Select one:

a. less important than

b. equally important as

c. more important than

d. more common than

e. less common than

9-A firm's strengths that cannot be easily matched or imitated by competitors are called

Select one:

a. internal audits.

b. distinctive competencies.

c. interrelated properties

d. external audits.

e. internal properties.

10/Who should perform an internal audit?

Select one:

a. A private auditing firm

b. The organization's accounting department

c. Representative managers and employees from throughout the firm

d. A small team of top-level managers

e. The chief executive officer

Answer 1

Answer 1
The answer is true.
External audit focuses on the trends which must be under the control of Management and can be rectified if there is an error.
Answer 2
The answer is true.
Internal audit is performed by the company many times and it gives opportunity for employees to understand how can the jobs departments can fit into the whole organization.
Answer 3
The answer is true
Research in any firm should be considered in devising strategies which can lead to sustainable competitive advantage,because if a company does a proper research it will help the company in identifying its nature and internal sources and formulate better competitive advantage strategies.

Answer 4
The answer is false
The five major categories of external variables are social economic legal political and technological, democracy is not included in it

Answer 5
The answer is false
External audit is carried out once in a year and it is carried out so that the audit is in accordance with the government and it does not involve the employees of the company.

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