Fy13 Annual Audit Conference Exam

50 Questions | Total Attempts: 97

SettingsSettingsSettings
Please wait...
Audit Quizzes & Trivia

Topic No. Of questions 1 Credibility 4 2 Audit universe 5 3 MWRAP table – objective and risks 5 4 Risks parameters 5 5 Interviewing management 3 6 Sponsorship standards 5 7 E-binder and real time review 8 8 New dashboard - KPIs 4 9 Writing High Impact audit findings 8 10 Final risk opinion 3 50


Questions and Answers
  • 1. 
    CREDIBILITY What is not a twin brother of “accuracy”, which is one of the important tips to maintain credibility?
    • A. 

      Honesty

    • B. 

      Being factual

    • C. 

      Dishonesty

    • D. 

      Truthfulness

  • 2. 
    CREDIBILITY Another way to maintain credibility is “walking your talk”.  Which of the following can be considered as a practical application of this principle?
    • A. 

      Report to the office in the field in our most convenient time, just inform the field staff.

    • B. 

      While working in the field, we should not mingle with the audit clients because we say that we are independent and objective.

    • C. 

      As auditors, all we say and write should be correct. Thus, we should not be heard saying “sorry” for what we have said/write that is not true.

    • D. 

      Liquidating our own cash advances on time (within 7 days after the last day of activity.

  • 3. 
    CREDIBILITY What are the characteristics of communication that we should maintain with our audit clients?
    • A. 

      Continuous

    • B. 

      Complete (almost)

    • C. 

      Candid

    • D. 

      All of the above

  • 4. 
    CREDIBILITY It’s easier to develop enthusiasm when we maintain a positive attitude and concentrate on finding fault, not only on solving problems.  True or False?
    • A. 

      True, that is how we are expected to be.

    • B. 

      False, we should concentrate and be enthusiastic on solving problems rather than on finding fault.

    • C. 

      True, finding fault is really how we can add value to the organization.

    • D. 

      False, enthusiasm should not be a characteristic of auditors.

  • 5. 
    AUDIT UNIVERSE To define the audit universe, the auditor divides the organization into auditable units of:
    • A. 

      Function / Activity

    • B. 

      Project or Program

    • C. 

      Organizational division

    • D. 

      All of the above

  • 6. 
    AUDIT UNIVERSE Risk Universe is the sub-set of Audit Universe  
    • A. 

      True

    • B. 

      False

  • 7. 
    AUDIT UNIVERSE In the profession of internal audit, conventional wisdom and common practice have resulted in the development of audit universe. Such audit universe is the starting point for _________________  
    • A. 

      Finalization of exact field audit dates

    • B. 

      Scheduling of training for new auditors

    • C. 

      Development of internal audit plan

    • D. 

      All of the above

  • 8. 
    AUDIT UNIVERSE World Vision activities/units should meet _______________________ criterion to become auditable units.
    • A. 

      Direct Contribution

    • B. 

      Noticeable Materiality

    • C. 

      Global Impact

    • D. 

      All of the above

  • 9. 
    AUDIT UNIVERSE ___________________________ is the aggregate of all areas that are available to be audited within World Vision.
    • A. 

      Audit Scope

    • B. 

      Audit Universe

    • C. 

      Audit Manual

    • D. 

      Audit Plan

  • 10. 
    MWRAP TABLE AND OBJECTIVES What is the first step in the MWRAP table?
    • A. 

      Assessing Risk

    • B. 

      What are the controls in place?

    • C. 

      Find out what the core activity is

    • D. 

      Comparing actual v expected controls

  • 11. 
    MWRAP TABLE AND OBJECTIVES What does MWRAP stand for?
    • A. 

      Ministry with Regional Audit People

    • B. 

      Mighty Wide Risk Appreciation Process

    • C. 

      Ministry Wide Risk Assessment Project

    • D. 

      Most Worthy Risk Assessment Prize

  • 12. 
     MWRAP TABLE AND OBJECTIVES Simplifying the process of finding risks involves:
    • A. 

      Looking at the process of the each sub activity of the objective

    • B. 

      Asking a lot of questions

    • C. 

      Ensuring that we are certified auditors

    • D. 

      Looking at the audit working papers first and then the risks.

  • 13. 
    MWRAP TABLE AND OBJECTIVES Processes are only used to help _______ a large number of ________.
    • A. 

      Categorize, ideas

    • B. 

      Categorize, risks

    • C. 

      Memorize, bible verses

    • D. 

      Understand, ideas

  • 14. 
    MWRAP TABLE AND OBJECTIVES When we need to categorize risks, helpful documentation aids are:
    • A. 

      Process flowcharts

    • B. 

      Narration

    • C. 

      Charts

    • D. 

      Graphs

  • 15. 
    RISK PARAMETERS In  GIA’s MWRAP risk ranking parameters , risks are group into the following categories except for:
    1. Operational factors
    2. Strategic factors
    3. Compliance and Regulatory factors
    4. Reporting factors
    • A. 

      I and II

    • B. 

