Auditing Major Projects

1. When should a project audit ideally be undertaken?

• 1. At the end of the project

• 2. As the project is nearing the end

• 3. Only at the beginning of the project

• 4. At all key stages of the project duration

2. At all key stages of the project duration

• 1. The scope of the project is poorly defined

• 2. It is difficult to engage business functions

• 3. Project management experience is light

• 4. A large number of system interfaces

• 5. The project team is very experienced

3. Which of the following statements relating to project risk appetite is the correct one?

• 1. The amount of risk the business is willing to accept in pursuit of key project objectives.

• 2. The level of risk already taken in the last 3 years

• 3. The risk you have to take

• 4. The risk you do not want to take

4. What is the difference between a project and a programme

• 1.They are the same

• 2.A programme is a collection of projects

• 3.A project is a collection of programmes

• 4.A programme does not relate in any way to projects

5.What is a critical path analysis?

• 1.Determining the route for a new path in a park

• 2.Another name for a GANTT chart

• 3.Sending a letter about a dangerous sidewalk

• 4.A dangerous course of action

6. What should a project risk register include?

• 1.Specific information about the risk rather than very general description

• 2. The inherent risk ‘score’

• 3,The residual risk ‘score’

• 4,The goal or target for each risk

• 5, All of the above

7 Should systems under development be subject to audit?

• 1,Yes it is much better to identify control issues before the system goes live

• 2,No it would compromise IA’s independence

• 3,Only if specifically requested to do so

• 4,Yes but only financial systems

8 What is a VO in a project?

• 1,Variable offer

• 2,Visible entry

• 3,Variation order

• 4,Verification opportunity

9, When should a project post-completion audit be completed?

• 1, 6 months after the end of the project

• 2, Before the project team split up

• 3,This is not necessary

• 4,In the last month of the project

10,What is a Monte Carlo simulation?

• 1,A way to predict gambling

• 2,A way to model a range of probable outcomes

• 3,A bell curve

• 4,A city in Monaco