KCw and Life - Quiz 6

Which is true about performing a walkthrough for all audits?

• A walkthrough’s purpose is to understand how the control operator performs the control.

• A walkthrough follows a transaction from its origin, through the entity’s processes and information systems, until it is reflected in the financial records.

• A walkthrough’s purpose is to identify relevant data elements.

Which of the following is true when evaluating control deficiencies?

• A deficiency in a GITC can be linked to only one GITC and automated process-level control

• A five-step process is followed when evaluating control deficiencies

• Teams cannot rely on controls for a portion of the audit period if controls were ineffective for part of the year

• The first step when evaluating control deficiencies is to determine whether a deficiency in internal control over financial reporting exists and to describe it

Which of the following is the first step to determine sub-population materiality (SPM)?

• Determine SPM for each sub-population as a percentage of PM based on the relative size of the sub-population.

• Determine whether there was an untested sub-population in the account.

• Determine the size of each sub-population relative to the account or transaction total.

• Determine that the aggregate of SPM for the account or transactions, divided by PM, does not exceed the maximum acceptable multiple of PM based on the number of sub- populations.

When assessing the inherent risk of an RMM, which of the following is not level of assessed risk?

• Base

• Elevated

• Not significant

• Significant

What does the acronym CERAMIC stand for?

• CE - Control Environment; RA - Risk Assessment; M - Monitoring; IC - Internal Control

• CE - Control Environment; RA - Research Analysis; M - Monitoring; IC - Internal Control

• CE - Control Environment; RA - Risk Assessment; M - Monitoring; IC - Information and Communication

• CE - Control Environment; RA - Research Analysis; M - Monitoring; IC - Information and Communication

Which GDP growth rate did World Bank forecast for Vietnam in 2021?

• 2%

• 5.2%

• 3.5%

• 4.8%

This picture was taken on Met Gala 2021. Who is this woman?

• Emma Raducanu

• Biile Ellish

• Kim Kardashian

• Jennifer Lopez

How many times did the Philippines host SEA Games?

• 4

• 3

• 5

• 2

Which is the city has the largest amount of time zones in the world?

• Russia

• United States of America

• France

• United Kingdom

Which cities in Mekong River Delta of Vietnam do not have Chau Thanh district?

• Vinh Long, Bac Lieu

• Ca Mau, Bac Lieu

• An Giang, Vinh Long

• Can Tho, Soc Trang