      I, II and III

    • C. 

      All of the above

    • D. 

      IV only

  • 16. 
    RISK PARAMETERS The level of risk that WV Management can take in the pursuit of value is called:
    • A. 

      Interest

    • B. 

      Risk tolerance

    • C. 

      Risk appetite

    • D. 

      Risk factors

  • 17. 
    RISK PARAMETERS In  GIA’s MWRAP risk ranking parameters , the highest risk impact ranking is:
    • A. 

      Extreme

    • B. 

      Critical Critical

    • C. 

      Catastrophic

    • D. 

      High

  • 18. 
    RISK PARAMETERS Risk appetite should be set by the:
    • A. 

      Auditors

    • B. 

      IIA Mandatory Standards

    • C. 

      Management

    • D. 

      ERM

  • 19. 
    RISK PARAMETERS A significant adverse public attention is an example of ______ impact to WV’s image and reputation.
    • A. 

      Critical

    • B. 

      Medium (Moderate)

    • C. 

      Low (Minor)

    • D. 

      High(Major)

  • 20. 
    INTERVIEWING MANAGEMENT When we interview management, the main difference between what we are expected to do now compared with what we used to do before (during the entry meeting) is:
    • A. 

      Listening to management

    • B. 

      Telling management what we, auditors do

    • C. 

      Presenting to management

    • D. 

      Informing management what internal controls are

  • 21. 
    INTERVIEWING MANAGEMENT Why do we need to interview management? All of these reasons except for:
    • A. 

      To build relationship

    • B. 

      To establish credibility

    • C. 

      Understand management’s point of business

    • D. 

      To include the documentation in the audit binder

  • 22. 
    INTERVIEWING MANAGEMENT How do we interview management?
    • A. 

      Using an audit questionnaire

    • B. 

      Using a process flowchart

    • C. 

      Without any aid documents

    • D. 

      A & b only

  • 23. 
    SPONSORSHIP According to the pertinent WVI Board policy of March 2003, child sponsorship is a required __________  _____________ of World Vision.
    • A. 

      Mission statement

    • B. 

      Core competency

    • C. 

      Vision statement

    • D. 

      Value statement

  • 24. 
    SPONSORSHIP What monitoring procedure is required to be done every 90 calendar days?
    • A. 

      Presence of the Child

    • B. 

      Participation in Health/Nutrition activities

    • C. 

      Participation in the programme

  • 25. 
    SPONSORSHIP Death of a registered child must be reported by the NO to the SO and GC Sponsorship within 2 business days of receiving the death notification from the ADP/Project by email. (True or False)
    • A. 

      True

    • B. 

      False

  • 26. 
    SPONSORSHIP A child’s personal file shall . . . .
    • be kept in a secure place
    • remain in the custody of World Vision
    • be used for any purpose other than WV-related activities or initiatives with or without consent of the child and family or the WV National Office.
    (True or False)
    • A. 

      True

    • B. 

      False

  • 27. 
    SPONSORSHIP What is the most important special mailing communication from child to sponsor each year?
    • A. 

      Annual Progress Report (APR)

    • B. 

      Introductory Letters (IL)

    • C. 

      Christmas cards

    • D. 

      Birthday cards

  • 28. 
    E-BINDER & REAL TIME REVIEW The reviewer reviews the audit binder to ensure the _______________ of the audit.
    • A. 

      Existence

    • B. 

      Timeliness

    • C. 

      Quality

    • D. 

      Ministry

  • 29. 
    E-BINDER & REAL TIME REVIEW Where reviewers can sign off?
    • A. 

      Top

    • B. 

      Bottom, right side

    • C. 

      Left side

    • D. 

      Bottom, left side

  • 30. 
    E-BINDER & REAL TIME REVIEW What is reviewer supposed to do during the real time review?
    • A. 

      Review all the work papers

    • B. 

      Review all the supporting documents

    • C. 

      Review all work papers and give review notes (if any) and also sign off

    • D. 

      Reviewer review only procurement section.

  • 31. 
    E-BINDER & REAL TIME REVIEW What are the advantages of real time review?
    • A. 

      Critical issues are scrutinized deeper with the reviewer’s help PLUS the assistance from the RAM is immediate.

    • B. 

      Finalized E-tabs can be presented to client at the exit meeting and agreed immediately

    • C. 

      Not many review notes after the audit field work

    • D. 

      All of the above

  • 32. 
    E-BINDER & REAL TIME REVIEW What is real time review in a nutshell?
    • A. 

      Audit is conducted within the audit frequency.

    • B. 

      Reviewer review after field audit

    • C. 

      Reviewer take more time to review

    • D. 

      Reviewer reviews all the work papers during the audit

  • 33. 
    E-BINDER & REAL TIME REVIEW ‘’Review notes on names and dates’’.     What type of review note is this?
    • A. 

      Administrative

    • B. 

      Substance

    • C. 

      Amazing

    • D. 

      A and b

  • 34. 
    E-BINDER & REAL TIME REVIEW Which one is not the administrative review note? Review notes on:
    • A. 

