Audits

Question 1

Whats the purpose of an external audit

Answer 1

To ensure a company is complying with any legal requirements.
It also can look at the finances of a firm and give an unbiased view as to a company’s performance/health for investors

Question 2

Whats the purpose of an internal audit

Answer 2

To check processes are being followed, as well as spot shortcomings that could be harming efficiencies or stopping a firm from meeting goals

Question 3

Whats the difference between liquidation and administration

Answer 3

• Liquidation is selling all a companies assets to pay off debts
• Administration looks to save a (part of a) company through insolvency procedure

Question 4

What do the numbers mean for a Dun & Bradstreet Score

Answer 4

Financial Strength (5A best)
Risk indicator (1 Best)

Question 5

What are some requirements for a firm under ISO 9001?

Answer 5

• produce a QMS process to define the inputs and outputs expected
• monitor and measure conformity to QMS
• undertake internal audits