KCw and Life - Quiz 1

If factors indicate that materiality will be revised downward by 20% or more, which combination of the following steps should we take:

I. Revise materiality

II. Consult with DPP if materiality is not revised

III. Revise performance materiality

IV. Evaluate the effect on risk assessment

V. Reconsider RMs that did not rise to the level of RMMs

• I; II; III; IV

• I; II; III; V

• I; III; IV; V

• II. III. IV; V

Which of the following is true regarding risks of misstatement (RMs) in the KPMG Clara workflow?

• RMs selected from the library can be edited.

• Custom RMs are expected to be used frequently.

• RMs can be added from anywhere in the KPMG Clara workflow.

Which of the following is NOT a key benefit to utilizing Planning Analytics capabilities?

• Automates certain types of comparisons

• Provides the ability to drill down into the details of the general ledger

• Analyzes journal entries compared to pre-determined benchmarks

• Visualizes the monetary amount and number of journal entry postings by period

What is not true about flowcharts?

• A flowchart must be documented if a walkthrough is performed.

• Each step in the process is represented by a shape on the flowchart.

• Flowcharts document our understanding of the flow of transactions.

• Flowcharts help us identify process risk points (PRPs) and controls.

Why does the KPMG Clara workflow prevent you from selecting ‘inquire’ without first selecting ‘observe’, ‘inspect’, or ‘reperform?’

• You observe, inspect, or reperform prior to performing inquiry

• Inquiry is performed last when testing controls

• Inquiry alone is not sufficient

• Observe, inspect, and reperform are required and inquiry is optional

What is the most successful movie worldwide in 2021 till now?

• 
• 
• 
• 

Which country is the only nation in the world has 3 different official capitals?

• South Africa

• Bolivia

• Malaysia

• Netherlands

7 July 2021 marks 7 Wonders Day, and the list of impressive worldwide locations is based on an online popularity poll that began in 2000. Which place is not in the list Top 7 new wonders of the World 2021?

• 
• 
• 
• 

Which is the strongest team in Olympics Tokyo 2021?

• People's Republic of China

• Japan

• Great Britain

• United States of America

Who is the wealthiest female musician and the second-richest woman in entertainment in 2021 according to Forbes?

• 
• 
• 
•