      Cross reference

    • B. 

      Alignments

    • C. 

      Assertions

    • D. 

      Indexing

  • 35. 
    E-BINDER & REAL TIME REVIEW What are the advantages of E-binder?
    • A. 

      Cost effective

    • B. 

      Easy storage

    • C. 

      Easy access

    • D. 

      All the above

  • 36. 
    GIA's FY13 DASHBOARD What are the first three columns of the Global Internal audit’s (GIA) dashboard?
    • A. 

      Core, Inherent Risks

    • B. 

      Activity, Goal, Metric

    • C. 

      Objectives, By when, Results

    • D. 

      What, When, How

  • 37. 
    GIA's FY13 DASHBOARD For the activity ‘average number of days to issue final audit report’, what does the color code green, red and yellow mean?
    • A. 

      Less than 45 days, Over 45 but less than 90 days, over 90 days

    • B. 

      Less than 90 days, Over 90 but less than 120 days, Over 120 days

    • C. 

      Less than 15 days, Over 15 but less than 30 days, Over 30 days

    • D. 

      Good, Not so good, Bad

  • 38. 
    GIA's FY13 DASHBOARD How many KPIs are there that relates to the audit recommendations (i.e. recommendations implemented by management,…) ?
    • A. 

      3

    • B. 

      4

    • C. 

      2

    • D. 

      5

  • 39. 
    GIA's FY13 DASHBOARD The main goal of the these activities “succession plan, turnover – GIA and Global and promotion to other areas of the organization” is to:   I. Identify candidates and develop GIA’s leadership succession plan II. Retain a qualified and productive staff  III. Advocate for the promotion of qualified auditors into other areas of the partnership
    • A. 

      I only

    • B. 

      II and III only

    • C. 

      All of the above

    • D. 

      None of the above

  • 40. 
    WRITING HIGH IMPACT AUDIT REPORT It is only when we identify the correct _______ of the ________ that our work will have a lasting value.
    • A. 

      Condition of the cause

    • B. 

      Consequence of the cause

    • C. 

      Cause of the condition

    • D. 

      Cause of the consequence

    • E. 

      None of the above

  • 41. 
    WRITING HIGH IMPACT AUDIT REPORT If there is no _________, there is no condition/finding.
    • A. 

      Auditor

    • B. 

      Risk

    • C. 

      Criteria

    • D. 

      Cause

    • E. 

      None of the above

  • 42. 
    WRITING HIGH IMPACT AUDIT REPORT WV promise to sponsors that supported children are provided with access to good health and nutrition was not kept. What statement is this?
    • A. 

      Condition

    • B. 

      Criteria

    • C. 

      Cause

    • D. 

      Consequence

    • E. 

      Corrective Action

  • 43. 
    WRITING HIGH IMPACT AUDIT REPORT What you should write in the Consequence?
    • A. 

      What is..?

    • B. 

      What should be..?

    • C. 

      Why the condition exists?

    • D. 

      So what..?

  • 44. 
    WRITING HIGH IMPACT AUDIT REPORT What you should write in the CAUSE?
    • A. 

      What is..?

    • B. 

      Why does the condition exists?

    • C. 

      So what..?

    • D. 

      What should be..?

  • 45. 
    WRITING HIGH IMPACT AUDIT REPORT What you should write in the Condition?
    • A. 

      What should be..?

    • B. 

      So what..?

    • C. 

      How to make it better?

    • D. 

      What is..?

  • 46. 
    WRITING HIGH IMPACT AUDIT REPORT What is our responsibility as an auditor as we do the audit?
    • A. 

      Dig deep enough to diagnose the problem

    • B. 

      Surprise the audit client on your audit issues

    • C. 

      Raise your voice as you ask questions

    • D. 

      Travel and learn about World Vision

  • 47. 
    WRITING HIGH IMPACT AUDIT REPORT We need to know first what the cause is before recommending the corrective action. True or False?
    • A. 

      False, we can write corrective actions anytime

    • B. 

      True, we used to it already

    • C. 

      False, we will write corrective action first for our comfort

    • D. 

      True, that is the right way to add value

  • 48. 
    FINAL RISK OPINION Levels of risk maturity include all of the following, except for:
    • A. 

      Risk naive

    • B. 

      Risk defined

    • C. 

      Risk adventure

    • D. 

      Risk enabled

  • 49. 
    FINAL RISK OPINION The overall audit opinion is categorized as follows:
    • A. 

      Executive summary, contents, details, glossary

    • B. 

      Risks, Internal controls, Action measures, current levels of monitoring, overall score

    • C. 

      What, Who, How, Why

    • D. 

      Condition, Criteria, Cause, Consequence, Corrective action

  • 50. 
    FINAL RISK OPINION What does the risk maturity level of ‘risk aware’ mean?
    • A. 

      Strategy and policies in place and communicated. Risk appetite defined

    • B. 

      No formal approach developed for risk management

    • C. 

      Scattered silo based approach to risk management

    • D. 

      Enterprise approach to risk management developed and communicated